CoreLogic Announces Significant Enhancement to Cascading AVM Solution
-- AVMSelect additions focus on ensuring valuation reliability, hit rate now over 90 percent --
SACRAMENTO, November 9, 2006 –CoreLogic, the leading provider of mortgage risk assessmentand fraud prevention solutions, announced significant enhancements to its cascading Automated Valuation Model (AVM) solution, AVMSelect™, that delivers increased hit rates and valuation accuracy within its standard system while enabling cascade customization at a greater level of detail where needed. These enhancements reinforce AVMSelect’s leadership position in providing highly reliable automated valuations.
With the most recent enhancements, two new AVMs including VMS™, have been added to the existing line of 16 of the industry’s most respected AVMs, increasing hit rates to over 90 percent. In addition, cascade tailoring is now available to the county level.
Used primarily by mortgage lending companies to pre-screen, underwrite, originate, and enhance quality control and by the capital markets to identify inaccurate property values, AVMs significantly reduce the amount of time and money it takes to assess a property’s current market value. AVMSelect is powered by impartial “cascading technology” that incorporates powerful analytics to ensure a best practice solution that maximizes accuracy and hit rates to deliver reliable valuations and high pull-through rates in an easy to use, off-the-shelf system. Lenders who use CoreLogic’s cascade have successfully passed regulatory review on their use of AVM cascades.
When customization is a requirement, CoreLogic’s team of economists and integration specialists, highly experienced in business rules and workflow, collaborate with clients from design and development through testing and implementation.
“As the original developer of a cascading AVM, our primary objective is to deliver an easy to use system offering a reliable value – something our clients tell us is most important to them,” said Mark Fleming, chief economist for CoreLogic. “These enhancements are in direct response to client requirements demanding the best of our analytics built into a standard system, with the flexibility to customize when called for.”
AVMSelect provides reliable automated valuations for more than 300,000 loan transactions per month. For more information about AVMSelect visit www.corelogic.com/products/avmselect.
About CoreLogic
Sacramento, Calif.-based CoreLogic, A C&S Company, is the leading provider of collateral risk-analysis and management technology and services to the U.S. mortgage banking industry. Since 1997, the mortgage industry has relied on CoreLogic to enable risk management and workflow process support. Using CoreLogic technology, mortgage originators and investors are able to increase profitability and loan quality by making more informed lending and investment decisions. The CoreLogic suite of property information tools provides the data, comprehensive geographic coverage, ease-of-use and accessibility the mortgage industry needs. For more information about CoreLogic, visit www.corelogic.com.
back to press releases
