Veros Announces Launch of Key Enhancements to VeroSCORE
Sep 25, 2012
Updated appraisal scoring product adds new analytics, UCDP pre-checks and enhanced rule sets for improved property valuation results
Santa Ana, CA – September 25, 2012 – Veros, an award-winning industry leader in collateral valuation technology, enterprise risk management and predictive analytics, has announced a significant enhancement upgrade of its industry leading VeroSCORE product, which enables lenders to score the quality of appraisal reports in real time. VeroSCORE uses sophisticated automated analysis that allows users to instantly determine whether an appraisal may be accepted or rejected outright, requires manual review, or needs further due diligence.
The new VeroSCORE features an enhanced user interface, easily accessed via the web. It also emphasizes validation of the Uniform Appraisal Dataset (UAD) along with an included pre-check of each appraisal against known requirements prior to submission to Freddie Mac and Fannie Mae via the Uniform Collateral Delivery Portal (UCDP), an industry standard technology built by Veros.
VeroSCORE’s impressive analytics have been made even more robust with additional rules to test the credibility of appraisals, as well as by leveraging the VeroVALUE automated valuation model (AVM) tool. VeroSCORE provides individual numeric scores on the “three Cs” of appraisal quality: completeness, compliance and credibility. Those scores are presented with an overall VeroSCORE ranging from 0-1000, along with suggested routing to achieve greater efficiency in the appraisal review process and overall due diligence.
“VeroSCORE is of tremendous help for lenders desiring to test and improve quality on their incoming appraisals,” says Bill King, Veros’ director of valuation services. “It also allows AMCs to provide third-party validation on appraisals prior to going to their clients, and is an essential due diligence tool for mortgage investors when buying loan pools. The new VeroSCORE incorporates a number of analytic and reporting enhancements that reduce costs, improve efficiency and enable easier compliance.” He also notes that VeroSCORE allows lenders to respond more effectively to volume fluctuations by requiring less time for appraisal analysis, as well as indentifying UCDP issues that may conflict with the system’s known hard stops before the report is submitted. “It is an ideal solution in the current environment of Interagency Guidelines and other regulatory influences that demand transparency, greater risk management and highly useful tools for in-depth understanding of collateral value,” King adds.
About Veros Real Estate Solutions
Veros Real Estate Solutions, a proven leader in enterprise risk management and collateral valuation services, uniquely combines the power of predictive technology, data analytics and industry expertise to deliver advanced automated decisioning solutions. Veros products and services are optimizing millions of profitable decisions throughout the mortgage industry, from loan origination through servicing and securitization. Veros provides solutions to control risk and increase profits including automated valuations, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is headquartered in Santa Ana, Calif. For more information, please visit www.veros.com or call (866) 458-3767.