Hong H Gao

US Patent:

7788186, Aug 31, 2010

Filed:

Mar 9, 2005

Appl. No.:

11/077547

Inventors:

Mark Y. An - North Potomac MD, US
Linghua Peng - Reston VA, US
Hong Gao - Columbia MD, US
Eric L. Rosenblatt - Derwood MD, US

Assignee:

Fannie Mae - Washington DC

International Classification:

G06Q 10/00
G06Q 99/00

US Classification:

705306, 705316

Abstract:

A method and system are provided removing systematic bias from property value predictions obtained using automated property valuation models. The systematic bias is removed by deriving monthly adjustment factors that are location-specific. The monthly adjustment factors are obtained by comparing newly obtained purchase transaction data to model-generated valuations of properties in a base valuation database. The newly obtained purchase transactions may be obtained from newly obtained data on recently completed purchase transactions and loan application data on future purchase transactions. The monthly adjustment factors are applied to the property valuations in the base valuation database to obtain adjusted property values having reduced bias and thus improved accuracy.

US Patent:

8407149, Mar 26, 2013

Filed:

Aug 30, 2010

Appl. No.:

12/871773

Inventors:

Mark Y. An - North Potomac MD, US
Linghua Peng - Reston VA, US
Hong Gao - Columbia MD, US
Eric L. Rosenblatt - Derwood MD, US

International Classification:

G06Q 50/00

US Classification:

705313, 705316

Abstract:

A method and machine-readable media are provided for estimating property values. An exemplary method includes obtaining a first estimate of a property from a first property valuation database, the first estimate exhibiting price tier effect bias. The method further includes deriving a price tier effect adjustment factor based on a price tier associated with the property and purchase transaction data. The method further includes adjusting the first estimate to reduce the price tier effect bias using price tier effect adjustment factor, thereby providing a second estimate having reduced price tier effect bias.