Category: Automated Valuation Models

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AVM Appraisals Facing Controversy

Chase’s motion to dismiss a lawsuit over HELOCs (Home Equity Line of Credit) was denied in a US District Court. JP Morgan Chase was trying to have a lawsuit thrown out of court because of their use of AVM (Automated Valuation Models) to value properties in their portfolio in determining which HELOCs to cut. The judge refused to throw out the lawsuit. This could have a greater impact on the use of AVMs in the future. “The use of AVM has for once been questioned and acknowledged… So the ruling by the US District Court in the case of Chase...

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