ABSNet will be launching ABSNet Loan HomeVal in October. The launch of the data feed product in October will be followed by the data viewer in November.
The new product will offer the best current home valuation for each loan that is supporting an MBS/home equity deal. This is a new addition to the existing suite of ABSNet Loan products.
According to a release from Lewtan Technologies, this is a paradigm shift for the asset-backed industry. For the first time, interested parties can match the securitized loans in an MBS pool to actual homes.
This is done by receiving updated loan information and monthly valuations. The loans are valued by using automated valuation models developed by Collateral Analytics. Matching loan level data to specific properties and current home valuations enables HomeVal to determine the quality of the asset behind the loan.
In the HomeVal data feed, clients are offered four data points per month, which are at the property, ZIP code and Core Based Statistical Area (CBSA) level. HomeVal fraud identification fields offer a preliminary way to look for high risk loans and identify potential fraud.
Among other things, customers will benefit from the new product's features including: home valuation for the loans in each securitized pool on a property by property basis, hedonic AVM models that are applied to matched properties, as well as a retro AVM to determine what the value of the loan was at closing.