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CDS offers the most comprehensive selection of home valuation products in the industry. CDS offers the most complete set of valuation products available to the market today.

Mortgage professionals have the ability to choose the appropriate valuation product depending upon their underwriting risk profile.

Products include:
Automated Valuation Model (AVM)
Progressive / Gap Products
Guaranteed AVM


Automated Valuation Model (AVM)

CDS has partnered with FLDI (First Lenders Data, Inc) to bring you the state of the art, computer-based real estate valuation algorithms designed to produce an accurate value estimate of residential properties in a matter of minutes. AVM Product Selection:

HVE (Home Value Explorer)
By Freddie Mac is built from a combination of data from Freddie Mac's national repository of real property information and property data obtained from public records, Home Value Explorer can streamline your collateral value process by providing coverage in over 70% of counties in all fifty states.

HPA
By Basis 100 Inc. is a business solutions provider that fuses mortgage processing knowledge and experience with proprietary technology to deliver exceptional services. The company's delivery platform defines industry-class best execution strategies that streamline processes and creates new value in the mortgage lending markets. Basis100 believes that intelligent upgrade technology is key to answering customer demand for flexible, scalable and efficient solutions. Basis Values, with the addition of upgradeable solutions, allows for: customized business rule logic, risk mitigation, consistency of process and selection and bulk processing requests.

CASA
By Case Shiller Weiss houses a large national database of residential real estate information. This extensive database is leveraged with leading-edge, proprietary technology to produce the Redex Library and CASA, the market-leading automated property valuation service. Redex library is a suite of residential Real Estate Indexes and related metrics, comprised of the most comprehensive and highest-quality home price data and analytics for mortgage and residential real estate risk management professionals.

Pass (Solimar)
By Basis 100- Basis100's Solimar Model is an intelligent, neural-net valuation technology that powers collateral valuation products. It uses a continuously updated nationwide data store to gather specific data on the subject property and then estimates the value of properties in real time, based on comparable sales data. This is a complex, proprietary set of algorithms that "weights" the results of the valuation engines for the determination of the subject property value and the resultant value range. Method estimates the most likely current selling price of a property. Products are property-specific and support collateral risk assessment on a one at a time basis. www.basis100.com

Value Point4
By First American uses Data Tree LLC for accessing database records. Data Tree is the world's leading provider of online public land records, with 1.5 billion documents covering 219 counties in 27 states. Our technology gives you a competitive edge, putting the document you want on your desktop in mere seconds -- and that's just the beginning. Our software lets you view it, print it, fax it, or file it. You can share it with others on your network. You can even email it. Public land records have never before been so searchable, so accessible, and so easy to use.


Progressive / Gap Products

AMCO and eValu
Based in Cleveland, Ohio, AMCO is one of the largest relocation/appraisal management firms in the industry, specializing in appraisal management since 1985.

Working directly with lenders, risk management departments, AMCO facilitates the development of cost-effective risk management solutions. By matching their unique line of products to lenders' demographics, AMCO helps reduce risk, cycle-time, and per-unit loan costs.

On this foundation of quality, AMCO built eValu, the valuation product that fills the gap between AVMs and traditional appraisal products. With eValu, AMCO is the only firm that provides lenders with a full complement of valuation solutions, enhancing underwriting and processing.

eValu: Filling the Valuation Gap
eValu is the first patent-pending and USPAP (Uniform Standards of Professional Appraisal Practice) approved alternative valuation product. Using proprietary software and the best AVMs, eValu allows a local certified appraiser to make a professional judgment on the appropriate valuation method for the subject property:

The appraiser runs an AVM on the subject property, reviews the output, and determines if it is appropriate. If the data supports a valuation, an eValu Report is issued. If the appraiser does not agree with the output, s/he completes a Desktop Valuation.

The Desktop Valuation is a limited appraisal that is completed without inspection of the subject property or comparables. If the Desktop Valuation supports an acceptable value, an eValu Report is issued. If a Desktop Valuation is inappropriate for a property of this type, the appraiser can request an upgrade to a traditional appraisal product.

  Full Appraisal Drive-By Gap EValue AVM
Turn Time 7 days 5 days 24 hours Minutes
Cost $325 $200 + $110 $25 - 35
Accuracy Benchmark Highly Accurate Accurate to within 6% of 1004 Least Accurate

Advantages over traditional appraisals and drive-bys:

  • Faster - 85% of all eValu orders are completed within 24 hours; many within 4-6 hours. Contrast these results with industry averages of 3-4 days for desktops.
  • Less expensive - Lenders save very substantial valuation costs; about $130 per file
  • Comparable accuracy - Blind test results resulted only a 6% deviation from benchmark 1004
  • Can be used in non-disclosure states

Advantages over AVMs

  • Superior coverage and accuracy
  • Geographic competency of the local appraiser


Guaranteed AVM Products

Imagine getting a property valuation within seconds and having that valuation guaranteed against any lender loss; at half the cost of a traditional, non-guaranteed appraisal! CDS, partnered with First Lenders Data Inc., introduces its exclusive warranted AVM service on all its AVM offerings, at the click of a button.

AVM Warranty Guidelines:
Transactions must have all of the following characteristics as a condition precedent to enforcement or collection under this Warranted AVM:

  • Be made in connection with loan transactions secured by First or Second Liens on residential real estate
  • Maximum AVM Appraised Value is $650,000 (or Maximum Loan Amount - Conforming Loan Amount)
  • Maximum Warranted Amount is based on primary borrower FICO Score 620 and above: $100,000
  • If multiple FICO scores are reported, the Primary Borrower FICO credit score used must be the middle of the three provided scores or the lower of two provided scores

Loan to Value Limits:

  • Maximum LTV for 1st Liens - 95%
  • Maximum Combined Loan To Value - 100%
  • Loan to Value on home equity lines of credit (HELO) must be calculated using the maximum credit line available
  • Each "indicated" or "reasonable" value must have a confidence level as indicated for each acceptable model
  • Either Full or Alternative documentation is acceptable
  • Applicable to purchase or rate/term refinance transactions. Permitted for cash out transactions only with Refinance & Second mortgage transactions
  • Eligible property types:
    -Single family unit, attached or detached
    -Existing properties (no new construction)
    -Primary residences and second homes only
  • Properties not eligible: Condominiums, Non-warrantable Manufactured Housing to Fannie/Freddie, Investment Properties & Cooperative

 






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