Develop AVM Progression Path

Client Need

A savings & loan organization, sought to minimize the variable costs associated with multiple automated valuation model (AVM) usage, while optimizing hit rate. The lender also needed to document valuations to meet their compliance requirements.

Solution

This lender chose Vector™ by First American CoreLogic as their collateral risk management solution. The organization asked First American CoreLogic to set up and test the rules engine with their specific sequencing criteria for AVM selection and acceptance, including progression paths to additional forms of collateral valuation such as traditional appraisals, BPOs and appraisal reviews.

Results

This advanced solution, marrying prudent AVM utilization with traditional collateral valuations, has enabled this organization to compress their underwriting time and expense, and to compete on par with larger, national competitors.