ATTOM Data Solutions announced it partnered with AVM Analytics, a valuation software development firm, to launch a new lender-grade automated valuation model solution, which it calls "ATTOMIZED AVM."
The solution is available through several of ATTOM’s data delivery platforms, including bulk file, API, match-and-append, custom reports and ATTOM Lists, the company said in a press release.
ATTOMIZED AVM is available in 80 million U.S. homes and 2,194 U.S. counties located in all 50 states. The solution employs multiple valuation models to calculate the estimated value of a home and then applies an algorithm to choose the approach that is most accurate in the geographic area surrounding the individual property, the company said.
“The new ATTOMIZED AVM fills an important gap in the world of property valuation products that primarily reside on one of two extremes: overpriced lender-grade AVMs that are only cost-effective for a select few giant corporations; and free AVMs available to the masses but diluted due to their inherent need to be all-inclusive — not to mention they are typically not available to be delivered in bulk,” ATTOM Data Solutions CEO Rob Barber said.
Barber said the ATTOMIZED AVM platform targets the "big middle" between those two, providing the marketplace with a lender-grade AVM delivered via bulk data delivery platforms.
Several types of properties excluded from the model include: mobile homes, extremely high-end luxury homes, special use properties, homes on farm land and multi-unit homes with five or more units.
These properties are intentionally excluded because of the negative impact they could have on the predictive value of other homes, according to ATTOM.
“What we exclude is important,” Vice Chair and Co-Managing Director of AVM Analytics Clifford Lipscomb said. “Not only do we exclude certain anomalous property types, but we also exclude the subject property itself, making our monthly accuracy tests a true out-of-sample comparison.”
Each client's AVM includes a confidence score, which provides the basis for a range of values. The score is generated via a resampling process and offers a conservative estimate for the full distribution of prices in local markets, the company said.
AVM Analytics Principal Data Scientist Andy Krause explained that the company delivers transparency by "including greater details of the value estimate range and the process of selecting between our multiple models."
Krause said that the development of the AVM is unique for the market.
This isn't the first new product that ATTOM has launched this year. Earlier this year, the company announced the launch of ATTOM List, a new online marketing list creation platform.