First American Launches REO Monitor

Be it in the past or present, residential property valuation provider First American Valuation and Property Solutions, a member of The First American Corporation (FAF) said Monday that it is offering the ability to track REO listing activity on a national level. The firm’s Property Listing Verification report confirms and tracks real estate owned (REO) listing activity of any individual property to aid with marketing, fraud prevention, due diligence and portfolio valuation. “The level of REO sales activity nationally is at an all-time high,” said Joni Pierce, division senior vice president of First American Valuation and Property Solutions. “Our new verification report gives servicers greater visibility into how their assets are being marketed at the local level and provides a red flag to detect cases of collusion.” “Investors can use the report to obtain a more accurate picture of specific assets within a portfolio that could affect their offering price,” she adds. The new service can confirm that a specific property is currently listed, and provides the listing price and length of time on the market. Even if a property is not currently listed, the report displays up to 12 months of past listing history, time on the market and former prices. Real estate agents who are knowledgeable about their specific markets will perform local verification and cross-reference research, the First American company said, with the final verification report is available within two business days. Write to Jacob Gaffney.