Independent Settlement Services , a Pittsburgh-based appraisal and title management services firm serving the real estate finance industry, announced last week it will enhance its valuation products with Value Report, an automated property valuation with an instant automated valuation model (AVM) that combines the data and algorithms of Independent Settlement Services and HouseCanary .
HouseCanary is a real estate valuation provider that leverages decades of data and proprietary algorithms for its valuations.
The Value Report offers instant AVMs, risk assessments, and real estate market data for individual single-family homes and condos, as well as portfolios.
The Value Report ranks properties against their 10 closest comparables, delivers a three-year value forecast, and offers a “suitability score” based on sales history.
"Our algorithms analyze over 1 billion residential transactions over the last 40 years against macroeconomic drivers of demand, incorporating schools, crime and other current drivers at the block level to achieve this level of accuracy,” said Martin Morzynski, CMO at HouseCanary. "The result is a modern AVM that helps lenders originate and close loans with confidence."
Christopher Seymour, SVP, Director of Sales at Independent Settlement Services, said the Value Report helps lenders “make better, more confident real estate decisions.”
“HouseCanary is delivering a much more informative and transparent automated property valuation to the real estate lending industry,” Seymour said.
The collaboration is a result of an increased demand for accurate property valuations, according to Independent Settlement Services.
“Working with Independent, HouseCanary is excited to offer valuation models with unprecedented accuracy and coverage, which is what ultimately appeals to lenders,” Morzynski said.