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As property valuation becomes more automated, getting to the fastest, most accurate, and most cost-effective answer has become our driving goal. Our ELSonline application gives you access to a full range of ELS valuation products from assessment based decision tools to standard appraisal assignments.
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Assessment Based Valuation Models
As a starting point in the valuation product line, the Tax Valuation Report allows users to reduce overall costs when the lending decision is supported by credit worthiness and well-defined risk guidelines.
Tax Appraised Value (TAV) This report, developed by First American ELS, shows the valuation that an assessor deems appropriate for the subject property and relies on market analysis and the valuation practices of local assessment offices. Tax Value Plus (TVP) Because county-reported assessed fair market value is understood to be conservative, ELS has developed a valuation that uses market-supported indices to correlate an estimate of the property's true market value. The ELS TVP factors are defined by the use of exhaustive and specific research on current county assessment practice, market transfers and valuation analysis. The ELS TVP factors are reviewed and adjusted on a monthly basis to reflect changing market conditions. Contact your ELS Sales Rep to see if TVP provides coverage in your lending footprint
Automated Valuation Models (AVMs)
Typically, if coverage is available with an AVM product, the cost is low and the turnaround time can be immediate. No operator assistance is required. Just enter an address and choose the AVM product you need [or simply click to run a predetermined, customized selection]. Here is a sampling of ELS' AVM products. Please contact your ELS Sales Rep for a complete list of available AVMs.
ValuePoint® 4 First American's ValuePoint 4 uses multiple information resources, updated on a daily basis, to describe the subject property. This data is then used to analyze property and market characteristics that are adjusted using indexing and hedonic logic. The result is a highly accurate valuation combined with comprehensive and detailed property and market analysis. ValuePoint 4 is recognized as the "next generation AVM" and a leading "blended" AVM model application used by appraisers and mortgage lenders. Freddie Mac (HVE) Home Value Explorer Freddie Mac HVE is known for its lower cost, faster turnaround and expansive national coverage. No other AVM covers as many states, Metropolitan Statistical Areas (MSA) or non-disclosure market areas. It relies upon real estate information obtained from the Freddie Mac repository and property data obtained from county record. Not a hierarchy model method, HVE provides a best choice method along with confidence score ratings and recent sales information. First American RES-PASS PASS is a First American RES valuation product, an online, real-time automated property valuation service designed for all aspects of residential lending that require a timely understanding of the underlying collateral value.
PASS gathers data on the subject property and estimates the value of properties in real time, based on comparable sales data, utilizing statistical correlation, appraisal emulation and price indexing to generate an accurate property valuation. CASA Characteristics and Sales Analysis - is a market-leading automated property valuation model. Eight of the nation's top ten banks rely on CASA to deliver fast, statistically accurate home valuations. These leading institutions, and many others, trust CASA for applications that include appraisal substitution, collateral scoring, customer retention, appraisal QC, direct marketing, collections and loss mitigation, portfolio due diligence and more. ValueWizard All automated valuations offer efficiency and lower cost, but not all deliver the same overall benefit. ValueWizard by Banton Technologies provides the detailed information you need to optimize your use of automated collateral assessments and the extra value that comes by receiving usable valuations more often. Home Price Analyzer HPA is the leading index-based AVM, known throughout the industry for generating precise, immediate and reliable valuations. This powerful Internet application uses sophisticated repeat sale indexing technology to give you statistically-solid home valuation tools that extend far beyond the capabilities of other index-based AVM's.
Desk Enhanced Valuation Reports
When market coverage for AVM products is limited or hit rates are unsatisfactory, desk-enhanced valuation reports - incorporating the experience and skill of a professional real estate analyst - are the next step.
Equity Valuation Report The Equity Valuation Report is a real estate consulting report that is provided as a supporting role to automated cascading valuation lines.
Online data sources and public data are used to gather information about sales history, trend analysis and the assessed fair market value. This is a real estate consulting report. An Equity Valuation Specialist is responsible for the review and reconciliation of market data. Collateral Assessment Report (CAR)
The Collateral Assessment Report (CAR) provides desk review processes and real property analysis outcomes. Analysis incorporates the use of AVM applications and those outcomes are evaluated and reported. Next, assessment conversion processes are applied based on market value ratios. Then, market analysis is performed - comparable properties selected, reported and analyzed. Finally, all relevant outcomes are correlated to produce an indication of value based on the valuation methods employed.
Online data sources and public data are used to gather this information. If the values reported appear logical and meet the test of appropriateness and adequacy, no further upgrade or fee appraisal service may be required. Valuation Review Form The ELS Valuation Review Form is designed to satisfy your need for a simple review option that delivers well-supported review findings. The VRF incorporates standard appraisal review guidelines to determine the appropriateness and adequacy of the appraisal process reported.
The Valuation Review Form allows each user to understand the validity of any appraisal by 1)providing a review checklist, 2) reporting desktop valuation analysis and 3)returning reviews, comments and grading with a simple Pass/Fail system.
Real Estate Appraisal Network
Should automated and desk enhanced valuations not deliver the required information, a professional on-site real estate appraisal may be required. As Vendor Manager of thousands of state licensed, certified and experienced real estate appraisers located throughout the U.S., ELS can handle all appraisal operations, including ordering, delivery, billing and quality control review.
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