First American Data & Analytics, a division of First American Financial Corp. and a national provider of property and ownership data and advanced analytic solutions, recently introduced Procision, a new automated valuation model (AVM) suite that uses a state-of-the-art blended ensemble modeling approach to deliver an exceptional level of accuracy to lenders and financial services clients, proptech companies and other sophisticated consumers of real estate data, according to a press release.
The Procision AVM suite includes three AVM solutions, each designed to suit the demands of different clients. Procision Premier is a lender-grade AVM, the Procision Power AVM can be embedded on client websites, and the Procision Direct AVM offers portfolio analysis and can be used to create targeted marketing campaigns. The suite is built on the latest technology infrastructure, which is fully scalable and enables easy integration of new data, the company said.
“Our new Procision AVM suite leverages the most sophisticated modeling techniques, the latest machine-learning technologies and the industry’s largest property and ownership database to set a new standard for accuracy and reliability,” First American Data & Analytics President Robert Karra said in the release. “With its unique and robust blend of models and sub-models, the quality of the valuations produced by Procision is unmatched.”
For added accuracy and currency, First American Data & Analytics runs Procision AVM valuations on every residential property in the U.S. every day and the company also updates the underlying data that fuels the Procision AVM suite daily. An automated surveillance system constantly monitors both data and valuation quality and performs extensive testing to validate the accuracy of the valuations produced for various property types in various geographic markets. The suite, which is supported by dedicated customer service personnel, provides the documentation required by lending regulations.
“Lenders, servicers and capital market decision makers need highly accurate, highly reliable industrial-grade valuations to inform their risk decisions,” Jon Wierks, vice president, analytics at First American Data & Analytics, said. “Marketers designing campaigns based on home price or home equity, on the other hand, are looking for broad coverage with high hit rates at an affordable price point. There are also a growing number of proptechs and emerging businesses in the mortgage and real estate industries that provide a preliminary home price estimate to their prospective customers, which is precisely what our white-label model is designed to do.”