The Real Estate Information Professional Association (REIPA), a national trade association for professionals and corporations involved with real estate and real property public record information, has launched an initiative to establish standards in automated valuation model technology.
REIPA created the AVM Standards Committee, to be led by its AVM provider members, which include Basis 100, First American Real Estate Solutions, Fiserv CSW, FNIS, Real-Info, TransUnion/ Banton Technologies and Veros Software.
The committee identified an industry need to create clarity in AVM modeling and consistency in scoring. The committee aims to maximize use of AVM technology by promoting and coordinating AVM standards and procedures.
Standards in AVM use would enhance the acceptance of AVMs in the mortgage industry and forge strong alliances between AVM developers and providers to promote the delivery of advanced solutions for this industry, according to REIPA. Standards would allow users to more accurately test, analyze and understand AVM technology.
The committee will have its first formal meeting at the joint REIPA and National Public Records Research Association annual conference April 22- 24 in Williamsburg, Va. There will be an open discussion session about AVMs on April 23.
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