Flagstar Picks EagleCert Valuation Product

Flagstar Bank has picked eAppraiseIT LLC's EagleCert Insured Valuation product to handle portfolio loans generated through its nationwide network of correspondent lenders and independent mortgage brokers, eAppraiseIT has announced.Michigan-based Flagstar said the program -- for which eAppraiseIT cooperated in creating a proprietary workflow system -- will lower costs and produce efficiencies for the bank. The workflow component uses embedded lender rules to automate the process of product selection by first using EagleCert automated valuation models and augmenting them with other products as needed. Licensed appraisers are used for desktop appraisals and 2055 drive-bys. Turnaround time for all EagleCert transactions is less than 24 hours, according to eAppraiseIT, which is a joint venture between The First American Corp. and LandAmerica Financial Group. The Flagstar implementation is expected to be completed by the end of June. The companies can be found online at http://www.flagstar.com and http://www.eappraiseit.com.