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Promoting AVM consistency to drive greater transparency and more effective risk management for mortgage lenders, investors, raters and regulators.
Hometrack, together with two other major European AVM (Automated Valuation Model) providers, Calcasa and Eiendomsverdi, has launched a pan-European initiative aimed at promoting and standardising the usage of AVMs across Europe. The intent is to bring about a consistent approach to automated valuations enabling the mortgage lending, investor, rating and regulatory communities to operate in a more transparent and effective way.
The European AVM Alliance (EAA) draws upon the considerable knowledge and expertise of three of the pre-eminent players in the European AVM space. Hometrack is the leading supplier of AVMs in the UK, Calcasa is the major supplier of AVMs in the Netherlands and Eiendomsverdi operates the sole AVM in Norway.
The role of AVMs has grown significantly in Europe over the last 10 years. Today, lenders regard them as integral to their residential mortgage business and risk management practices. Fast and impartial, lenders rely on AVMs for origination, point of sale, fraud detection, portfolio management and risk assessment. The EAA recognises a growing reliance on and appetite for AVM services across national boundaries. Its aim is to set standards and establish codes of best practice and conduct in what has become a highly evolved and specialised discipline. In doing so, the EAA is looking to foster a favourable operating environment for AVM usage across Europe to the benefit of consumers, lenders, investors, shareholders and regulators.
Commenting on the alliance, Andrea Biguzzi, Director of Strategy at Hometrack said, “From speaking to our clients within the mortgage lending industry, as well as other stakeholders, such as the investor community, the rating agencies and financial regulators, we know that there is a real need across Europe for the increased transparency and better risk management that AVMs can deliver. We see real benefits to be gained by clients accessing AVM services that adhere to consistent quality standards, irrespective of the location in which they are provided.”
Evert Van de Wauwer, CEO of Calcasa said, “The foundation of the EAA reflects the growing importance of AVMs in the capital markets. Working together as a team the alliance represents a considerable force in the further development of advanced AVMs and their applications across Europe.”
Sigmund Aas, Partner at Eiendomsverdi added, “Norway has seen a significant growth in the use of AVMs over the last five years – today they are being used by almost every bank in the country. This is indicative of what’s happening across Europe as a whole. The EAA brings together some of the best operators working in the AVM space today. Their joint aim is to make it easier for those business involved in residential property to operate. We are delighted to be a founding partner of this enterprising alliance.”
The EAA is looking to extend its membership across Europe. The alliance will meet formally three times a year with a rotating presidency. Hometrack will hold the presidency in this, its first year.
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