U.S. patent application number 14/231928 was filed with the patent office on 2014-10-09 for appraisal evaluation and scoring system and method.
The applicant listed for this patent is KATHY COON, ROBERT DORSEY, GWEN MAGRISSO. Invention is credited to KATHY COON, ROBERT DORSEY, GWEN MAGRISSO.
Application Number | 20140304144 14/231928 |
Document ID | / |
Family ID | 47219847 |
Filed Date | 2014-10-09 |
United States Patent
Application |
20140304144 |
Kind Code |
A1 |
COON; KATHY ; et
al. |
October 9, 2014 |
APPRAISAL EVALUATION AND SCORING SYSTEM AND METHOD
Abstract
A system and related methods for the management and evaluation
of real estate appraisals comprising, a method of determining a
standardized score representative of the accuracy and quality of a
real estate appraisal. Data from the appraisal is extracted and
evaluated according to a plurality of compliance and risk based
rules applicable to the type of appraisal. Each rule is given a
particular weight, and an appraisal score may be calculating by
summing each instance of a rule triggered multiplied by the weight
assigned to that rule. Weights may be set by experts, or determined
by statistical analysis.
Inventors: |
COON; KATHY; (KEMAH, TX)
; MAGRISSO; GWEN; (EVANSTON, IL) ; DORSEY;
ROBERT; (OXFORD, MS) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
COON; KATHY
MAGRISSO; GWEN
DORSEY; ROBERT |
KEMAH
EVANSTON
OXFORD |
TX
IL
MS |
US
US
US |
|
|
Family ID: |
47219847 |
Appl. No.: |
14/231928 |
Filed: |
April 1, 2014 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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|
13572863 |
Aug 13, 2012 |
8688494 |
|
|
14231928 |
|
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|
|
11932297 |
Oct 31, 2007 |
8244563 |
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13572863 |
|
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|
60867909 |
Nov 30, 2006 |
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60863788 |
Oct 31, 2006 |
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Current U.S.
Class: |
705/38 |
Current CPC
Class: |
G06Q 40/06 20130101;
G06Q 50/16 20130101; G06Q 40/025 20130101 |
Class at
Publication: |
705/38 |
International
Class: |
G06Q 50/16 20060101
G06Q050/16 |
Claims
1. A method for evaluating a real estate appraisal, comprising the
steps of: extracting, using a computer processor or microprocessor,
data from the appraisal; in a computer processor or microprocessor,
evaluating the extracted data against a plurality of rules
applicable to the type of appraisal, wherein each rule is assigned
a particular weight, and said particular weights may vary for each
rule; in a computer processor or microprocessor, multiplying the
weight of each rule by a variable r if the rule is triggered or
fired; and automatically calculating the sum of the multiplied
weights of all rules that have been triggered or fired to determine
an appraisal score.
2. The method of claim 1, wherein the rules address whether the
appraisal complies with an applicable standard.
3. The method of claim 1, wherein the rules address the presence of
certain risk factors in the appraisal.
4. The method of claim 1, wherein one or more weights are set by
one or more experts in the field of real estate appraisals.
5. The method of claim 1, wherein one or more weights may be
adjusted over time.
6. The method of claim 1, wherein one or more weights are set or
adjusted based on statistical analysis of a plurality of appraisals
being subjected to the method.
Description
[0001] This application is a continuation of U.S. application Ser.
No. 13/572,863, filed Aug. 13, 2012, now issued as U.S. Pat. No.
8,688,494, which is a continuation-in-part of U.S. application Ser.
No. 11/932,297, now issued as U.S. Pat. No. 8,244,563, which claims
the benefit of and priority to U.S. Provisional Application No.
60/863,788, filed Oct. 31, 2006, and U.S. Provisional Application
No. 60/867,909, filed Nov. 30, 2006, and is entitled to the benefit
of those filing dates, in whole or in part, for priority. The
entire disclosures, specifications, drawings, appendices and
attachments of U.S. Provisional Application Nos. 60/863,788 and
60/867,909 and U.S. application Ser. Nos. 13/572,863 and 11/932,297
are incorporated herein by specific reference for all purposes.
FIELD OF INVENTION
[0002] This invention relates to a system and method for the
management and evaluation of real estate appraisals. More
particularly, this invention relates to a method of determining a
standardized score representative of the accuracy and quality of a
real estate appraisal.
BACKGROUND OF INVENTION
[0003] Lenders underwriting residential and commercial property
serving as collateral support a mortgage or loan typically requires
an appraisal of the subject property to determine value and
possible risks. Unfortunately, it is a very intensive and costly
process for a lender to review each appraisal thoroughly and
consistently. At present, lenders are not able to review appraisal
with a sufficient level of detail systematically and economically.
Problem appraisals, and problem areas in appraisals, may thus be
overlooked, and the lenders may find substantial sums at risk.
[0004] Accordingly, what is needed is a improved, automated process
of appraisal review that achieves a level of review heretofore not
available on a systematic or economic basis.
SUMMARY OF INVENTION
[0005] The system of the present invention may be used to assist
lenders with the process of underwriting the residential and other
property collateral supporting a mortgage. It enables the lenders
to achieve a consistent and very thorough review process of the
appraisal. By using the GAAR, lenders are able to review to a level
of detail that human reviewers cannot systematically and
economically achieve. This then lets the expert reviewers focus on
the problems areas of the appraisal and use their expertise and
judgment to better address the issues that are beyond the scope of
automated systems. The GAAR replaces a very manual and inconsistent
review process used by lenders that was heavily dependent on the
expertise and thoroughness of the individual reviewer.
[0006] In one exemplary embodiment, the GAAR has two components,
Compliance and Risk. The compliance rules check to ensure that the
appraisal meets regulatory requirements, such as the USPAP
requirements on the appraiser and the Freddie Mac and Fannie Mae
guidelines. In this way the lender can document that they are
complying with regulatory requirements on 100% of their mortgage
production. The risk rules inform the lender about issues that may
make the property unacceptable to back the mortgage. Although
numerous risk issues are identified, the specific level of risk
that the lender is willing to accept is a business decision that
will vary from one lender to the next.
[0007] The GAAR also is used as part of an automated underwriting
process used by lenders. Weights are applied to the rules that are
violated and then these weights are aggregated to create a score.
This score is used to automate the underwriting process at many
lenders. This speeds the review process for the lenders and thus
facilitates the mortgage process and reduces costs of the
process.
[0008] In one exemplary embodiment, the present invention comprises
a system for calculating a GAAR Score for a real estate appraisal.
Data from the appraisal is extracted and a plurality of rules are
tested against the information. The rules may be compliance-based,
risk-based, or both. Each rule is separately weighted, and the
score may be calculated as the sum of each rule that is triggered
or "fired" multiplied by the weight assigned to that rule.
[0009] In one embodiment, once the rules are coded or created,
their performance is tested and evaluated by a series of test runs
using data files and sources representing extracted appraisal data
containing a number of known issues, including issues that result
from feedback from evaluation of production appraisals. Each rule
for each appraisal form is tested and evaluated to ensure that it
is performing correctly. Test files and scripts are built or
adjusted over time to include a wide variety of issues to ensure
robust performance of the system. Production appraisal evaluations
also may be reviewed to identify rules or coding that results in
errors or "false positives," such as may result from variations in
styles used by appraisers in the field, so that the rules or coding
may be modified appropriately.
[0010] Additional testing may also be performed using a large data
set of production appraisals. The "firing rate" (or the rate where
a particular rule is violated or results in a "positive" hit) for
each rule may be tabulated, and rules that appear to be firing too
frequently can be examined. This examination may include
comparisons with the actual appraisals that caused a positive hit
to determine whether or not the rule should have fired. If the
implementation of the rule is causing inappropriate firing, then
the rule may be modified appropriately.
[0011] There are additional ways in which rules can be identified
for modification. For example, a number of appraisals may be
randomly selected from production, and compared to the rules to
ensure that none fired inappropriately, and that there were no
issues in the appraisal that should have caused a rule to fire when
none were fired. It also is possible that issues might be
identified that are potential problems in the appraisal for which
no rules exist. Problems with the rules also may be identified by
reviewers in the production environment and reported back. If any
of these issues or problems are identified, then rules can be
added, modified, or changed as appropriate. This allows an ongoing
review of the rules to ensure that the rules are up-to-date and the
evaluation system is functioning properly.
[0012] In another exemplary embodiment, a GAAR Score for an
appraisal is based on all of the rules in GAAR in each form, both
compliance and risk rules. The data from the appraisal is extracted
or entered into the system, and then is evaluated against each
rule. A weight is applied to each rule, with the total score
calculated by adding the weights associated with each rule that
"fires." This summation may also be transformed by an appropriate
formula. Accordingly, with one formula, the higher the score, the
more likely the appraisal is in compliance with accepted standards
and guidelines. The scale can be inverted so that high scores are
generated by those appraisals with many rules that fire, and the
scale can also be changed to any scale desired.
[0013] It should be noted that the weight applicable to a
particular rule may be adjusted periodically in any embodiment of
the present invention.
[0014] An appraiser score may also be calculated in a similar
manner, using a select subset of the rules in GAAR. This may help
evaluate the appraiser's performance and diligence in completing a
particular appraisal.
[0015] The development of weights to be used for each rule can vary
depending on a number of factors. For example, when new forms are
introduced by governmental agencies or other sources, there is
often no history on how these forms have been used in the past.
Thus, there is no data to identify how appraisers will use them in
the future, nor is there any data associated with appraisals that
have resulted in bad valuations or losses to a lender. Accordingly,
statistical approaches may not be appropriate since there is little
or no data to work with to estimate appropriate weights. Experts
may be called upon to assign initial weights for rules, based upon
the seriousness of the rule.
[0016] As another example, statistical analysis can be used to
re-evaluate and re-estimate appropriate weights for rules based on
experience with production appraisals with problems (e.g.,
appraisals that may have resulted in bad valuations or losses).
This allows the system to better differentiate between appraisals
with value problems and the remaining production volume. In one
embodiment, the appraisals are divided into two groups: those with
bad valuations and those with good valuations. The rules that fire
for each appraisal are used as the explanatory variable, and the
two groups are used to create the dependent variable.
BRIEF DESCRIPTION OF THE DRAWINGS
[0017] FIG. 1 shows an equation for one embodiment of the present
invention.
[0018] FIG. 2 shows another equation for one embodiment of the
present invention.
[0019] FIGS. 3-6 show data from a multiple test run in accordance
with one embodiment of the present invention.
[0020] FIG. 7 shows a diagram of steps in one exemplary method in
accordance with one embodiment of the present invention.
[0021] FIG. 8 shows an example of a GAAR Score report.
[0022] FIG. 9 shows an example of a new BPO standard report form in
accordance with one embodiment of the present invention.
[0023] FIG. 10 shows a diagram of steps in one exemplary method in
accordance with one embodiment of the present invention.
[0024] FIG. 11 shows an example of a BPO Score report.
DETAILED DESCRIPTION OF THE INVENTION
[0025] In several embodiments, the present invention relates to a
system and related methods for the management and evaluation of
real estate appraisals; more particularly, a method of determining
a standardized score representative of the accuracy and quality of
a real estate appraisal. In several other embodiments, the present
invention relates to a system and related methods for the
management, evaluation and scoring of broker price opinions (BPDs).
More particularly, this invention relates to the creation of a
standard BPO report form, and a method of determining a
standardized score representative of the accuracy and quality of a
BPO report.
GAAR
[0026] In one exemplary embodiment, the score is calculated based
on Generally Accepted Appraisal Rules (GAAR), and thus may be
termed a GAAR Score. GAAR are detailed rules developed to evaluate
the appraisal, and there are many different rules applicable to
different appraisal forms.
[0027] GAAR are developed to incorporate, at least in part,
appraisal industry "best of breed" or "best of industry" practices
to develop a comprehensive set of rules that will thoroughly
identify risk issues within appraisals that may reflect on the
valuation opinion provided by the appraiser. In one exemplary
embodiment, rules may be categorized into two groups: compliance
and risk. The compliance rules are based in part on the Uniform
Standards of Professional Appraisal Practice (USPAP) regulations,
the Freddie Mac and Fannie Mae guidelines, and the rules of various
regulatory agencies. Compliance rules also may be based upon
guidelines and rules from applicable sources in any jurisdiction or
country, such as the Canadian Uniform Standards of Professional
Appraisal Practice (CUSPAP), the Appraisal Institute of Canada, the
Canada Deposit Insurance Corporation, and the Canada Mortgage and
Housing Corporation in Canada. Appraisals passing compliance rules
in the GAAR should be in conformance with applicable guidelines and
regulatory requirements.
[0028] GAAR also may be updated based on reviews of appraisals and
performance with production appraisals.
[0029] An exemplary embodiment of Compliance GAAR and Risk GAAR are
described below:
GAAR Compliance Rules
[0030] The following GAAR descriptions use the language of the
primary guiding regulatory bodies' documentation. Not all of the
regulatory requirements and guidelines apply to each rule. GAAR
attempts to encompass all of the various regulatory sources.
Accordingly, the present invention calls for the application and
inclusion of the relevant regulatory guidelines, expectations, or
risk avoidance screens, as necessary and dictated by the particular
element of the appraisal report being examined.
[0031] Some elements of an appraisal cannot be efficiently
automated without incurring some false/positive firings, the result
of nuances too slight for accurate standardized testing. GAAR
should therefore not be understood to perform an absolute
all-inclusive compliance audit, but is rather a tool by which the
overwhelming majority of real estate appraisals can be screened for
overall adherence to regulatory guidelines.
[0032] The following examples use a particular naming system,
although other naming conventions or systems may be used in other
embodiment. The first element ("FNC") represents a particular
company name and serves to distinguish the GAAR Compliance Rules in
this embodiment from other business rules. The second designation
"C" references the particular rule-set, in this case the GAAR
"C"ompliance Rules. The third element designates a particular
section of the appraisal form (e.g., SUB designates the rules
applicable to the SUBJECT section of the Fannie Mae Form 1004 and
Freddie Mac Form 70; IMP for IMPROVEMENTS; CA for COST APPROACH,
and so on). The numbers in the fourth and fifth element corresponds
to the Rule number and sections within the particular subset
indicated by the two prior designations (e.g., C-SUB).
[0033] Accordingly, the rule groupings in this exemplary embodiment
fall into the following categories found on the Uniform Residential
Appraisal Report: Fannie Mae (1004) and Freddie Mac (70):
[0034] FNC-C-ATT-xxx-xx: Required ATTACHMENTS for appraisal
reports
[0035] FNC-C-CMS-xxx-xx: CMS-Specific Rules--work in conjunction
with GAAR
[0036] FNC-C-SUB-xxx-xx: The SUBJECT section
[0037] FNC-C-CONT-xxx-xx: The CONTRACT section
[0038] FNC-C-N-xxx-xx: The NEIGHBORHOOD section
[0039] FNC-C-S-xxx-xx: The SITE section
[0040] FNC-C-IMP-xxx-xx: The IMPROVEMENTS section
[0041] FNC-C-SCA-xxx-xx: The SALES COMPARISON APPROACH section
[0042] FNC-C-SCAHIS-xxx-xx: The SALES HISTORY section
[0043] FNC-C-SCAVALUE-xxx-xx: The VALUE by the Sales Comparison
Approach
[0044] FNC-C-REC-xxx-xx: The RECONCILIATION section
[0045] FNC-C-MKTVALUE-xxx-xx: The MARKET VALUE section
[0046] FNC-C-RECDATE-xxx-xx: The EFFECTIVE DATE of the
appraisal
[0047] FNC-C-CA-xxx-xx: The COST APPROACH to value
[0048] FNC-C-PUDINFO-xxx-xx: The PUD INFORMATION section
[0049] FNC-C-CERT-xxx-xx: The CERTIFICATION and SIGNATURE
sections
Specific examples of GAAR Compliance Rules are set forth in U.S.
application Ser. No. 11/932,297, entitled "APPRAISAL EVALUATION AND
SCORING SYSTEM AND METHOD," filed on Oct. 31, 2007, which is
incorporated herein in its entirety by specific reference for all
purposes.
GAAR Risk Rules
[0050] Naming conventions are similar to those discussed above for
GAAR Compliance Rules. Exemplary GAAR Risk Rules for particular
appraisal report forms also are set forth in U.S. application Ser.
No. 11/932,297, entitled "APPRAISAL EVALUATION AND SCORING SYSTEM
AND METHOD," filed on Oct. 31, 2007, which is incorporated herein
in its entirety by specific reference for all purposes.
GAAR Score
[0051] In an exemplary embodiment of a system for calculating a
GAAR Score, each of the above rules is coded so that data
(including but not limited to XML data) that is extracted from an
appraisal (and that may be delivered from a data extraction source)
can be run by an independent program. Rules may be designed so that
rules will run exactly the same regardless of the source of the
data, which may include, but is not limited to, OCR (Optical
Character Recognition), PDF extraction, or AI Ready files.
[0052] Once the rules are coded or created, their performance is
tested and evaluated by a series of test runs using data files and
sources representing extracted appraisal data containing a number
of known issues, including issues that result from feedback from
evaluation of production appraisals. Each rule for each appraisal
form is tested and evaluated to ensure that it is performing
correctly. Test files and scripts are built or adjusted over time
to include a wide variety of issues to ensure robust performance of
the system. Production appraisal evaluations also may be reviewed
to identify rules or coding that results in errors or "false
positives," such as may result from variations in styles used by
appraisers in the field, so that the rules or coding may be
modified appropriately.
[0053] Additional testing may also be performed using a large data
set of production appraisals. The "firing rate" (or the rate where
a particular rule is violated or results in a "positive" hit) for
each rule may be tabulated, and rules that appear to be firing too
frequently can be examined. This examination may include
comparisons with the actual appraisals that caused a positive hit
to determine whether or not the rule should have fired. If the
implementation of the rule is causing inappropriate firing, then
the rule may be modified appropriately.
[0054] There are additional ways in which rules can be identified
for modification. For example, a number of appraisals may be
randomly selected from production, and compared to the rules to
ensure that none fired inappropriately, and that there were no
issues in the appraisal that should have caused a rule to fire when
none were fired. It also is possible that issues might be
identified that are potential problems in the appraisal for which
no rules exist. Problems with the rules also may be identified by
reviewers in the production environment and reported back. If any
of these issues or problems are identified, then rules can be
added, modified, or changed as appropriate. This allows an ongoing
review of the rules to ensure that the rules are up-to-date and the
evaluation system is functioning properly.
[0055] In an exemplary embodiment, a GAAR Score for an appraisal is
based on all of the rules in GAAR in each form, both compliance and
risk rules. As shown in FIG. 7, the data from the appraisal is
extracted or entered into the system 10, and then is evaluated
against each rule 20. A weight is applied to each rule 30, with the
total score calculated by adding the weights associated with each
rule that "fires" 40. This summation may also be transformed by an
appropriate formula; FIG. 1 shows a formula for one exemplary
embodiment of the invention. With this formula, in general, the
higher the score, the more likely the appraisal is in compliance
with accepted standards and guidelines. The particular formula
shown in FIG. 1 gives a score from 0 to 1000, with low scores being
generated by those appraisals with many rules that fire. Of course,
the scale can be inverted so that high scores are generated by
those appraisals with many rules that fire, and the scale can also
be changed to any scale desired (e.g., 0 to 1.000; -500 to 500). It
should be noted that the weight applicable to a particular rule may
be adjusted periodically in any embodiment of the present
invention.
[0056] An Appraiser Score may also be calculated in a similar
manner, using a select subset of the rules in GAAR. This may help
evaluate the appraiser's performance and diligence in completing a
particular appraisal.
[0057] The development of weights to be used for each rule can vary
depending on a number of factors. For example, when new forms are
introduced by governmental agencies or other sources, there is
often no history on how these forms have been used in the past.
Thus, there is no data to identify how appraisers will use them in
the future, nor is there any data associated with appraisals that
have resulted in bad valuations or losses to a lender. Accordingly,
statistical approaches may not be appropriate since there is little
or no data to work with to estimate appropriate weights. Experts
may be called upon to assign initial weights for rules, based upon
the seriousness of the rule.
[0058] As another example, statistical analysis can be used to
re-evaluate and re-estimate appropriate weights for rules based on
experience with production appraisals with problems (e.g.,
appraisals that may have resulted in bad valuations or losses).
This allows the system to better differentiate between appraisals
with value problems and the remaining production volume. In one
embodiment, the appraisals are divided into two groups: those with
bad valuations and those with good valuations. The rules that fire
for each appraisal are used as the explanatory variable, and the
two groups are used to create the dependent variable.
[0059] The optimization problem for developing the score can then
be summarized as follows:
[0060] Let the number of files be designated as N with the number
of bad valuations equal to B. .delta. is a vector taking a value of
1 when the observation has a bad value and 0 otherwise. The total
number of rules can be indicated as R and the matrix r has N rows
and R columns with each component r.sub.ij taking the value of 1 if
the jth rule fires on the ith observation and zero otherwise. Let K
and .GAMMA. be constants. The optimization problem then is as shown
in FIG. 2. A genetic algorithm may be used to estimate the
appropriate weights.
[0061] With every set of weights developed, a large number of
production appraisals can be scored and the distribution of
resulting scores computed. Samples may be taken from both tails of
the distribution and analyzed to see if the scores accurately
reflect the quality of the appraisals. Distribution of the scores
also may assist in defining rules for automation of the appraisal
review process.
[0062] In one exemplary embodiment, each rule in the system being
used to evaluate production appraisals may be assigned its own
version number. Thus, any report about any specific appraisal can
be documented and reproduced as to the details of the specific rule
or rules that fired. Archives may be maintained of past rules so
that the coding of the specific rule can be reviewed as needed.
[0063] FIGS. 3-7 show an example of a distribution of GAAR Scores
for an aggregate of appraisal data from many different lenders,
thousands of appraisers, and an extensive distribution of
geographical locations, including all major metropolitan markets.
In this particular example, 20,027 recent form 1004 production
appraisals were combined with 88 "bad" appraisals known to have
significant valuation problems after a detailed review. All data
was extracted from the appraisals and run through the system to
result in the distribution of GAAR Scores shown.
[0064] In one exemplary embodiment, a lender or other user of
appraisals can use the present invention to automatically pull data
from appraisals and determine a GAAR Score for that appraisal. The
GAAR Score can then be used to determine whether further action or
review is required with regard to that appraisal or matter. The
distribution of GAAR scores for all appraisals may be monitored
periodically, such as on a weekly basis, to determine
consistency.
[0065] The system for calculating a GAAR Score also may be located
on one or more servers on the Internet, and used by multiple
lenders or users thereby.
[0066] FIG. 8 shows an example of a GAAR Score report. It shows
information about the property and appraisal, a picture of the
property, the GAAR Score, the degree to which the appraisal is
compliant, and a list of rules that have failed (i.e., been fired
or triggered).
BPO Form and Rules
[0067] In another embodiment, the present invention comprises a
standard BPO report form as seen in FIG. 9. The BPO report form
comprise common data elements across all BPO reports previously
used in the industry, and includes additional information
considered to be essential by practitioners. With this standard BPO
report form, rules have been created for evaluation and calculation
of a BPO Score.
[0068] In one exemplary embodiment, the rules applied to the BPO
report comprise report completeness rules (i.e., determining
whether fields are completed properly), risk rules, and external
rules. Exemplary BPO Rules are set forth in U.S. application Ser.
No. 13/572,863, entitled "BROKER PRICE OPINION EVALUATION AND
SCORING SYSTEM AND METHOD," filed on Aug. 13, 2012, which is
incorporated herein in its entirety by specific reference for all
purposes. These examples use a particular naming system similar to
the one described above, although other naming conventions or
systems may be used in other embodiment. The first element ("ENC")
represents a particular company name. This can be used to
distinguish rules herein from other business rules from other
entities (such as regulatory entities). The second designation
references the particular rule set (e.g., for EXTERNAL rules or BPO
for BPO report rules) The third element designates a particular
type of external rule or a particular section of the BPO standard
report form (e.g., MKT designates external MARKET rules, PROP
designates external PROPERTY rules, VAL designates external VALUE
rules, SUB designates the rules applicable to the SUBJECT PROPERTY
section of the form. N designates rules applicable to the
NEIGHBORHOOD section, RE designates rules applicable to the RED
FLAGS section, COMPSALES designates rules applicable to the
COMPARABLE PROPERTIES SALES sub-section, COMPLIST designates rules
applicable to the COMPARABLE PROPERTIES LISTINGS sub-section, CPC
designates rules applicable to the COMPARABLE PROPERTIES COMMENTS
sub-section, REP designates rules applicable to the REPAIRS
section, PRICEOP designates rules applicable to the PRICE OPINION
section, COMM designates rules applicable to the COMMENTS section,
and CERT designates rules applicable to the CERTIFICATION section.
The numbers in the fourth and fifth element corresponds to the Rule
number and sections within the particular subset of rules.
BPO Score
[0069] In one exemplary embodiment, a BPO Score for a BPO standard
report is based on all of the rules described above. As shown in
FIG. 10, the data from the BPO report is extracted or entered into
the system 110, and then is evaluated against each rule 120. A
weight is applied to each rule 130, with the total score calculated
by adding the weights associated with each rule that "fires" 140.
The calculation of the BPO Score is performed using the same
equations and in the same manner as described above with regard to
the GAAR Score, including, but not limited to, the adjustment of
weights and rules based upon statistical analysis of a plurality of
broker price opinions. This method may also be used to evaluate a
broker giving a price opinion.
[0070] FIG. 11 shows an example of a BPO Score report. It shows
information about the property and broker price opinion, a picture
of the property, the BPO Score, and a list of rules that have
failed (i.e., been fired or triggered). These rules may be shown in
an order consistent with the order of the data within the BPO.
[0071] In order to provide a context for the various aspects of the
invention, the following discussion provides a brief, general
description of a suitable computing environment in which the
various aspects of the present invention may be implemented. A
computing system environment is one example of a suitable computing
environment, but is not intended to suggest any limitation as to
the scope of use or functionality of the invention. A computing
environment may contain any one or combination of components
discussed below, and may contain additional components, or some of
the illustrated components may be absent. Various embodiments of
the invention are operational with numerous general purpose or
special purpose computing systems, environments or configurations.
Examples of computing systems, environments, or configurations that
may be suitable for use with various embodiments of the invention
include, but are not limited to, personal computers, laptop
computers, computer servers, computer notebooks, hand-held devices,
microprocessor-based systems, multiprocessor systems, TV set-top
boxes and devices, programmable consumer electronics, cell phones,
personal digital assistants (PDAs), network PCs, minicomputers,
mainframe computers, embedded systems, distributed computing
environments, and the like.
[0072] Embodiments of the invention may be implemented in the form
of computer-executable instructions, such as program code or
program modules, being executed by a computer or computing device.
Program code or modules may include programs, objections,
components, data elements and structures, routines, subroutines,
functions and the like. These are used to perform or implement
particular tasks or functions. Embodiments of the invention also
may be implemented in distributed computing environments. In such
environments, tasks are performed by remote processing devices
linked via a communications network or other data transmission
medium, and data and program code or modules may be located in both
local and remote computer storage media including memory storage
devices.
[0073] In one embodiment, a computer system comprises multiple
client devices in communication with at least one server device
through or over a network. In various embodiments, the network may
comprise the Internet, an intranet, Wide Area Network (WAN), or
Local Area Network (LAN). It should be noted that many of the
methods of the present invention are operable within a single
computing device.
[0074] A client device may be any type of processor-based platform
that is connected to a network and that interacts with one or more
application programs. The client devices each comprise a
computer-readable medium in the form of volatile and/or nonvolatile
memory such as read only memory (ROM) and random access memory
(RAM) in communication with a processor. The processor executes
computer-executable program instructions stored in memory. Examples
of such processors include, but are not limited to,
microprocessors, ASICs, and the like.
[0075] Client devices may further comprise computer-readable media
in communication with the processor, said media storing program
code, modules and instructions that, when executed by the
processor, cause the processor to execute the program and perform
the steps described herein. Computer readable media can be any
available media that can be accessed by computer or computing
device and includes both volatile and nonvolatile media, and
removable and non-removable media. Computer-readable media may
further comprise computer storage media and communication media.
Computer storage media comprises media for storage of information,
such as computer readable instructions, data, data structures, or
program code or modules. Examples of computer-readable media
include, but are not limited to, any electronic, optical, magnetic,
or other storage or transmission device, a floppy disk, hard disk
drive, CD-ROM, DVD, magnetic disk, memory chip, ROM, RAM, EEPROM,
flash memory or other memory technology, an ASIC, a configured
processor, CDROM, DVD or other optical disk storage, magnetic
cassettes, magnetic tape, magnetic disk storage or other magnetic
storage devices, or any other medium from which a computer
processor can read instructions or that can store desired
information. Communication media comprises media that may transmit
or carry instructions to a computer, including, but not limited to,
a router, private or public network, wired network, direct wired
connection, wireless network, other wireless media (such as
acoustic, RF, infrared, or the like) or other transmission device
or channel. This may include computer readable instructions, data
structures, program modules or other data in a modulated data
signal such as a carrier wave or other transport mechanism. Said
transmission may be wired, wireless, or both. Combinations of any
of the above should also be included within the scope of computer
readable media. The instructions may comprise code from any
computer-programming language, including, for example, C, C++, C#,
Visual Basic, Java, and the like.
[0076] Components of a general purpose client or computing device
may further include a system bus that connects various system
components, including the memory and processor. A system bus may be
any of several types of bus structures, including, but not limited
to, a memory bus or memory controller, a peripheral bus, and a
local bus using any of a variety of bus architectures. Such
architectures include, but are not limited to, Industry Standard
Architecture (ISA) bus, Micro Channel Architecture (MCA) bus,
Enhanced ISA (EISA) bus, Video Electronics Standards Association
(VESA) local bus, and Peripheral Component Interconnect (PCI)
bus.
[0077] Computing and client devices also may include a basic
input/output system (BIOS), which contains the basic routines that
help to transfer information between elements within a computer,
such as during start-up. BIOS typically is stored in ROM. In
contrast, RAM typically contains data or program code or modules
that are accessible to or presently being operated on by processor,
such as, but not limited to, the operating system, application
program, and data.
[0078] Client devices also may comprise a variety of other internal
or external components, such as a monitor or display, a keyboard, a
mouse, a trackball, a pointing device, touch pad, microphone,
joystick, satellite dish, scanner, a disk drive, a CD-ROM or DVD
drive, or other input or output devices. These and other devices
are typically connected to the processor through a user input
interface coupled to the system bus, but may be connected by other
interface and bus structures, such as a parallel port, serial port,
game port or a universal serial bus (USB). A monitor or other type
of display device is typically connected to the system bus via a
video interface. In addition to the monitor, client devices may
also include other peripheral output devices such as speakers and
printer, which may be connected through an output peripheral
interface.
[0079] Client devices may operate on any operating system capable
of supporting an application of the type disclosed herein. Client
devices also may support a browser or browser-enabled application.
Examples of client devices include, but are not limited to,
personal computers, laptop computers, personal digital assistants,
computer notebooks, hand-held devices, cellular phones, mobile
phones, smart phones, pagers, digital tablets, Internet appliances,
and other processor-based devices. Users may communicate with each
other, and with other systems, networks, and devices, over the
network through the respective client devices.
[0080] Thus, it should be understood that the embodiments and
examples described herein have been chosen and described in order
to best illustrate the principles of the invention and its
practical applications to thereby enable one of ordinary skill in
the art to best utilize the invention in various embodiments and
with various modifications as are suited for particular uses
contemplated. Even though specific embodiments of this invention
have been described, they are not to be taken as exhaustive. There
are several variations that will be apparent to those skilled in
the art.
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