Quantarium and Valligent Technologies announced the launch of QVM-Insights, an AI-powered, quantarium valuation model (QVM) for equity lending, broker price opinions, and real estate owned valuations.
“Quantarium and Valligent have joined forces to deliver a condition-adjusted AVM [automated valuation model] that provides an accurate, timely, and cost-effective property valuation tool to reduce risk and streamline the due diligence process,” Walter Allen, Valligent executive vice president of digital transformation, said in a release. “Both companies are committed to supporting the thousands of clients in mortgage lending and other activities which rely on AVMs for underwriting and originations, prequalification, appraisal quality control, and account management.”
According to the release, the goal is to provide increased insights into a property’s interior condition and validate property characteristics contained in public records faster and more accurately than with an in-person inspection.
The tool uses Quantarium’s AI to run hundreds of thousands of generations to understand and optimize information at the neighborhood, ZIP code, or county level. QVM-Insights also takes local factors such as foreclosures and recent sales into account.
John Smintina, Quantarium chief analytics officer, said the program relies on machine learning techniques such as evolutionary programming, neural networks, and genetic modeling to get the most accurate results. This “robust and continuously expanding” property data lake is then paired with Valligent’s streaming technology.
Valligent’s virtual inspection allows an experienced staff inspector to virtually walk through a home via the homeowner’s smartphone or other mobile device. Jeremy McCarty, CEO of Valligent, said interior property condition assessments for AVMs and other valuation products has been a challenge in the industry for some time. The purpose of QVM-Insight is to give customers an advantage to solving the problem.
“There are many apps that allow homeowners to take interior and exterior photos, but none have the real-time streaming, condition rating, and metadata capture that make this solution so unique,” Allen said. “With QVM-Insights, a certified Valligent staff inspector walks the homeowner through a quick yet thorough virtual inspection process. And it’s the inspector who takes the photos and assigns a condition rating to each room. This not only reduces the margin of error and increases the level of accuracy; it also reduces the propensity for fraud.”