AAVMArmonia Audio Video Multimedia (Mexico)
AAVMAppraiser Assisted Valuation Model (software)
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The AAVM is useful in situations where borrower risk is low and the anticipated property value falls within a wide range of values that the lender has decided is acceptable as compared to the borrower's income.
With the AAVM, the lender gets the benefit of AVM speed (for a preliminary estimate of value in minutes) as well as the benefits of an appraiser's knowledge and local expertise (for a final decision to underwrite the loan in a day or so).
The technology behind AAVMs is very similar to that behind AVMs: the subject property address is entered, it is geocoded for latitude and longitude and then the AAVM software analyzes public records and private property databases to find all of the comparable properties with recent sales in a defined radius.
As the quality of input data increases, Vance observes, the reliability of AVMs and AAVMs will increase, as will their use by the industry and appraisers.