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Hometrack, the leading supplier of AVM technology in UK and Australia has signed an agreement for the development and provision of an Automated Valuation Model (AVM) for the Italian market in partnership with CRIF, the market leader in continental Europe in the field of banking credit information.
This groundbreaking new service consists of the provision of a value estimate for any given residential property at a given date, using sophisticated mathematical modeling techniques in an automated and hence entirely objective manner. The solution will deliver unprecedented portfolio valuation and risk modeling capabilities to the Italian banking sector.
This partnership marks a significant milestone as it combines Hometrack’s AVM knowledge and analytical excellence with CRIF Real Estate Services’ property valuation expertise. CRIF offers valuations to more than 100 Italian banks and financial institutions, in line with the most rigorous valuation criteria recognized on an international level, a network of 550 independent, qualified and certified professional valuers and the largest database of property valuations in the country.
AVM services are a valuable tool for risk managers who need to accurately monitor and update the market value of residential property portfolios for credit risk mitigation and regulatory compliance. AVMs can also be deployed to identify assets that need a greater level of revaluation, to limit mortgage fraud, to provide an initial indication of value for investors and consumers.
AVMs are more reliable than traditional methodologies based on house price indexes, because AVMs don’t require a previous property value and therefore don’t carry forward any bias, fraud or excessive optimism which might have been present in the initial valuations, as well as making up for any missing or spurious data on the mortgage book.
“Automated Valuation Model (AVM) services represent the most innovative and reliable technique to provide an automatic estimate of market value for residential property - says Luke Brucato, CRIF Real Estate Services Marketing Manager - and it completes our Real Estate Services offering, from full valuations of both retail and commercial properties with internal and external on-site inspections, to entire mortgage portfolio revaluations.”
“We are delighted to have formed this partnership with CRIF, starting with the Italian market” comments Charles Bryant, Hometrack’s CEO. “Combining our skills and expertise to develop the first AVM in Italy means we can deliver greater transparency and risk management for the Italian market. Delivering accurate AVMs and risk management are core businesses for Hometrack in the UK and Australia. We look forward to working with CRIF in the years ahead.”
CRIF’s agreement with Hometrack initially focuses on the provision of this solution in Italy. Subsequently CRIF, in partnership with Hometrack, will develop and market the AVM services in a number of European countries.
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