ICE Adds to Property Valuation Toolkit for Housing Finance, Providing Homeowners and Buyers, Lenders and Investors with a Comprehensive Approach to Today’s Valuation Challenges
19 March 2024 - 3:00AM
Business Wire
Enterprise suite of valuation solutions applies
automated technology, data and analytics to help tackle high
origination costs, valuation complexity and regulatory changes
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global
provider of technology and data, today announced the addition of
two new solutions to its growing suite of intelligent valuation
tools for the real estate markets and housing finance industries.
The newest solutions, Validate ROVSM and Valuation SelectorSM each
address particular challenges inherent in the need for swift,
accurate, objective and compliant property valuations.
“Transparent and accurate property valuations are essential to
housing finance,” said Tim Bowler, President of ICE Mortgage
Technology. “ICE is proud of the work we’ve been doing on this
front, leveraging our technology and data to build a set of smart
solutions that help homeowners, lenders and investors have
confidence in the values underlying the mortgage process.”
Validate ROV offers confidence to homeowners and buyers seeking
reconsideration of an appraised home value, as outlined under the
proposed federal Property Appraisal and Valuation Equity (PAVE)
initiative.
After accessing a link provided by the lender, homeowners will
use their mobile device to follow a series of prompts to take
photos of the property, giving examples that show why they believe
the appraisal may be in error. Validate ROV uses geofencing and
time stamps to confirm that photographs are contemporaneous and
accurately reflect current property condition. Through intelligent
automation, Validate ROV helps reduce manual steps and paperwork
for lenders, while ensuring the homeowner or a potential homebuyer
is able to easily provide objective evidence as to why they are
seeking reconsideration.
Valuation Selector offers confidence to lenders and investors,
helping them to instantly identify the complexity of a particular
property’s valuation, and recommending the most suitable method for
determining value. Pulling from public records, assessor and
listing information, Valuation Selector applies advanced logic and
analytics to recommend the most appropriate and cost-effective of
the following valuation types: automated valuation model (AVM), AVM
with inspection, desktop exterior, desktop interior or full
appraisal.
By helping lenders and investors identify the fastest and most
cost-effective valuation method upfront, Valuation Selector can
reduce the time and cost of home finance, adding efficiency and
simplicity to an often fragmented and ad hoc process.
Validate ROV and Valuation Selector add to the growing suite of
ICE property valuation solutions, which includes industry-leading
AVMs, intelligent data collection tools that support GSE valuation
requirements, and Risk Profiler, which combines analytics, local
market data, neighborhood demographic trends, comparable property
sales and key collateral metrics to help reduce risk exposure on
potentially problematic valuations.
“The mortgage industry faces numerous challenges related to the
valuation process today,” said Bowler. “Regulators are paying close
attention to valuations for many valid reasons. As part of our
overall mission to digitize the housing continuum, ICE is marrying
technological innovation with our vast data assets to bring
transparency and accuracy to a complex, often confusing
market.”
For more information about ICE’s mortgage technology solutions,
visit: https://www.icemortgagetechnology.com/
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500
company that designs, builds, and operates digital networks that
connect people to opportunity. We provide financial technology and
data services across major asset classes helping our customers
access mission-critical workflow tools that increase transparency
and efficiency. ICE’s futures, equity, and options exchanges --
including the New York Stock Exchange -- and clearing houses help
people invest, raise capital and manage risk. We offer some of the
world’s largest markets to trade and clear energy and environmental
products. Our fixed income, data services and execution
capabilities provide information, analytics and platforms that help
our customers streamline processes and capitalize on opportunities.
At ICE Mortgage Technology, we are transforming U.S. housing
finance, from initial consumer engagement through loan production,
closing, registration and the long-term servicing relationship.
Together, ICE transforms, streamlines, and automates industries to
connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here. Key Information Documents for certain
products covered by the EU Packaged Retail and Insurance-based
Investment Products Regulation can be accessed on the relevant
exchange website under the heading “Key Information Documents
(KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2023, as
filed with the SEC on February 8, 2024.
Source: Intercontinental Exchange
Category: Mortgage Technology
ICE-CORP
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version on businesswire.com: https://www.businesswire.com/news/home/20240318200568/en/
ICE Media Contact Mitch Cohen mitch.cohen@bkfs.com +1
704-890-8158
ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com +1 (678) 981-3882
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