Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage and real estate industries, has announced the availability of its new automated property valuation model, LPS AVM, to assist the mortgage industry in establishing and verifying property values for underwriting, quality control and due diligence. LPS has combined its rich public records data, analytics and modeling resources with its proven valuation experience to deliver a thorough automated valuation report via LPS AVM. The report, which delivers increased hit rates and improved accuracy, will include a value estimate; up to 10 comparable sales listings with a location map; a statistical confidence interval band; a history of subject property transactions and finance activity; and regional price trends.
"LPS AVM is powered by our robust public records database and multiple valuation modeling methodologies, and is complemented by ongoing quality control and reliable customer service. However, we offer mortgage bankers far more than an AVM," said Nima Nattagh, Ph.D., senior vice president, LPS Applied Analytics. "In addition to our suite of AVMs and a cascade interface, LPS is also a leading provider of desktop and field valuations. The extensive collateral valuation expertise offered by our modelers and developers enables LPS to partner with lenders, servicers and capital market professionals to determine the right products at the right points in the collateral valuation process."
LPS Applied Analytics collects and compiles real estate public records data directly from the county assessor and recorder offices in jurisdictions that cover 89 percent of U.S. residential market activity. The database describes property characteristics, ownership change, sales and financing data.
For more information, visit LPSVCS.com.