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“EMF and EAA Map Features and Application of Automated Valuation Models”


09 May 2016


Euro & Finance

Brussels, 9 May 2016 – For immediate release

The European Mortgage Federation (EMF) is pleased to announce the publication of a joint paper together with the European AVM Alliance (EAA) examining the features and key applications of Automated Valuation Models (AVMs) and of the state of the Industry across Europe.

AVMs are statistical valuation solutions providing an estimate of value of any specified property at a specified date, using sophisticated modelling techniques in an automated manner and typically including a comparables-based approach similar to surveyor valuations.

As AVMs have been established in more and more jurisdictions in recent years and have been the subject of increasing attention, the European Mortgage Federation (EMF) and the European AVM Alliance (EAA) have for the first time joined forces to map the use and functions of these and other statistical valuation techniques in the different Member States.

The findings of this joint EMF and EAA paper indicate that AVMs are:

      i.        primarily used across many jurisdictions for the purpose of portfolio valuations alongside other valuation techniques; and that

     ii.        AVMs are also used to determine property values for a variety of other purposes depending on the jurisdiction, such as mortgage origination, re-mortgaging and quality control.  

In addition, the paper discusses the shift in the use of AVMs since 2008 as well as the existing rules, guidance and standards on AVM use in the different countries.

In commenting on the joint paper, Luca Bertalot, EMF-ECBC Secretary General, stated:

“In light of the increasing establishment of AVMs in Europe in recent years, it is vital, as an industry, to have a thorough understanding of their application across jurisdictions. The accurate and reliable valuation of property is one of the fundamental cornerstones of the mortgage lending and covered bond businesses.”

The joint EMF and EAA paper on Automated Valuation Models & Portfolio Valuations is available here.



Luca Bertalot

Secretary General

Tel: +32 2 285 40 35


Notes to the Editor:

1.     Established in 1967, the European Mortgage Federation (EMF) is the voice of the European mortgage industry, representing the interests of mortgage lenders and covered bond issuers at European level. The EMF provides data and information on European mortgage markets, which were worth over 6.9 trillion EUR at the end of 2014. As of May 2016, the EMF has 19 members across 14 EU Member States as well as a number of observer members.

2.     In 2004 the EMF founded the European Covered Bond Council (ECBC), a platform bringing together covered bond issuers, analysts, investment bankers, rating agencies and a wide range of interested stakeholders. As of May 2016, the ECBC has over 100 members across 26 active covered bond jurisdictions and many different market segments. ECBC members represent over 95% of covered bonds outstanding, which were worth over 2.5 trillion EUR in total at the end of 2014.

3.     In June 2014, the EMF and the ECBC came together to form the Covered Bond & Mortgage Council (CBMC), which replaced the European Mortgage Federation as the legal name under which both entities operate, although in practice, both the EMF and ECBC brands are maintained and used to identify the two areas of focus within the CBMC’s scope.

4.     The Covered Bond Label Foundation (CBLF) was established in 2012 by the EMF-ECBC. The Covered Bond Label website became fully operational on the 1st of January 2013, with the first Labels being effective since then. As of May 2016, the website features 14 National Transparency Templates, 77 issuer profiles and information on 91 labelled cover pools. The Covered Bond Label website currently provides issuance data on over 4,200 covered bonds, amounting to a total face value of over 1.4 trillion EUR, out of which over 2,000 covered bonds already include information on the Liquidity Coverage Requirement (LCR).

5.     For the latest updates from the EMF-ECBC, follow us on Twitter, LinkedIn and YouTube or visit the EMF-ECBC blog.


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