Method and apparatus for valuing property
First Claim
1. A method of utilizing multiple automated valuation models to value a property comprising the steps of:
- requesting a valuation from an automated decision engine;
selecting the automated valuation model from which to request the valuation based upon a predetermined priority;
requesting said valuation from said automated valuation model;
receiving said valuation from said automated valuation model;
evaluating said valuation received from said automated valuation model;
repeating said steps of selecting and requesting from an alternative automated valuation model if said valuation is not acceptable based upon a predetermined criteria; and
returning a response from said automated decision engine based upon said predetermined criteria.
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Accused Products
Abstract
A method of obtaining valuations of property using multiple automated valuation models to receive the most accurate possible valuation quickly and at the lowest possible cost. An automated decision engine evaluates the accuracy and confidence score of the valuations given by various automated valuation models in a preselected order based upon their ability to provide accurate valuations in a particular geographic region. Additionally, the automated decision engine will provide a response to an individual'"'"'s loan request to purchase property based on the relevant criteria and the accurate valuation it receives as a result of this method.
48 Citations
35 Claims
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1. A method of utilizing multiple automated valuation models to value a property comprising the steps of:
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requesting a valuation from an automated decision engine;
selecting the automated valuation model from which to request the valuation based upon a predetermined priority;
requesting said valuation from said automated valuation model;
receiving said valuation from said automated valuation model;
evaluating said valuation received from said automated valuation model;
repeating said steps of selecting and requesting from an alternative automated valuation model if said valuation is not acceptable based upon a predetermined criteria; and
returning a response from said automated decision engine based upon said predetermined criteria. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 29, 30, 31, 32, 33, 34, 35)
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24. A computer-based apparatus for valuing a subject property comprising:
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a client system;
an automated decision engine connected to said client system comprising a decision engine, extended markup language connectors, and a monitoring and rule user interface; and
a plurality of automated valuations models connected to said automated decision engine. - View Dependent Claims (25, 26, 27, 28)
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Specification