March 2005
Mortgage Banking;Mar2005, Vol. 65 Issue 6, p81
This article focuses on Automated Valuation Models (AVM) standards. Lenders routinely perform tests of various models to determine which AVMs work best under various scenarios, weighing such things as geographic location and property price ranges, says Neil Olson, chief legal officer with FNC Inc., Oxford, Mississippi. Olson organizes and moderates discussions of the Joint Industry Task Force on Automated Valuation Models. There are numerous ways of evaluating AVMs, Walker says, some people look at standard deviation, some people look at the degree to which the AVM produces values which are 20 percent too high.


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