fbc Valuation Services Joins Teranet to Enhance Service to Mortgage Lenders
Lenders can now order Automated Valuations and Fraud Detection
November 22, 2002
fbc Valuation Services, a wholly owned subsidiary of Brascan Financial Corporation (BNN.A:TSX), and Teranet Enterprises Inc. are pleased to announce the Guaranteed Instant Value solution (GIV). The GIV “Decision Tree Model”, powered by Teranet’s Purview RMS (risk management service), enables financial services organizations to gain instant mortgage approval via an fbc guaranteed valuation derived from an automated model, together with a fraud detection tool designed to uncover potential title and value fraud patterns on subject properties. This alliance connects a leading e-commerce technology data and solution provider with the leading national appraisal management solutions provider in Canada. fbc’s web-based technology and national network of more than 900 appraisers, together with Teranet’s Purview RMS, provides a solution that streamlines the entire appraisal process from order through to delivery.
The GIV program provides lenders with the ability to order an instant automated valuation, a valuation guarantee, fraud detection, and traditional appraisals --- all in one seamlessly integrated end-to-end process. This technology will route appraisal requests along with all required information, via fbc’s CapsNet, through to Teranet’s Purview RMS and then transmit the results back to the lender. The pre-configured lender specific “Decision Tree Model” does all the work – with minimal intervention from the end user.
“fbc is proud to offer Guaranteed Instant Value (GIV), a product designed to complement our existing array of value assurance services and enhance the quality of lender’s residential mortgage assets. GIV highlights our commitment to servicing all key stakeholders in the Canadian mortgage market. This collaboration is yet another way that fbc can strengthen its relationship with valued clients and at the same time, improve the effectiveness of the mortgage service model. To this end, fbc is pleased to announce that we have successfully engaged Manulife Bank of Canada as the first GIV client” said Victor Goodman, VP Sales and Marketing of fbc Valuation Services.
“The Teranet – fbc service offering is a direct response to changing market conditions and the need for cost effective adjudication and risk management techniques for mortgage lenders. Teranet welcomes the opportunity to partner with industry leaders such as fbc to deliver these innovative programs to lenders” said Chris Valentine, business lead for financial services at Teranet.
For more information on how this initiative between Teranet and fbc Valuations can benefit your organization, please contact either:
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