Lender Processing Services Inc. (LPS), a provider of integrated technology, data and analytics to the mortgage and real estate industries, has announced the release of the ValueSure Condition Adjusted (VSCA) valuation model by its LPS Applied Analytics division. The model is among the first automated valuation model (AVM) products to comply with the U.S. Department of the Treasury's Interagency Appraisal and Evaluation Guidelines (IAG).
The ValueSure Condition Adjusted valuation model is unique to the market in that, upon receipt of an order for a valuation, a licensed real estate agent is dispatched to physically review the property to determine whether or not its condition is consistent with that of neighborhood norms. Only when the licensed agent has made a judgment as to the property's relative condition can the AVM be processed, and that information is taken into consideration to create a condition-adjusted valuation. In some cases, the property condition can be so poor as to disallow the use of an AVM at all.
"The ValueSure Condition Adjusted valuation model goes beyond simply bundling a photograph of a property with a standard AVM," said Dan Berman, president of LPS Applied Analytics. "And with regard to the new IAG, that's just not sufficient. An AVM cannot simply assume that a given property is in average condition. To our knowledge, LPS' Value Sure Condition Adjusted valuation model is the only AVM on the market that fully complies with the IAG."
For more information, visit www.lpsvcs.com.