MBA Statement on Automated Valuation Models and Property Data Collection

The Mortgage Bankers Association appreciates the opportunity to participate in today’s working session to educate this group on the use of algorithm technology in the mortgage process and specifically the use of automated valuation models (AVMs) and property data collectors. The mortgage industry has carefully and deliberately introduced AI, algorithms, and other technologies for a number of reasons, including increasing efficiency, lowering the risk of human error and improving consumer experience.