Intercontinental Exchange (ICE) Mortgage Technology introduced two new tools, Validate ROV and Validate Selector, to its growing suite of property valuation solutions, the company announced on Monday.
The newly released tools are designed to complement other ICE tools, including automated valuation models (AVMs); data collection tools that follow government-sponsored enterprise (GSE) valuation requirements; and a risk profiler that combines analytics, local market data, neighborhood demographic trends, comparable property sales and other key metrics.
“The mortgage industry faces numerous challenges related to the valuation process today,” Tim Bowler, president of ICE Mortgage Technology, said in a statement. “Regulators are paying close attention to valuations for many valid reasons. As part of our overall mission to digitize the housing continuum, ICE is marrying technological innovation with our vast data assets to bring transparency and accuracy to a complex, often confusing market.”
Validate ROV allows homeowners who have questions about lender-assigned home values to submit “reconsideration of value” requests with their phones. Consumers will supplement their requests with pictures of the property. For security purposes, Validate ROV leverages geofencing and time stamps to confirm that photographs accurately reflect current property conditions.
Valuation Selector helps lenders and investors identify the most suitable valuation method (AVM, AVM with inspection, desktop exterior, desktop interior or full appraisal) for a property, depending on its complexity. Valuation Selector draws information from public records, assessors and listing information, then applies advanced logic and analytics to recommend the most appropriate and cost-effective valuation type.
