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Why Automated Valuation Models (AVMs) are a Need Not a Want

Why should you use an Automated Valuation Model (AVM) in your mortgage brokerage and mortgage underwriting?

An AVM doesn’t replace an appraisal, but it can be an important complement. Here’s how:

AVMs for Mortgage Brokers and Agents

  • AVMs can provide stronger alignment with mortgage lenders. You’re looking at the same property information and working with the same data, reducing the back-and-forth.
  • With AVMs, you don’t have to wait for an appraisal to learn the estimated property value. Get real-time, accurate information at your fingertips.
  • AVMs allow you to look at registered mortgages to validate customer disclosure. AVMs are objective — the data doesn’t lie.
  • The bottom line? AVMs let you close more deals and close deals faster!

AVMs for Mortgage Lenders and Insurers

  • AVMs allow you to mitigate risk with accurate, objective data, meaning you can put better deals on the books.
  • AVMs can reduce mortgage underwriting and operational costs. They’re significantly less expensive than appraisals and can give you a preliminary picture to help optimize ordering full appraisals.
  • AVMs stress test your portfolio. Drill down at the deal level and look at an individual property’s potential sale value against what is owed and even validate other assets that a potential debtor has.
  • With AVMs, you can plan your mortgage marketing better. For example, you could use AVM data to assess entire neighbourhoods or cities to uncover trends that may cause you to decide to move around your marketing dollars.
  • The bottom line? AVMs let you close more deals and close deals faster!

AVMs provide you with higher level, macro-type assessments and decisions. They can help to support your employees in being more efficient when selling or underwriting new business, makes you more agile, efficient, and competitive overall.

Purview’s accurate automated valuation model tools let you do more with your mortgage business. Find out how to access our technology by calling 1-855-787-8439.

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