Validation of Residential Property Automated Valuation Models (AVMs): Recent Experience in the US Mortgage Industry
||Validation of Residential Property Automated Valuation Models (AVMs): Recent Experience in the US Mortgage Industry
||14th Annual European Real Estate Society Conference in London, UK
||The US housing sector is the largest market for real estate valuation models, generically known as Automated Valuation Models (AVMs). The mortgage industry’s increasing rate of adoption of these models, however, has not been matched by a disciplined approach to model validation. A three-stage AVM testing and validation approach is recommended. Emphasis should be placed on evaluating data sources, modeling techniques and analysis of the test results in a proper statistical context.
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||Session I5: Automated Valuation Models
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