LoanPerformance Unveils TrueStandings™ Servicing
New Database Provides Web Access to Monthly Performance and Analyses on More Than 40 Million Active Prime and Subprime Mortgage Loans
SAN FRANCISCO – July 31, 2006 – LoanPerformance, a subsidiary of First American Real Estate Solutions (RES®) and a leader in residential mortgage data and analytics for the mortgage industry and Wall Street, today announced the availability of TrueStandings Servicing, the next generation of LoanPerformance’s servicing database that replaces its LPS Prime and Subprime data products. TrueStandings Servicing will give clients easier access to the information they need to make more accurate underwriting, loss mitigation, marketing and purchase decisions.
Following a successful beta launch last fall, the new TrueStandings Servicing provides instant access to the largest repository of mortgage performance data, consisting of more than 40 million active mortgage loans, with additional access to a historical database of more than 100 million loans.
TrueStandings Servicing has broad business applications for mortgage originators and secondary market lenders, credit policy makers, servicers, portfolio holders and servicing asset and acquisition managers. Providing detailed reporting and analysis on delinquency, prepayment and a multitude of loan characteristics. TrueStandings Servicing features:
- Robust ZIP-code-level reporting for more granular, localized analysis
- Expansive risk metrics for analysis of prepayments and delinquencies
- Easy-to-use custom reporting tool that enables users to simultaneously analyze multiple data attributes such as product type, origination year, loan purpose, credit score, conforming versus nonconforming loan types, risk grade and loan-to-value ratios
- Export capability to Microsoft® Excel, Adobe® Portable Document Format (PDF) and text files for easy creation of presentation-ready reports, or data transfer to other analysis software
- Enterprise-class server system that delivers scalable architecture for expanded usage and enhanced performance
“The mortgage industry has an ever-growing appetite for more information—more metrics, more attributes, more granularity, more robust diagnostics —all delivered at exceptional performance speed,” said Dan Feshbach, president and chief executive officer of LoanPerformance. “TrueStandings Servicing is a significant leap forward in satisfying these demands on a real-time basis. With more than 1,500 individual measures of prepayment, delinquency and loan metrics and attributes now available, TrueStandings Servicing allows our clients to easily execute ad hoc custom reporting, and provides immediate access to an unprecedented 79 pre-configured reports that address the most common day-to-day reporting needs of mortgage risk professionals.”
Dennis Gilmore, chief operating officer for The First American Corporation, added: “The continued growth and refinement of the LoanPerformance product suite is at the core of First American’s expansion into the information analytics arena. Next-generation products like TrueStandings Servicing provide answers to the most complex lending challenges, deliver greater efficiency and reduce risk.”
For a demonstration of TrueStandings Servicing, please call the LoanPerformance representative in your area—National Servicing Solution Sales: Brian Gunn at (415) 536-3537; West: Jim Kinnebrew at (415) 536-3523; Midwest and New England: Charles DiMascio at (909) 593-0141; New York to Washington, D.C. Corridor: Connie Keim at (973) 226-0084; Southeast: Debra Donan at (908) 304-0263.
LoanPerformance is a subsidiary of First American Real Estate Solutions and a member of The First American Corporation (NYSE: FAF) family of companies. LoanPerformance’s databases track the delinquency and prepayment performance of 50 million active individual mortgage payments per month and provide loan-level information on more than $1.4 trillion in active non-agency mortgage and asset-backed securities. The company’s data and suite of predictive prepayment and risk modeling solutions enable mortgage originators, servicers, securities issuers and investors to make informed business decisions about credit risk, loss mitigation, customer retention, securitization and investment. For additional information, visit www.loanperformance.com and www.firstamres.com.
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, and Risk Mitigation and Business Solutions—a new segment that the company formed in 2005 by combining its Credit Information and Screening Information segments. With revenues of $8.1 billion in 2005, First American has approximately 2,100 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com
Contact:
David Schulz
Corporate Communications
The First American Corporation
(714) 800-3298
dschulz@firstam.com
