AVM zeros in on accuracy, hit rate

October 22, 2002

Combines multiple statistical approaches with reconciliation stage for each county

Inman News Features

First American Real Estate Solutions today released ValuePoint4, an automated valuation model that employs proprietary logic to combine multiple statistical approaches and a reconciliation stage for each county.

The AVM produces property valuations using real-time public record data, site-inspected property characteristic data obtained from appraisal and Multiple Listing Service databases and historical sales/appraised value information.

ValuePoint4 enables users to produce residential value estimates for a single property or thousands of properties that comprise a mortgage portfolio. Users can perform a current market valuation using a current database, or request an historical property valuation to determine the validity of a prior sales price or appraised value estimate. Customers also can incorporate their own historical appraised values and other customer-specific property information into the proprietary ValuePoint4 database.

ValuePoint4 also features logic that analyzes the transaction history of the subject property and every comparable sale to highlight valuations that incorporate repeated transfers in a limited period of time, enabling users to isolate and investigate valuations that may be relying on artificially inflated market sales data.

First American Real Estate Solutions, a member of The First American Family of Companies, is a provider of advanced property and ownership information and applications.

Copyright: Inman News Service

Contact ALTA at 202-296-3671 or communications@alta.org.

North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.