Platinum Data Solutions has completed accuracy testing on all of the 18 non-proprietary automated valuation models (AVMs) it resells, providing lenders and servicers with what the company says are the industry's first and only off-the-shelf, 100% objective, accuracy-tested AVMs.
When these AVMs are used in conjunction with OptiVal, the company's technology for determining AVM suitability, they allow lenders and servicers to quickly select and build the most suitable, accurate AVM cascades, says Platinum Data.
The company notes that while AVMs can offer a good solution for evaluating property values, they can pose a financial risk if an unsuitable AVM is used.
"Most companies don't realize how much AVM inaccuracy is costing them," says Phil Huff, CEO of the company. "Companies need to be aware that just because AVMs have a low price point, it doesn't mean they don't have an impact on the balance sheet. They do, and it's significant."
