Mercury Network’s OptiVal Automated Valuation Model (AVM) Cascade has expanded to include HouseCanary’s AVM. The addition of HouseCanary brings yet another AVM to the Cascade to assist lenders in reducing risk and maximizing profit.
The OptiVal Cascade now contains twelve AVMs, and is the only independent and objective Cascade that evaluates multiple AVMs to select the most accurate for a particular piece of real estate. OptiVal is updated every 90 days with the highest quality data representing the most recent sales – months ahead of county recordings and other data offerings.
Mercury Network’s technology is used by nearly 1,000 of the nation’s lenders and appraisal management companies (AMCs) to manage real estate valuation operations and collateral risk. “We’re proud to be selected for the OptiVal Cascade,” said Chris Stroud, Chief of Research at HouseCanary. “Lenders need easy access to highly accurate data to mitigate risk and HouseCanary’s AVM has an excellent history of pinpointing property values. Objective testing will make our AVM more accessible to lenders when they need it most.”
“The OptiVal Cascade is an independent test of multiple AVMs against the freshest test data available on the market today,” said Craig Zielazny, VP of Data and Analytics at Mercury Network. “Our objective is to include all the AVMs that lenders are interested in using, and providing them with the specific performance for a particular AVM in the subject property’s area. We’re pleased to welcome HouseCanary to the OptiVal Cascade.”
Founded in 2014, HouseCanary’s mission is to help people make better real estate decisions. Built on a foundation of great data, powerful models, and predictive analytics, the HouseCanary platform aggregates millions of data elements, including more than four decades of property data and a rapidly expanding arsenal of proprietary calculations and analytics, to accurately define and forecast values and market influences.HouseCanary is financed by notable investors including Hillspire (Alphabet Executive Chairman Eric Schmidt’s family office), PSP Growth/PSP Capital (firm founded by entrepreneur and former Commerce Secretary Penny Pritzker), Alpha Edison, ECA Ventures, Raven Ventures and others top Silicon Valley investors. The company is headquartered in San Francisco.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.