Independent Settlement Services, a national provider of appraisal and title management services, announced recently that it is partnering with HouseCanary, a provider of real estate data and valuation products for the mortgage industry, to provide a new automated valuation report.
Independent Settlement Services’ new “Value Report” is an instantaneous automated valuation model that can be used to determine the values of single-family homes and condos.
The report is built on HouseCanary’s data, using HouseCanary's proprietary algorithms that draw from more than 1 billion U.S. historical home transactions.
According to Independent Settlement Services, the new report also provides market risk assessment and real estate market data for a single property or entire portfolios.
Additionally, the report shows a property’s sales history, and a suitability score to measure valuation confidence.
The report also provides three-year value forecast for the subject property’s market, which allows lenders to gain further understanding of the local market. The report also ranks the property in questions against its 10 closest, algorithmically selected comparables.
“HouseCanary is delivering a much more informative and transparent automated property valuation to the real estate lending industry,” Christopher Seymour, Independent Settlement Services’ senior vice president and director of sales, said. “The Value Report provides lenders with supporting comparable sales data and other drivers of home value to make better, more confident real estate decisions.”