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Posted by  sigtogo/OR on 6/21/18 2:22pm
lenders have been utilizing automated valuation models, AVM, for a long time. I used them in 2002 and I don't know when they first came on the scene. In my world, before that, we relied on county information for high credit score, low LTV deals.
Amrock has had an appraisal dept for some time and has also utilized AVM's. I imagine that they want to expand and improve the data in their AVM which is a good thing for borrowers and investors as AVM's factored to some degree in the 2008 melt down.
Not saying it won't eliminate some appraisals and not saying I am a fan of AVM's. They have their place but many times, IME as previous bank staff appraiser, they were way off.
my two cents  |
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