CRIF, a global company specializing in credit information and business information systems, business process outsourcing services and credit solutions, has become part of the European AVM Alliance (EAA), the organization that aims to promote and standardize the use of Automated Valuation Models (AVMs) across the whole of Europe.
EAA, which counts among its 10 members the leading European AVM providers, has set as its main objectives the promotion of AVMs and their benefits on the property valuation market and the adoption of common standards between different countries, offering itself as an intermediary for Supervisory Authorities, Rating Agencies, investors and financial institutions whose interest in AVMs extends across various European countries.
Back in 2014, CRIF developed and provided the first AVMs on the Italian market for the assessment of any type of residential property. Thanks to the use of highly sophisticated mathematical models and automated technologies, AVM assessment today represents the most innovative and accurate technique for providing an automatic estimate of the market value of residential property. AVMs enable the market value of the residential property portfolio to be monitored and updated in a timely manner for the purposes of risk mitigation and regulatory compliance.
As a member of the EAA, CRIF is offering its own contribution on a European level, sharing its expertise and results of studies and research that it has carried out on the Italian property market.
“AVMs are statistical-mathematical models recognized by the leading rating agencies on a European level, and offer significant opportunities in the property revaluation sector”, stated Stefano Magnolfi, Real Estate Executive Director at CRIF. “CRIF has always set itself the goal of quickly responding to new market requirements and we believe that in many cases of the revaluation of property used as collateral that AVMs can be the most effective response for our clients”.
