CASA AVM Picked for 1st Liens

Principal Residential Mortgage Inc., a multibillion-dollar national lender and servicer based in Des Moines, Iowa, has selected Fiserv unit Case Shiller Weiss, Cambridge, Mass., to implement a customized collateral risk assessment system.The system will be built around CSW's CASA automated valuation model and will be one of the first to see AVMs employed in the first-lien business. The lender will use the CASA scoring system in its prefunding stage to assess collateral valuation risks associated with first-lien mortgage loan applications. Terry Loebs, vice president of sales, marketing, and services for CSW, said the agreement is "a milestone" for the AVM business. The companies can be found online at http://www.principal.com/mortgage.htm and http://www.cswv.com.