Collateral Analytics Develops a New Property Condition Rating
HONOLULU, HI: Collateral Analytics announces the development of a new tool to define the property condition for homes across the U.S. The Research and Development Group of the firm has been pioneering this project for the past one year. It attempts to deliver a rating system that can be used for better select sales comparables when appraising or automatically valuing homes as well as help estimate the Return of Investment while renovating a property.
Detailed local market data, components including the property condition data field and text mining technique where all employed to finally result in the historical and current property condition ratings for approximately 10 million single family homes around the U.S. The mapping was done on the condition of a home to Fannie Mae’s standardized C1 to C6 property condition ratings for appraisals.
Michael Sklarz, President and CEO of Collateral Analytics says, “This rating system will be a key component in the next generation of our CA Value AVM by enabling it to use comparable properties which are indicated to be of the nearest condition to the property being valued. In addition, our new iBPO and iAppraisal products are already making use of these market-based factors for property condition adjustments.”