Patent ID: 7788186

Claim:
Machine-readable media having program code stored therein, the program code being executable by a processor to perform a method for estimating property values, comprising: obtaining a first estimate of a property value from a first property valuation database, the first estimate exhibiting time lag bias due to a time lag between collection of property value data used by the first property valuation database and generation of the first estimate by the first property valuation database; obtaining loan application data from an underwriting engine, the loan application data being for loans that have not closed at the time the loan application data was received by the automated underwriting engine, the loan application data including sale prices; deriving a time lag adjustment factor based on the sale prices; and adjusting the first estimate to reduce the time lag bias using the time lag adjustment factor, by a valuation adjustment scheme logic implemented by the instructions stored in the machine-readable media, thereby providing a second estimate having reduced time lag bias.