LoanLogics and Platinum Data Solutions announced a partnership. This brings together loan performance analytics, management and monitoring with standard-setting automated valuation models. LoanLogics is integrating a set of best performing AVMs from Platinum Data’s independent platform into LoanHD. Platinum Data’s OptiVal will offer LoanLogics an AVM cascade that delivers a hit rate of up to 95 percent with unparalleled accuracy.
“LoanHD continues to be adopted by leading banks and credit unions that need more accuracy and higher hit rates for collateral values," said Don Smith, LoanHD product manager. "With this partnership, LoanHD clients can generate AVMs from two providers and could receive an estimated market value, low- and high-value range, confidence score, and the forecasted standard deviation with each order, thus increasing confidence in their data.”
Accuracy is improved because the AVMs Platinum Data offers include data from a network of public and local private databases that is unmatched in the mortgage industry. The AVMs used are consistently calibrated for accuracy and updated with the most current data available. This ensures that only the highest quality data goes into the models.
“LoanLogics is committed to bringing the best of loan-level and market-level data into our analytics solutions, giving lenders a better understanding of the risk they carry in the loans they originate and the assets they service,” said Ira Artman, SVP Product Management at LoanLogics. “The combination of Platinum’s OptiVal with LoanHD serves to further the goal of creating advanced solutions that address valuations, compliance, loan quality, improve profitability, and manage risk during the loan lifecycle.”