The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Aug. 31, 2010
Filed:
Mar. 09, 2005
Mark Y. an, North Potomac, MD (US);
Linghua Peng, Reston, VA (US);
Hong Gao, Columbia, MD (US);
Eric L. Rosenblatt, Derwood, MD (US);
Mark Y. An, North Potomac, MD (US);
Linghua Peng, Reston, VA (US);
Hong Gao, Columbia, MD (US);
Eric L. Rosenblatt, Derwood, MD (US);
Fannie Mae, Washington, DC (US);
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.