Default services provider Integrated Asset Services LLC (IAS) has unveiled its new Conditioned Valuation Model (CVM). IAS describes the model as an integration of automated transparent property analytics with human observation.
CVM lands somewhere in the middle of the continuum of existing valuation products, IAS explains. The company says it is less expensive than a standard broker price opinion and more comprehensive than an automated valuation model.
CVM delivers a real-time, 360-degree view of a subject's condition, the subject's neighborhood condition, a condition-adjusted value and market price trends, IAS adds.
"Traditionally, the industry has had the choice of a more expensive human-based solution or faster and riskier automated solutions," says Dave McCarthy, CEO of IAS. "But the current mortgage industry requires these two valuation approaches to interact intelligently and at the right price point."
The valuation formula used by a CVM integrates property data from IntelliReal, IAS's technology partner, and provides real estate intelligence supported by comparable sales, neighborhood analysis, current neighborhood sales and active listings.
These analytics are combined with a hands-on inspection performed by a third-party property inspection firm, including photos on the subject and its neighborhood condition, occupancy status and conditions that impact value.