Uniform Residential Appraisal Report
The Uniform Residential Appraisal Report is a standard written estimate on the value of the mortgaged property required to report the appraisal of a property for all appraisals of properties that are to be security for mortgages.
The Uniform Residential Appraisal Report Skill is a Framework Document Skill, which can extract key data points from appraisal reports (Fannie Mae Form 1004, Freddie Mac Form 70). The skill has been trained on a smaller set of documents. Customers can use this Framework Skill as a starting point for further training the skill-based on incoming appraisal reports, or adjust the extracted fields and business rules to their own requirements.
- Framework Document Skills provide a quick-start basis for conducting proof of concept and automating document-centric processes, without wasting time to train a new skill from the ground up. In most Framework Skills the main data fields have been labeled and the skill has been trained on a small document set to provide a starting point for further training on customer side. Framework Skills generally come at no additional cost, but consume page volume from the base Vantage Core Skills volume.
- The model automatically detects approximately 100 data fields from appraisal report forms and extracts relevant data (property address, borrower, lender, neighborhood, contract price, date of contract etc.). For a full list of extracted fields, please see the skill documentation.
- Business rules can be added as required.
- Can be augmented by human-in-the-loop review and verification based on accuracy thresholds, missing or incorrect information.
- Requires further training in order to ensure sufficient accuracy levels on customer-specific documents. Training can be done up-front or during runtime as documents arrive and go through manual verification.
- Key fields: File #, Borrower, Tax Year, Contract Price, Date of Contract