Procision Uses Machine Learning and a Blended Ensemble Modeling Approach to Produce Highly Accurate Valuations Tailored to Client Needs
First American Data & Analytics, a division of First American Financial Corporation (NYSE: FAF) and a leading national provider of property and ownership data and advanced analytic solutions, today introduced Procision™, a new automated valuation model (AVM) suite that uses a state-of-the-art blended ensemble modeling approach to deliver an exceptional level of accuracy to lenders and financial services clients, proptech companies, and other sophisticated consumers of real estate data. The Procision AVM suite includes three AVM solutions, each designed to suit the demands of different clients – Procision Premier is a lender-grade AVM, the Procision Power AVM can be embedded on client websites, and the Procision Direct AVM offers portfolio analysis and can be used to create targeted marketing campaigns. The suite is built on the latest technology infrastructure, which is fully scalable and enables easy integration of new data.
“Our new Procision AVM suite leverages the most sophisticated modeling techniques, the latest machine-learning technologies and the industry’s largest property and ownership database to set a new standard for accuracy and reliability,” said Robert Karraa, president of First American Data & Analytics. “With its unique and robust blend of models and sub-models, the quality of the valuations produced by Procision is unmatched.”
For added accuracy and currency, First American Data & Analytics runs Procision AVM valuations on every residential property in the U.S. every day and the company also updates the underlying data that fuels the Procision AVM suite daily. An automated surveillance system constantly monitors both data and valuation quality, and performs extensive testing to validate the accuracy of the valuations produced for various property types in various geographic markets. The suite, which is supported by dedicated customer service personnel, provides the documentation required by lending regulations.
First American Data & Analytics has tailored the Procision AVM suite to offer solutions that fit the performance and cost requirements specific to varying client needs.
“Lenders, servicers, and capital market decision makers need highly accurate, highly reliable industrial-grade valuations to inform their risk decisions,” said Jon Wierks, vice president, analytics at First American Data & Analytics. “Marketers designing campaigns based on home price or home equity, on the other hand, are looking for broad coverage with high hit rates at an affordable price point. There are also a growing number of proptechs and emerging businesses in the mortgage and real estate industries that provide a preliminary home price estimate to their prospective customers, which is precisely what our white-label model is designed to do.”
About First American Data & Analytics
First American Data & Analytics, a division of First American Financial Corporation, is a national provider of property-centric information, risk management and valuation solutions. First American maintains and curates the industry’s largest property and ownership dataset that includes more than 7.5 billion document images. Its major platforms and products include: DataTree®, FraudGuard®, RegsData®, First American TaxSource™ and ACI®. Find out more about how First American Data & Analytics powers the real estate, mortgage and title settlement services industries with advanced decisioning solutions at www.FirstAmDNA.com.
About First American
First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over 130 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $9.2 billion in 2021, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2022, First American was named one of the 100 Best Companies to Work For by Great Place to Work® and Fortune magazine for the seventh consecutive year. More information about the company can be found at www.firstam.com.
First American Financial Corporation
First American Financial Corporation