First American Data & Analytics, a division of First American Financial Corp. and a national provider of property and ownership data and advanced analytic solutions, on Thursday introduced Procision, a new automated valuation model (AVM) suite.
Procision uses a blended ensemble modeling approach to deliver accuracy to lenders and financial services clients, proptech companies, and other sophisticated consumers of real estate data, Fist American said.
The Procision AVM suite includes three AVM solutions, each designed to suit the demands of different clients:
- Procision Premier is a lender-grade AVM,
- Procision Power AVM can be embedded on client websites, and
- Procision Direct AVM offers portfolio analysis and can be used to create targeted marketing campaigns.
The suite is built on the latest technology infrastructure, which is fully scalable and enables integration of new data, the company said.
For added accuracy and currency, First American Data & Analytics runs Procision AVM valuations on every residential property in the U.S. every day. The company also updates the underlying data that fuels the Procision AVM suite daily. An automated surveillance system constantly monitors both data and valuation quality, and performs extensive testing to validate the accuracy of the valuations produced for various property types in various geographic markets. The suite, which is supported by dedicated customer service personnel, provides the documentation required by lending regulations, First American said.
“Our new Procision AVM suite leverages the most sophisticated modeling techniques, the latest machine-learning technologies and the industry’s largest property and ownership database to set a new standard for accuracy and reliability,” said Robert Karraa, president of First American Data & Analytics. “With its unique and robust blend of models and sub-models, the quality of the valuations produced by Procision is unmatched.”
