Status changed: Pending to Draft.
Thank you for your interest in AVMetrics independent AVM Testing! We’re pleased to serve you. We want to make sure that we understand your needs correctly so that you can be clear about what we can provide.
Included here is a description of what we will provide. If this doesn’t meet your needs in any way, please don’t hesitate to reach out to us at:
Mike Coyne l Manager, Collateral Process
90 W Cochran St. Suite C. Simi Valley CA. 93065
office 805-421-5056 l cell 818-426-1050
Mike.Coyne@AVMetrics.net l avmetrics.net
- 1. PROJECT OVERVIEW
AVMetrics will conduct a county-level Automated Valuation Model (AVM) test for «ClientName» to assess and compare the performance of commercially available, residential AVMs. The AVM testing sequence reflected in this document will be based on data from the most recent quarter, and will be supplemented from the prior quarter (or quarters) only if sample sizes for the specified geographies are too small. The results of this test will allow «ClientName» to identify which AVMs best meet their needs or to rank AVMs in a Model Preference Table®, as described below.
We were provided with the following requirements:
What geographic footprint did you request?
Which AVMs did you ask us to include?
Which property types did you ask us to include?
What type of analysis did you request? A complete Model Preference Table (MPT) or a Basic Model Performance?
Did you request a Compliance Report?
- 2. DELIVERABLES
AVMetrics will provide:
☐ A spreadsheet analyzing the above-listed AVMs across the geographies specified for the property types identified.
☐ It will be an MPT® showing ranked preferences of the AVMs.
☐ It will be a basic analytics package comparing the AVMs in those geographies and allowing you to identify how well each one would support your region.
☐ A compliance package (see Appendix A)
- 3. Methodology
AVMetrics, as its normal course of business, acquires data on benchmark transactions and AVM estimates approximately 26 times per year. AVMetrics cleans, prepares and analyzes that data in an effort to provide the most extensive, most reliable analysis of AVM accuracy with the best coverage across the United States. AVMetrics uses its own proprietary technology and techniques and extensive experience to conduct this analysis and prepare useful output for users of AVMs. AVMetrics also provides this analysis back to the AVM providers (blinded to other AVMs) in order to support the improvement of AVMs.
AVMetrics will use the resources it has developed over more than 15 years of testing to provide «ClientName» with the output described above.
- 4. Timeframe
AVMetrics will use data from the most recent calendar quarter to conduct the analysis, specifically «TimeFrame».
Sometimes, data in rural or small counties is insufficient in a quarter to conduct a statistically significant comparison of AVM accuracy. In such cases, AVMetrics will either
- 1. Incorporate data from the prior quarter to expand the sample size, or
- 2. If the sample size in a particular county is still not sufficient, combine all the remaining counties in the state with insufficient sample sizes into a group and analyze AVMs on that basis.
AVMetrics will complete this analysis normally within two business days. If a Compliance Package was specified, the project may require up to two additional business days.
- 5. Price
AVMetrics bases its pricing on the amount of data required to perform your analysis (from the most recent quarter). We don’t charge for data from prior quarters if we use it. We charge for the time required to complete a compliance package, if one was specified. We also automatically include any discounts for repeat customers.
Your bottom-line price will be: «PriceIncludingDiscount»
- 6. Next Steps
- 1. To prompt us to initiate your project, follow this link and complete the payment process:
- 2. We will complete your project in two business days.
- 3. We will email you a link and instructions to download your output via FTP.
Appendix A: Compliance Package
AVMetrics produces a thorough written report demonstrating with words and exhibits that the analysis performed for your organization satisfies the various OCC Regulations for independent, comprehensive testing of AVMs for your institution. We describe in detail the metrics and procedures used to test and compare AVMs. We also specifically address many of the provisions of OCC 2010-42 and OCC 2011-12.
Appendix B: AVMetrics Core Project Team
Oversight: Mike Coyne, Collateral Process Manager, AVMetrics
Project Manager: Don Brown, FVP & Director of Projects
Senior Analyst: Chris White, VP Business Systems Development
Appendix C: Project Assumptions
- a. The scope of the project is limited to the deliverables as detailed in the Project Deliverables section. Value added items such as delivery of proprietary confidence score standardization rules or participation in test participant debrief meetings are not considered deliverable items.
- b. AVM test sample will contain only the property types identified from the four available: single-family homes, condos, PUD’s and townhouses. Manufactured housing and multiplex units, which typically do not produce successful valuations, have been excluded from the sample population.
- c. All data usage and testing will be performed in compliance with the executed Mutual Non-Disclosure Agreements (MNDA’s) and the GLB Privacy Act if applicable.
- d. Analysis and recommendations will be generated specifically for «ClientName» in addition to the qualitative & quantitative comparative documentation.
- e. Additional work or delineation of data may be handled via an hourly consulting fee or a flat rate basis as agreed to by «ClientName» and AVMetrics. Expanded or diminished scope of the project will be required in writing. Adjustments to pricing and timing will be negotiated. Additional work as requested by Columbia but deemed out of scope of this document can be addressed with the execution of a “Change Order” or additional document.
- f. AVMetrics represents and warrants industry competence and adherence to industry standards when providing services to «ClientName». AVMetrics further represents and warrants that the services, provided under this document are (and will remain throughout the term of this Agreement) in compliance with applicable federal and state laws and regulations.
Appendix D: Fine Print
- a. AVMetrics shall at its own expense, purchase and maintain general liability insurance in the amount not less than $1,000,000 per occurrence with an insurer who has an insurer’s rate “A-VII” or better by A.M. BEST Company and shall provide proof of existing insurance coverage annually upon execution of the document.
- b. The Parties agree to indemnify, defend, and hold each other harmless from and against any and all claims, actions, damages, liability, costs, and expenses, including reasonable attorney’s fees and expenses, arising out of: (1) any negligent or intentional action or inaction by a Party or (2) any breach of this document by a Party. This indemnity shall not apply unless the Party seeking indemnity notifies the other Party promptly of any matters in respect of which this indemnity may apply. The Parties agree that this paragraph shall survive the termination of this document.
- c. This document may be terminated immediately by either Party for cause. The term “cause” means (i) a material breach of this document; (ii) fraud or misrepresentation against a Party; or (iii) if a Party files a petition for bankruptcy, becomes insolvent, has an involuntary petition under bankruptcy laws filed against it, commences an action providing for relief under bankruptcy laws, files for the appointment of a receiver, or is adjudicated a bankrupt concern
- d. This document is entered into and will be performed in California and all questions relating to its validity, interpretation, performance, and enforcement (including, without limitation, provisions concerning limitations of action), shall be governed by and construed in accordance with the internal laws of the State of New Jersey, notwithstanding any conflict-of-laws doctrines of such state or other jurisdiction to the contrary. The Parties agree to submit to the personal jurisdiction of the courts of the State of New Jersey.
- e. The prevailing Party in any dispute between the Parties arising out of the interpretation, application, or enforcement of any provision of this document shall be entitled to recover all of its reasonable attorneys’ fees and costs whether suit be filed or not, including, without limitation, costs and attorneys’ fees related to or arising out of any arbitration proceeding, trial, or appellate proceedings.
- f. Neither Party may assign this document or subcontract any right or interest hereunder without the prior written consent of the other Party, which shall not be unreasonably withheld or delayed.
- g. This document, its Attachments and the Confidentiality Agreement contain the entire understanding between the Parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements and understandings, inducements, or conditions, express or implied, oral or written, except as herein contained. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. This document may not be modified or amended other than by an agreement in writing signed by an authorized representative of each party hereto.
- h. End User may terminate this agreement without fee, penalty, or charge in the event it is directed to do so by the Office of the Comptroller of the Currency.
- i. AVMetrics agrees to cooperate with any examination or inquiry conducted by the Office of the Comptroller of the Currency.
- j. AVMetrics shall abide by the requirements of 41 CFR 60-300.5. This regulation prohibits discrimination against qualified protected veterans and requires affirmative action by covered prime contractors and subcontractors to employ and advance in employment qualified and AVMetrics shall abide by the requirements of 41 CFR 60- 741.5. This regulation prohibits discrimination against qualified individuals on the basis of disability and requires affirmative action by covered prime contractors and subcontractors to employ and advance in employment qualified individuals with disabilities.
Or slightly more if you requested a Compliance Package.
We can work with you if your organization has special security limitation for using FTP.
AVM Estimate Specification; options: BKFS: Realtors Valuation Model, BKFS: Safe Value, BKFS: SiteX Value, BKFS: ValueSure, a. Single Family Residence