Veros Real Estate Solutions has announced it is making its proprietary home price index, VeroHPI, available for commercial use for the first time. Now lenders, secondary marketers, servicers and analysts will have direct access to information previously available only in Veros products. This information includes sophisticated analytics with a repeat sales index, which immediately improves decision-making regarding residential property price trends in markets across the country.Click to continue

Veros Real Estate Solutions has been named a distributor of the Freddie Mac Home Value Suite, which includes the Home Value Explorer (HVE) and Home Value Calibrator. Freddie Mac's Home Value Suite is a defined set of valuation modeling tools that are designed to automate, streamline, and ultimately drive down the industry’s cost of collateral valuation. The suite was developed to serve lenders in processing and underwriting capacities, portfolio managers, quality control professionals, real estate brokers and Wall Street investors.Click to continue

CoesterVMS has implemented its flat fee model for residential appraisals. Under the flat fee model, which took effect on Jan. 1, 2013, all conventional appraisals are priced at $450 while FHA appraisals are $475. Appraisal management companies (AMCs) generallyutilize a tiered fee structure, whereby prices are determined based on the property type or the state in which the property is located.Click to continue

If you watched the 2012 Olympics, you already know something about valuation cascades, even if you didn’t realize it. A number of events involve multi-layered judging criteria, including diving, gymnastics or dressage. The realm of automated valuation model (AVM) cascades is similar, though obviously more complex, in execution. After careful review of performance by weighting various metrics, an AVM “cascade” is the identification of the best performer for the first, second and third (valuation) positions … or Gold, Silver and Bronze if you will.Click to continue

Automated valuation model (AVM) accuracy has increased dramatically in recent years due to model enhancements, the availability of new data sources and a renewed focus on valuation precision. The concept is pretty simple—the more applicable information that is available, the more accurate the property valuation model can be. Additionally, modeling systems and techniques have also been enhanced, which has resulted in the creation of more sophisticated AVMs.Click to continue

Veros has announced a significant enhancement upgrade of its VeroSCORE product, which enables lenders to score the quality of appraisal reports in real-time. VeroSCORE uses sophisticated automated analysis that allows users to instantly determine whether an appraisal may be accepted or rejected outright, requires manual review, or needs further due diligence. The new VeroSCORE features an enhanced user interface, easily accessed via the web.Click to continue

As stated in previous ValueNation columns, a reputable real estate-owned (REO) automated valuation model (AVM) is a great way for servicers and lenders to monitor valuation ranges for default properties in order to minimize loss severity and mitigate underselling. It is one of three widely recognized approaches for determining property value, with the other methods being an appraisal or broker price opinion (BPO). While all three are trusted methods, the REO AVM has proven to be objective and the least expensive.Click to continue

CoreLogic has announced the introduction of OnSite Plus, a property condition report that provides an overall condition rating constructed on a patent-pending algorithm and based on an inspection by a licensed real estate professional. Like the existing OnSite report, OnSite Plus incorporates local market conditions into a single property condition report that includes a professional physical inspection and quality control (QC) process to help ensure an accurate report.Click to continue

In my May 2012 ValueNation column, I noted that while we are seeing the housing market start to level out, there are still a significant number of properties in default or foreclosure. These nearly six million properties pose a big challenge to a complete housing recovery. Accurate valuations are essential to moving these properties off the market quickly while maximizing returns.Click to continue

Equi-Trax Asset Solutions LP has announced the release of its new hybrid collateral valuation product, Property Inspection Condition Report With Automated Valuation (PICR-AV). The new offering combines a leading automated valuation model (AVM) with a live inspection to provide the industry’s best risk mitigation solution for the price.Click to continue