System and method for providing automated value estimates of properties as of a specified previous time period

• US 7,711,574 B1
• Filed: 10/07/2003
• Issued: 05/04/2010
• Est. Priority Date: 08/10/2001
• Status: Active Grant

• Current Assignee: Andrei Iancu, Ashley Moody Florida Office of The Attorney General and Successors Thereto, Jeanette Nunez Lieutenant Governor of Florida and Successors Thereto, Joan D. Heuer, Laurel M Lee Florida Secretary of State and Successors Thereto, Steven Mnuchin United States Secretary of The Treasury and Successors Thereto, Timothy E Gribben Commissioner For Bureau of The Fiscal Service Agency of The United States Department of The Treasury and Successors and Assigns Thereto
• Original Assignee: Federal Home Loan Mortgage Corporation
• Inventors: Sims, Pamela W., Gordon, J. Douglas, Snyder, Morgan C., Klena, Mathew J., Bradley, Michael G., McManus, Douglas A.
• Primary Examiner(s): Vig; Naresh
• Application Number:
  US10/679,516
• Time in Patent Office: 2,401 Days
• Field of Search: 705/1, 705/10
• US Class Current: 705/306
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0278 Product appraisal
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

Systems and methods are provided for providing, based on a model, an indication that an appraisal value for a property is likely to be faulty. In one embodiment, a method includes receiving information representative of at least one of a borrower, a property, or one or more demographics, such that the received information corresponds to a date. The method determines a score based on the received information and the model, such that the score provides the indication of the likelihood that the appraisal value was faulty on the date.

Claims

1. A computer-implemented method for providing an automated value estimate of a property as of a previous time period, the computer-implemented method comprising the steps performed by a computer of:

determining historical valuation data reflecting automated value estimates of properties, the automated value estimates corresponding to values of the properties during a plurality of previous time periods;

storing the historical valuation data in a database;

receiving a request for an automated value estimate of a property as of a specified one of the previous time periods, the request identifying the property and the specified one of the previous time periods;

searching the database for the historical valuation data of the property identified by the request;

retrieving the historical valuation data from the database reflecting the automated value estimate of the property during the specified one of the previous time periods; and

providing, in response to the request, the automated value estimate of the property as of the specified one of the previous time periods.

2. The computer-implemented method according to claim 1, further comprising:

determining whether an appraisal value of the property during the specified time period accurately reflected the value of the property during the specified time period.

3. The computer-implemented method according to claim 2, wherein determining whether the appraisal value accurately reflected the value of the property comprises:

comparing the automated value estimate of the property with the appraisal value.

4. The computer-implemented method according to claim 2, wherein determining whether the appraisal value accurately reflected the value of the property comprises:

receiving loan data corresponding to a loan used to purchase the property; and

determining a score based on the loan data, the score reflecting whether the appraisal value was faulty as of the specified time period.

5. The computer-implemented method according to claim 1, further comprising using an automated valuation model to determine the historical valuation data.

6. The computer-implemented method according to claim 5, wherein the historical valuation data is:

generated by the automated valuation model contemporaneously with the previous time periods, and

stored in the database as the historical valuation data is determined by the automated valuation model.

7. A system for providing an automated value estimate of a property as of a previous time period, the system comprising:

at least one memory comprising computer-executable instructions to;

determine historical valuation data reflecting automated value estimates of properties, the automated value estimates corresponding to values of the properties during a plurality of previous time periods;

store the historical valuation data in a database;

receive a request for an automated value estimate of a property as of one specified previous time period from among the previous time periods, the request identifying the property and the one specified previous time period;

search the database for the historical valuation data of the property identified by the request;

retrieve the historical valuation data from the database reflecting the automated value estimate of the property during the one specified previous time period; and

provide, in response to the request, the automated value estimate of the property as of the one specified previous time period, and

at least one data processor that executes the instructions.

8. The system according to claim 7, wherein the instructions are further configured to:

determine whether an appraisal value of the property during the specified time period accurately reflected the value of the property during the specified time period.

9. The system according to claim 8, wherein the instructions configured to determine whether the appraisal value accurately reflected the value of the property are further configured to:

compare the automated value estimate of the property with the appraisal value.

10. The system according to claim 8, wherein the instructions configured to determine whether the appraisal value accurately reflected the value of the property are further configured to:

receive loan data corresponding to a loan used to purchase the property; and

determine a score based on the loan data, the score reflecting whether the appraisal value was faulty as of the specified time period.

11. The system according to claim 7, further comprising instructions configured to use an automated valuation model to determine the historical valuation data.

12. The system according to claim 11, wherein the historical valuation data is:

generated by the automated valuation model contemporaneously with the previous time periods, and

stored in the database as the historical valuation data is determined by the automated valuation model.

13. A computer-readable medium comprising computer-executable code for causing a processor to execute a method for providing an automated value estimate of a property as of a previous time period, the method comprising:

determining historical valuation data reflecting automated value estimates of properties, the automated value estimates corresponding to values of the properties during a plurality of previous time periods;

storing the historical valuation data in a database;

receiving a request for an automated value estimate of a property as of a specified one of the previous time periods, the request identifying the property and the specified one of the previous time periods;

searching the database for the historical valuation data of the property identified by the request;

retrieving the historical valuation data from the database reflecting the automated value estimate of the property during the specified one of the previous time periods; and

providing, in response to the request, the automated value estimate of the property as of the specified one of the previous time periods.

14. The computer-readable medium according to claim 13, the method further comprising:

determining whether an appraisal value of the property during the specified time period accurately reflected the value of the property during the specified time period.

15. The computer-readable medium according to claim 14, wherein determining whether the appraisal value accurately reflected the value of the property comprises:

comparing the automated value estimate of the property with the appraisal value.

16. The computer-readable medium according to claim 14, wherein determining whether the appraisal value accurately reflected the value of the property comprises:

receiving loan data corresponding to a loan used to purchase the property; and

determining a score based on the loan data, the score reflecting whether the appraisal value was faulty as of the specified time period.

17. The computer-readable medium according to claim 13, the method further comprising using an automated valuation model to determine the historical valuation data.

18. The computer-readable medium according to claim 17, wherein the historical valuation data is:

generated by the automated valuation model contemporaneously with the previous time periods; and

stored in the database as the historical valuation data is determined by the automated valuation model.