MDA DataQuick, a division of MDA Lending Solutions and an independent provider of property data to real estate and mortgage professionals, has announced that Corona, Calif.-based Paramount Residential Mortgage Group (PRMG) has selected MDA DataQuick’s PropertyFinder 2G for property information verification. According to PRMG chief operating officer Robert Holliday, the mortgage group uses PropertyFinder 2G to support its thorough underwriting and quality control processes, including adherence to new Real Estate Settlement Procedures Act (RESPA) guidelines. The property information verification tool from MDA DataQuick also validates and determines ownership information and square footage.
“With the new challenges we face in the current mortgage lending market, a tool like PropertyFinder 2G is a boon,” said Holliday.
The software helps PRMG discover potential “buy and bail” homebuyers—borrowers who own a distressed home, which they are letting go into foreclosure, and are attempting to buy another home. Buy and bail loans cannot be sold to the secondary market or to investors, and lenders are often asked to repurchase them. Using PropertyFinder 2G, officials at PRMG can look up the loan history on a property, get an estimate of its value and look for distressed property flags, catching “buy and bail” threats before approving the loan.
“Risk management is more important than ever, so we need to be able to review properties quickly and easily and see immediately if there is a problem,” said Holliday. “PropertyFinder 2G really improves and streamlines our quality control process.”
MDA DataQuick’s PropertyFinder 2G gives real estate professionals access to a nationwide database of detailed and comprehensive property and ownership information, including property profiles, property history, documents, demographic information and nearby schools and businesses, verifying them on an interactive map. Within the interface, users search single or multiple properties using “find as you type” technology that presents a list of search options as the user begins to type. The software’s distressed property flag feature quickly identifies properties in a distressed state, such as recent short sales, foreclosures and real estate-owned (REO), in search results and reports.
“PropertyFinder 2G meets the increasingly more diverse and complicated property search and reporting needs of real estate professionals today,” said John Walsh, president of MDA DataQuick. “We look forward to working with lenders’ quality assurance and underwriting departments in order to provide a sensible risk management solution that helps our customers become more successful.”
For more information, visit www.prmg.net or www.dataquick.com.