New LPS valutaion model uses multiple listing services from NAR database
Lender Processing Services (LPS) unveiled a new valuation model for realtors that brings listing and pending-sale data into the equation. The mortgage and real estate services provider said its product mines multiple listing services from the Realtors Property Resource, a database maintained by the National Association of Realtors that covers the more than 147 million property parcels in the country. LPS plans to leverage this information to expand the reach of traditional automated valuation. "By factoring listings and pending sales in the report, it becomes easier to better understand the external factors impacting the value of a specific property," said Robert Walker, managing director, valuations for LPS Applied Analytics. LPS said the model correctly predicted the selling price of a property 72% of the time in a sampling of sales in Maricopa County, Ariz. Walker attributes the level of accuracy directly to the addition of the multiple listing services from the NAR database. Write to Jason Philyaw.