CoreLogic has introduced a new automated valuation model (AVM) solution designed improve efficiency when conducting property valuations during the mortgage loan origination process.
The firm says its new Total Home Value for Originations solution adds to its existing suite of AVM solutions – which also 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 of AVMs incorporates new technologies and calibrations to deliver property valuations for specific business needs, CoreLogic says in a release.
The new origination AVM solution is specifically calibrated and packaged to improve efficiencies when performing property valuations during the purchase and refinance loan underwriting process.
Designed with the 2010 Interagency Appraisal and Evaluation Guidelines in mind, it can also help home equity mortgage lenders reduce their costs and enable judicious allocation of their resources for BPOs and appraisals.
Mortgage lenders may also benefit from streamlined workflows and reduced time-to-close – which improves the consumer experience.
“Today, businesses often use an AVM that is less than optimal for their particular use case,” says Ann Regan, executive, product management, 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,” Regan adds. “We believe it will help our clients accelerate their underwriting workflows and drive costs out.”
Total Home Value for Originators is available via CoreLogic’s Web portal and system-to-system API.