What is ‘Suitability Logic’ And Why Is it Next Big Thing? Paper Offers Answers

AUSTIN, Texas–FirstClose has published a new white paper: “Suitability Logic: The Next Big Innovation.”

FirstClose Suitability Logic

Suitability logic is a method that uses real-time property data, geo location, and market conditions to determine the most suitable valuation and title products for each loan scenario, the company explained. It added that where standard valuation automation focuses on loan details in valuation selection, suitability logic is centered on property data.

“The suitability logic is applied at order time, which cuts the ‘stare-and-compare’ process completely out of the equation,” the white paper states. “This type of logic means that no one must sacrifice customer experience, quality or accuracy in the name of productivity. Automated decisioning that can think’ like the lender transforms property data into property data intelligence, creating a win-win situation for borrowers and lenders.”

The process is especially important in saving time and money when the “guess on which valuation to order proves wrong,” noted FirstClose.

Access to Data

“Suitability logic is the result of an increased access to data,” Corey Smith, CPO at FirstClose, says in the white paper. “Suitability logic is a process in which a program can be taught to make decisions about the best classification of valuation or title search products for any given property. For example, a program using suitability logic analyzes available data about a property and decides which method of property valuation would be suitable under the given circumstances. This logic looks at all the necessary data points to determine if an AVM would be best, or the data may recommend a desktop valuation instead. If the property is considered more complex, it may recommend a drive-by or full appraisal.”

The white paper outlines a number of other benefits, as well.

For the full copy of the free white paper, go here.

Section: Standard
Word Count: 389
Copyright Holder: CUToday.info
Copyright Year: 2019
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URL: http://www.cutoday.info/Fresh-Today/What-is-Suitability-Logic-And-Why-Is-it-Next-Big-Thing-Paper-Offers-Answers