Empire Appraisal Group

MARCH 16, 2022

CFPB Wants to Remove Bias in Algorithm Appraisals. An automatic appraisal that uses historical data can simply mirror existing discrimination, says the national consumer agency, now reviewing loan algorithms. An algorithm is a complicated math formula loaded into a computer. By Kerry Smith.

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Appraisal Valuation Lending Home Value 78

Housing Wire

JANUARY 25, 2022

Many have discussed the role of automated valuation models (AVMs) to further reduce the role of appraisers, but AMVs are still incredibly limited by publicly available data and can only play a role in the simplest of properties. With the recent news about desktop appraisals, appraisal technology is top of mind for many.

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Technology Appraisal Modernization Valuation 324

Clear Capital

APRIL 1, 2024

Whether you’re starting a home equity program or seeking to enhance your existing program, an automated valuation model (AVM) is a great tool to have in your belt. Home equity lending is a hot topic, with homeowners boasting near-record amounts of equity. What is home equity lending?

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Lending Valuation Home Value Design 36

McKissock

MARCH 30, 2021

The combinations he created of the numbers on the fronts and backs of the insert slides, the numbers positioned on the back side of the wheels, and the Type and Base numbers were a formula, an algorithm if you will, that works still today. It was a simple device with step-by-step instructions printed right on it.

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Valuation Real Estate Appraisal Market Value 95

Appraisal Today

JUNE 23, 2023

NOTE: Please scroll down to read the other topics in this long blog post on AVMs and AI, good appraisal book, Real estate market, Fannie, non-lender appraisals, unusual homes, mortgage origination stats, etc. However, it’s a good idea to know where the risks lie—and how to avoid them. Well written, short, and worth reading.

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Appraisal Real Estate Valuation Contracts 85

Appraisal Buzz

OCTOBER 10, 2022

Technological advances suggest we need to move toward automated valuation models that churn data through automated algorithms to produce valuations. After all, algorithms themselves are simply tools that enshrine the biases and ethical failings of those who design them. The appraisal profession has experienced just that.

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Valuation Tools Development Technology 74

Housing Wire

MAY 20, 2021

In the last year, limitations of in-person valuations during the pandemic, coupled with technological advances, have accelerated wider acceptance of alternative valuation products, including automated valuation models (AVMs). One result has been the historic undervaluing of homes in majority-Black neighborhoods.

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Housing Wire

MAY 2, 2021

One of the first steps in determining a property’s value is the use of an Automated Valuation Model (AVM). Using an AVM helps lenders quickly and accurately get an independent assessment of collateral value, which can streamline the home buying process for them and the borrower. With that said, not every AVM is created equal.

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Valuation Home Value Lending Technology 351

Birmingham Appraisal

FEBRUARY 8, 2023

All Appraisals Are Not The Same All appraisals are the same, right? Not really, and today I’m going to explain the differences between several different types of appraisals that could mean the difference between a home appraising for contract price or not.

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Realtors Appraisal Market Value Real Estate Agent 77

Housing Wire

JULY 14, 2023

The National Association of Mortgage Brokers (NAMB) announced this week that it supports new federal regulatory proposals governing the use of automated valuation models (AVMs) in determining property values for mortgage originators and secondary market issuers. Department of the Treasury ; and the Federal Reserve System.

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Housing Wire

FEBRUARY 23, 2022

The Consumer Financial Protection Bureau (CFPB) announced Wednesday that it may propose a rule to regulate the use of automated valuation models (AVMs) by lenders and appraisers. The government watchdog is concerned that automated valuation models may reflect bias in design and function.

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Valuation Law Finance Development 365

Housing Wire

MAY 25, 2021

An automated valuation model (AVM) provides an estimate of market value for a subject property at a specific point in time. To determine a value for the subject property, the most common AVM method is the use the prices of comparable properties that were recently sold. Single Model Methodology Is the Single Best Approach.

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Valuation Training Home Value Market Value 197

D Fritz Appraisals

SEPTEMBER 19, 2019

Sometimes these online services are referred to more formally as Automated Valuation Models (AVMs), or more casually, home value calculators. Online home value estimators provide estimated values for properties based on algorithms and calculations using different sets of property data, taken from MLS and BC Assessment, for example.

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Home Value Appraisal Real Estate Agent Tools 78

Cleveland Appraisal Blog

NOVEMBER 11, 2021

I have written several articles demonstrating the inaccuracy of AVMs like Zillow’s Zestimates. Zestimate…Ten Properties ” and finally, “ iBuyers…The Pawn Shops of Real Estate “ Obviously, this topic is of interest to me, seeing is that value is my profession. There are several reasons.

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Market Value Valuation Appraisal Real Estate 364

Appraiserblogs

FEBRUARY 28, 2022

The CFPB is reviewing bias in Automated Valuation Models (AVMs). These agencies are concerned AVMs may reflect bias in design and function. The mathematical models rely on biased data resulting in inaccurate valuations. Related Posts: What If the Algorithms Are Wrong? Algorithms are everywhere.

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Valuation Insurance Design Finance 134

Clear Capital

MAY 24, 2022

Using an Automated Valuation Model (AVM) for real estate valuations isn’t new in the mortgage industry. So when it comes to valuing properties in a volatile market, as we experienced in the years since the pandemic, choosing the right AVM is imperative. What is an AVM in Real Estate ? .

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Housing Market Valuation Marketing Real Estate 69

Listing Spark

OCTOBER 13, 2021

AVMs (automated valuation models) like the Zestimate are based off of flawed algorithms, and often provide inaccurate valuations. Real Estate professionals, such as appraisers, will never consider AVM’s as a reasonable means to determine a property’s value. Why are MLS Comps Important?

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Quicken Loans

JUNE 3, 2021

iBuyers want to unload properties quickly so their business models are centered around high volume but low margins. If the property meets the company’s criteria, the iBuyer takes the information the homeowner uploaded about the home and uses Automated Valuation Models (AVMs) to estimate the property’s value. What Is An iBuyer?

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Sellers Buyers Agents Real Estate Agent 55

Housing Wire

JUNE 2, 2023

On the heels of a Thursday announcement by six federal agencies unveiling a proposed rule that would implement quality control standards that govern the use of automated valuation models (AVMs), Vice President Kamala Harris weighed in. Also addressing the impact housing can have on the ability for families to build wealth was U.S.

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Portland Appraisal Blog

DECEMBER 28, 2018

The industry is also turning its attention more and more to AVMs (automated valuation models). AVMs have been around for nearly three decades now. I asked him if they needed beta testers and he said no, but he did email me a code to sample five AVM valuations for free on their website. Clear Capital AVM Sample Redacted.

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Valuation Appraisal Loan Officers Real Estate 78

Clear Capital

APRIL 21, 2021

As one of the industry’s leading lending-grade AVMs, ClearAVM provides values for more than 124 million properties, which are updated frequently using near-real-time data. Additions to platform include Clear Capital’s industry-leading ClearAVM and Collateral Desktop Analysis. ” ###. . ” ###. About Clear Capital.

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Valuation Modernization Technology Tools 69

Housing Wire

MAY 27, 2022

Fannie Mae’s “Appraising the Appraisal” study comparing appraisals to automated valuation model (AVM) data for refinance transactions found that Black borrowers received slightly lower appraisal values relative to AVMs, while white borrowers received slightly higher appraisals.

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Housing Wire

JUNE 14, 2022

Fannie Mae and Freddie Mac’s equitable housing finance plans further expand non-traditional property appraisals, which sometimes rely on property tax information, data collected by third parties, or algorithms to assess a property’s value. Using its automated valuation models “leads to relatively lower racial gaps,” Freddie Mac said.

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