AVMs- Automated Valuation Models
AVMs (Automated Valuation Models)* are statistically based computer programs that use real estate information such as comparable sales, property characteristics, tax assessments and price trends to provide an estimate of value for a specific property.
The strengths of AVMs relative to traditional real estate appraisals are speed, reduced costs, consistency and objectivity. AVMs can significantly reduce the time it takes to obtain an estimate of value and reduce the costs associated with the traditional property appraisal process.
Warranted AVMs* make automated valuation models even more appealing and cost-effective by providing lenders with financial protection from the risk of overvaluation. If issues arise after closing and a manual review verifies the loan was overvalued enough to make a claim, the lender simply submits a claim and the overvaluation (plus related costs as outlined in the lender’s agreement) is covered. UCS is one of the first in the industry to offer Warranted AVMs.
- AVM - Lite
- CMV Report
- CMV Express