SAN DIEGO - Market Intelligence Inc. has agreed to distribute reports from HNC Software Inc.'s Automated Real Estate Analysis System.
Market Intelligence, based in Hopkinton, Mass., offers financial institutions alternatives to appraisals for collateral evaluations.
"Our research demonstrates that many full appraisals are unnecessary," said Robert Sennott, president of Market Intelligence. "For those situations, a valuation such as (the Automated Real Estate Analysis System) makes more sense because it's easier and more cost-effective."
The software, like many HNC products, is based on neural network technology, which handles calculation-intensive tasks more efficiently than ordinary systems.
Michael Jackman, HNC vice president, said the distribution agreement supports HNC's goal of supplying the software to both large and small lenders.