Current market provides opportunity for automated property valuation

First American Data & Analytics enables that market shift with its Procision product roster, he said, which includes Procision Premier, a lender grade automated valuation modeling product and Procision Direct, a portfolio analysis and marketing AVM product.

Automation valuation models have been used for more than 30 years in the mortgage industry, Wierks noted, with banks and credit unions deploying them to help make lending decisions for home equity products. They’re also widely used for quality control, appraisal review, due diligence, portfolio analysis and marketing, he added.

Procision Premier targets lenders, servicers and decision makers in capital markets who need accurate and reliable lender-grade property valuation before making decisions about risk.

Procision Direct is a tool geared toward helping marketers designing campaigns based on home price or home equity look for broad coverage with high hit rates at an affordable price point. The company envisions marketers at lenders, real estate firms, retailers, home improvement companies and direct marketing organizations as the core customer audience.