Broker price opinion evaluation and scoring system and method
View Patent ↗A system and related methods for the management and evaluation of broker price opinions comprising, a method of determining a standardized score representative of the accuracy and quality of a broker price opinion. Data from the broker price opinion is extracted and evaluated according to a plurality of rules applicable to the type of broker price opinion. Each rule is given a particular weight, and an appraisal score may be calculating by summing each instance of a rule triggered multiplied by the weight assigned to that rule. Weights may be set by experts, or determined by statistical analysis.
1. A computer-implemented method for evaluating a broker price opinion, comprising the steps of:
extracting data from the broker price opinion;
in a computer processor or microprocessor, evaluating the extracted data against a plurality of rules applicable to the type of broker price opinion, wherein each rule is assigned a particular weight; and
automatically calculating in a computer processor or microprocessor a broker price opinion score based on the evaluation, wherein the broker price opinion score is calculated by summing the total of each rule that is triggered multiplied by the weight assigned to that rule, according to the following formula:
Score
=
K
1
+
ⅇ
∑
j
=
1
N
w
jj
r
j
/
Γ
where N rules are evaluated, K is a constant, F is a constant, w is the weight of a rule, and r is a variable that defaults to 0 but takes on the value 1 if the rule triggers or fires.
2. The method of claim 1 , wherein the rules address whether the broker price opinion complies with an applicable standard.
3. The method of claim 1 , wherein the rules address the presence of certain risk factors in the appraisal.
4. The method of claim 1 , wherein one or more weights are set by one or more experts in the field of broker price opinions.
5. The method of claim 1 , wherein one or more weights may be adjusted over time.
6. The method of claim 1 , wherein one or more weights are set or adjusted based on statistical analysis of a plurality of broker price opinions being subjected to the method.
7. A computer-implemented method for evaluating a broker, comprising the steps of:
extracting data from an broker price opinion performed by the broker;
in a computer processor or microprocessor, evaluating the extracted data against a plurality of rules applicable to the type of broker price opinion, wherein each rule is assigned a particular weight; and
automatically calculating in a computer processor or microprocessor a broker price opinion score based on the evaluation, wherein the broker price opinion score is calculated by summing the total of each rule that is triggered multiplied by the weight assigned to that rule, according to the following formula:
Score
=
K
1
+
ⅇ
∑
j
=
1
N
w
jj
r
j
/
Γ
where N rules are evaluated, K is a constant, F is a constant, w is the weight of a rule, and r is a variable that defaults to 0 but takes on the value 1 if the rule triggers or fires.
8. The method of claim 7 , wherein the rules address whether the broker price opinion complies with an applicable standard.
9. A machine for evaluating a broker price opinion, comprising:
a processor or microprocessor coupled to a memory, wherein the processor or microprocessor is programmed to evaluate a broker price opinion by:
extracting data from the broker price opinion;
evaluating the extracted data against a plurality of rules applicable to the type of broker price opinion, wherein each rule is assigned a particular weight; and
calculating an appraisal score based on the evaluation, wherein the broker price opinion score is calculated by summing the total of each rule that is triggered multiplied by the weight assigned to that rule, according to the following formula:
Score
=
K
1
+
ⅇ
∑
j
=
1
N
w
jj
r
j
/
Γ
where N rules are evaluated, K is a constant, F is a constant, w is the weight of a rule, and r is a variable that defaults to 0 but takes on the value 1 if the rule triggers or fires.
10. The machine of claim 9 , wherein the rules address whether the broker price opinion complies with an applicable standard.
11. The machine of claim 9 , wherein the rules address the presence of certain risk factors in the broker price opinion.
12. The machine of claim 9 , wherein one or more weights may be adjusted over time.
13. The machine of claim 9 , wherein one or more weights are set or adjusted based on statistical analysis of a plurality of broker price opinions being subjected to the method.