PITTSBURGH, Aug. 8, 2017 /PRNewswire/ -- Independent Settlement Services, a national provider of appraisal and title management services, announce today they will offer a new valuation product to lenders through a collaboration with HouseCanary, a leading provider of innovative real estate data and valuation products for the mortgage industry. Independent will add Value Report to its comprehensive menu of national appraisal and real estate valuation products.
The Value Report is an instantaneous automated valuation model (AVM) to determine single-family home and condo values. The increased use and acceptance of AVMs has created demand for higher quality, more accurate residential property valuations. Home equity lenders are utilizing AVMs for property valuation, when possible, to minimize cost of origination and to decrease loan closing time.
Independent is focused on delivering accurate real estate information services and adding value as a vendor partner to real estate lenders nationwide. The Value Report provides instant property valuation, market risk assessment and real estate market data for a single property or entire portfolios, leveraging HouseCanary's proprietary algorithms that draw on more than 1 billion U.S. historical home transactions. "HouseCanary is delivering a much more informative and transparent automated property valuation to the real estate lending industry," said Christopher Seymour, SVP, Director of Sales. "The Value Report provides lenders with supporting comparable sales data and other drivers of home value to make better, more confident real estate decisions."
The Value Report produces comprehensive property details, including sales history, and a suitability score to measure valuation confidence. Lenders gain an understanding of the local market with the report's three-year value forecast for the subject property's market. The Value Report also ranks the subject property against its 10 closest, algorithmically selected comparables, providing lenders the comfort of knowing their valuation is validated against the market context.
"Working with Independent, HouseCanary is excited to offer valuation models with unprecedented accuracy and coverage, which is what ultimately appeals to lenders," said HouseCanary CMO, Martin Morzynski. "Our algorithms analyze over 1 billion residential transactions over the last 40 years against macroeconomic drivers of demand, incorporating schools, crime and other current drivers at the block level to achieve this level of accuracy. The result is a modern AVM that helps lenders originate and close loans with confidence."
About Independent Settlement Services:
Independent Settlement Services has been dedicated to serving our clients in the real estate finance industry since 2005. Independent delivers national appraisal and title management services with a promise of outstanding service and the highest standards for compliance and quality. The company's commitment to add value to their customers extends beyond our comprehensive product and service offering, by combining industry-leading technology with an experienced staff and an extensive vendor network to deliver superior results. The company implements flexible solutions to accommodate processes around their client's service expectations. Independent is helping companies meet strategic goals while saving time, money and resources in the order fulfillment process.
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 data calculations and analytics, to accurately define and forecast values and market influences. HouseCanary is financed by a $33 million Series A. Its notable investors include Hillspire (Alphabet Executive Chairman Eric Schmidt's family office), Alpha Edison, ECA Ventures, Raven Ventures and other top investors including Egon Durban and Nikesh Arora. The company is headquartered in San Francisco. For more information, visit www.housecanary.com.