Data processing: artificial intelligence – Fuzzy logic hardware – Having function generator
Reexamination Certificate
1999-06-21
2004-06-08
Patel, Ramesh (Department: 2121)
Data processing: artificial intelligence
Fuzzy logic hardware
Having function generator
C706S052000, C706S059000
Reexamination Certificate
active
06748369
ABSTRACT:
BACKGROUND OF THE INVENTION
The present invention relates generally to property valuation and more particularly to automated property valuation.
Property valuation is a process of determining a dollar estimate of a property's value for given market conditions. The value of a property changes with market conditions. Consequently, a property's value is often updated to reflect changes in market conditions, including for example, recent real estate transactions.
Property valuations have many applications. For example, many financial institutions grant new mortgages to homebuyers, and purchase mortgage packages, which can contain hundreds of mortgages, on the secondary market as investments. Property valuations are usually necessary to grant most new mortgages, as well as to evaluate mortgage packages that may be available for purchased. By way of further example, property valuations are also used to guide buyers and sellers with making purchasing decisions, and are needed for a variety of insurance purposes.
The current process for valuing properties usually requires an on-site visit by a human appraiser, can take several days, and cost hundreds of dollars per subject property. The process usually used by appraisers is a sales comparison approach, which consists of finding comparables (i.e., recent sales that are comparable to the subject property, using for example sales records), contrasting the subject property with the comparables, adjusting the comparables' sales price to reflect the differences from the subject property, using for example, heuristics and personal experience, and reconciling the comparables' adjusted sales prices to derive an estimate for the subject property, using any reasonable averaging method.
The human appraisal process is slow and expensive for multiple appraisals, which are often required by banks to, for example, update their loan and insurance portfolios, verify risk profiles of servicing rights, or evaluate default risks for securitized mortgage packages. Consequently, the appraisal process for multiple valuations is currently estimated, to a lesser degree of accuracy, by sampling techniques.
SUMMARY OF THE INVENTION
Thus, there is a particular need to automate the valuation process. The present invention is a method and system for automating the valuation process that produces an estimated value of a subject property that is based on a generative artificial intelligence method that trains a fuzzy-neural network using a subset of cases from a case-base, and produces a run-time system to provide an estimate of the subject property's value.
In one embodiment, the system is a network-based implementation of fuzzy inference based on a system that implements a fuzzy system as a 5-layer neural network so that the structure of the network can be interpreted in terms of high-level rules. The neural network is trained automatically from data. IF/THEN rules are used to map inputs to outputs by a fuzzy logic inference system. Different models for the same problem can be obtained by changing the inputs to the neuro-fuzzy network, or by varying the network's architecture.
REFERENCES:
patent: 5515477 (1996-05-01), Sutherland
patent: 5630018 (1997-05-01), Hayashi et al.
patent: 6078911 (2000-06-01), Bonissone et al.
patent: 6115694 (2000-09-01), Cheetham et al.
patent: 6141648 (2000-10-01), Bonissone et al.
patent: 6178406 (2001-01-01), Cheetham et al.
Jeannette Lawrence, Introduction to Neural Networks, 6thedition, Jul. 1994, Calfornia Scientific Software Press, p. 210.*
E. Kacapyr, “Introduction to Economic Forecasting”, Consensus Forecasts, 1996, pp. 3-16.
Robert T. Clemen, “Combining Forecasts: A Review and Annotated Bibliography”, International Journal of Forecasting, 1989, pp. 559-583.
Clive W. J. Granger, et al, “Improved Methods of Combining Forecasts”, Journal of Forecasting, 1984, pp. 197-204.
Stephen K. McNees, “Consensus Forecasts: Tyranny of the Majority”, New England Economic Review, 1987, pp. 14-21.
Piero P. Bonissone, et al, “Similarity Measures for Case-Based Reasoning Systems”, Proc. Of The Fourth Intl Conf. On Information Processing and Management of Uncertainty (IPMU-92) in Knowledge-Based Systems, 1992, pp. 483-487.
Piero P. Bonissone, et al, “Financial Applications of Fuzzy Case-Based Reasoning to Residential Property Valuation”, FUZZ-IEEE, 1997, pp. 37-44.
Avelino J. Gonzalez, et al, “A Case-Based Reasoning Approach to Real Estate Property Appraisal”, Expert Systems With Applications, 1992, pp. 229-246.
Jyh-Shing Roger Jang, “ANFIS: Adaptive-Network-Based-Fuzzy Inference System”, IEEE Transactions on Systems, Man and Cybernetics, 1993, pp. 665-685.
Tomohiro Takagi, et al, “Fuzzy Identification of systems and Its Applications to Modeling and Control”, IEEE Transactions on Systems, Man and Cybernetics, 1985, pp. 116-132.
LA Zadeh, “Fuzzy Sets”, Information and Control, 1964, pp. 28-44.
Bonissone Piero Patrone
Khedkar Pratap Shankar
General Electric Company
Goldman David C.
Hirl Joseph P.
Patel Ramesh
Patnode Patrick K.
LandOfFree
Method and system for automated property valuation does not yet have a rating. At this time, there are no reviews or comments for this patent.
If you have personal experience with Method and system for automated property valuation, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Method and system for automated property valuation will most certainly appreciate the feedback.
Profile ID: LFUS-PAI-O-3339886