Black Knight Integrates CA Value AVM Into Its Leading ValuEdge AVM Cascade
Black Knight, Inc. (NYSE:BKI) has enhanced its ValuEdge AVM Cascade by integrating the CA Value AVM, developed by its subsidiary, Collateral Analytics. This automated valuation model cascade provides faster, more accurate residential property value estimations, improving hit rates and minimizing outliers. The CA Value AVM, used by various financial institutions, utilizes neighborhood-specific comparable selections for precise valuations. The updated cascade caters to all lending stages, supported by comprehensive public records and validation from AVMetrics.
- Integration of CA Value AVM enhances valuation accuracy and hit rates.
- ValuEdge AVM Cascade provides comprehensive public record insights.
- The updated model caters to various lending stages, increasing utility.
- None.
JACKSONVILLE, Fla., Aug. 19, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) has updated its leading ValuEdge AVM Cascade with its CA Value AVM, which was developed by Collateral Analytics, a Black Knight company.
Black Knight's ValuEdge Cascade is an automated valuation model (AVM) cascade that quickly delivers cost-effective residential property value estimations using high-performance Black Knight AVMs to maximize accuracy and hit rate while minimizing outliers. Each property is valued by the most appropriate model for the property's geography based on independent testing conducted by AVMetrics, a national independent AVM testing firm. The resulting Model Preference Table™ (MPT) provides optimum cascade performance.
Each model relies on the same data sets, but uses different algorithms and techniques to deliver valuation estimates. The enhanced ValuEdge AVM Cascade is tested and validated each quarter by AVMetrics, which also performs extensive testing and analysis used to determine model sequencing at the county and state levels. To help users of the ValuEdge Cascade trust in the integrity and be confident they're using the most accurate and reliable AVMs, AVMetrics manages the ValuEdge AVM Cascade from testing through deployment.
With the addition of the CA Value AVM as a fifth model, ValuEdge Cascade can now deliver even higher hit rates and accuracy. The CA Value AVM is an industry-leading, state-of-the-art solution used by financial institutions; mortgage servicers and brokers; investors; underwriters; and valuation experts, which require fast, reliable and cost-effective residential property valuations to help make sound business decisions. To provide users with the most current and precise valuations, the CA Value AVM employs neighborhood-specific comparable selections and a multitude of individual valuation sub-model approaches. These provide the basis for the CA Value AVM Confidence Score, which consistently shows a very high correlation with AVM accuracy.
The enhanced ValuEdge AVM Cascade can be used during every stage of the lending or property valuation process – from origination, underwriting and quality control to servicing, portfolio review and default management. To support these business applications, the updated ValuEdge AVM Cascade leverages:
- Comprehensive public record and MLS real estate data, providing insight into the subject's value and local market dynamics
- Comparable sales and active listings relative to the subject based on proximity, similarity and transaction date
- Home price trends and sales activity for the surrounding ZIP codes
- Accuracy and hit rate validation by an independent testing company and the nation's top lenders
"We are pleased to continue integrating the Collateral Analytics products into the Black Knight products in order to provide clients with the additional advantages of our combined capabilities," said Mike Sklarz, Ph.D., executive vice president and managing director, Black Knight Collateral Analytics. "With the integration of the CA Value AVM, the ValuEdge AVM Cascade is now more than ever the ideal choice for industry professionals in need of a trusted valuation tool that is highly rated for precision, accuracy and speed."
"The Collateral Analytics AVMs have always tested well in national tests, so adding the CA Value AVM to the suite of AVMs already available in the ValuEdge AVM Cascade should make an already strong performing cascade even more effective in terms of accuracy and hit rate," said Lee Kennedy, managing director of AVMetrics.
About AVMetrics
AVMetrics, LLC is the independent AVM Model validation, testing, and collateral consultant serving the lending community. Over 15 years, AVMetrics has guided companies through regulatory challenges, helped them meet their AVM validation requirements, and commented on pending regulations. As the industry's independent AVM experts and home of the AVMNews, we believe in the concept of independent validation. AVMetrics combines technical skill with regulatory expertise to form the only completely independent specialist in the testing and application of AVMs.
About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership life cycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.
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SOURCE Black Knight, Inc.
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