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Banking and Finance Regulators Learn how Automated Valuation
Models (AVMs) are Changing the Appraisal Industry
Kirchmeyer is a Featured Speaker at the
Federal Financial Institutions Examination Council (FFIEC) Conference
BUFFALO, N.Y. - Nov. 8, 2004 - Automated, real-time property valuations are changing the appraisal process for lenders as AVMs continue to play an increasingly important role in the industry's arsenal of tools, according to James A. Kirchmeyer, president of Real Info, Inc., a national real estate valuation company. Kirchmeyer's remarks were part of his presentation as a featured speaker at the Federal Financial Institutions Examination Council Conference, held on Nov. 5 in Arlington, Va.
Kirchmeyer outlined the benefits of AVMs, which provide an electronically generated valuation of residential properties. He noted that AVMs offer a fast, cost-effective, and objective appraisal tool. He pointed out that the mortgage and lending industries will have to become more cost-effective to compete in the marketplace. His presentation focused on how technology is changing the products that lenders use to be efficient.
Kirchmeyer said, "This conference was a great opportunity to share important information about AVMs and to explain their growing impact on the banking industry," said Kirchmeyer. "Existing AVM technologies offer a way to increase cost savings while shortening the lending time cycle."
The FFIEC sets uniform principles, standards, and report forms for the federal examination of banks and other financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS). The FFIEC makes recommendations to promote consistency in the oversight of these industries. The Supervisory Update Conference is one of many educational forums the organization sponsors as part of its interagency training program.
Real Info, Inc., headquartered in Buffalo, N.Y., provides automated property valuations to home equity lenders, credit unions, and real estate professionals. The automated valuation model (AVM) services allow clients to streamline the appraisal process with cost-effective, accurate, and time-saving solutions. Real Info uses its proprietary Internet delivery technology to provide searchable real estate data on over 85 million parcels across the United States through its realAccess(tm) subscription service. Real Info is a partner company of Kirchmeyer & Associates, a full-service, traditional appraisal company.
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