CoreLogic has introduced its Total Home Value for Originations automated valuation model (AVM) offering, specifically calibrated and packaged for property valuations during the purchase and refinance loan underwriting process.
The company said it designed Total Home Value for Originations with the 2010 Interagency Appraisal and Evaluation Guidelines in mind to help home-equity mortgage lenders reduce their costs and enable judicious allocation of their resources for BPOs and appraisals.
The new offering is the latest addition to the CoreLogic Total Home Value suite of AVMs, which includes Total Home Value for Portfolio Monitoring, Total Home Value for Risk Management, Total Home Value for Marketing, and Total Home Value for Consumers. The suite incorporates new technologies and calibrations to deliver property valuations for specific business needs.
“Today, businesses often use an AVM that is less than optimal for their particular use case,” said Ann Regan, product management executive for Collateral Solutions for CoreLogic. “Total Home Value addresses this challenge by taking the guesswork out of selecting the right AVM. For example, our Total Home Value for Originations solution is tuned to deliver the high reliability necessary for property valuation during the loan origination process and can be delivered with a full report, providing comparable property and other information necessary to help support the valuation. We believe it will help our clients accelerate their underwriting workflows and drive costs out.”