Automated Valuation Models

Hello Everyone,

I am new here but I am wondering if anyone heard of Automated Valuation Models (also known as AVMs). This is a class of models used to predict the real estate valuation of a property (house or unit) at point of application for for a Mortgage (for instance).

This is being used more and more by banks to speed up the process and reduce costs.

I am interested to know if anyone know of any Basel II capital compliance issues (or ruling from any local regulator) on this type of model.

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 Thank you in advance.

Marcelo