Veros Announces VeroPRECISION – the First Property-Specific Valuation Decision Engine to Cure the Industry’s Common Cascade
Oct 20, 2017
VeroPRECISION revolutionizes AVM suitability, assessments and results for the mortgage market.
Santa Ana, Calif. – Oct. 20, 2017 – Veros Real Estate Solutions (Veros®), one of the fastest growing technology leaders in enterprise risk management, collateral valuation and predictive analytics services, announced today VeroPRECISION, the first property-specific AVM decision logic to provide the industry a way to determine a property’s suitability for an AVM, then when appropriate, the most accurate AVM from top-performing AVM providers, Veros and Collateral Analytics®.
“VeroPRECISION is a game changer for the mortgage industry both from a compliance and performance standpoint. We are the first in the industry to answer the most common question, ‘Is an AVM an appropriate valuation tool for the subject property?’” said Robert Walker, Vice President of Sales at Veros. “And once the suitability question has been answered, we then provide lenders with the best AVM product for that specific property submitted providing unprecedented accuracy.”
Walker continues, “VeroPRECISION solves for the common cascade. With traditional cascades, AVMs are generally applied at broad geographic levels and do not consider the initial applicability of AVMs for a specific property. With VeroPRECISION, we only use the top performing AVMs (Veros and Collateral Analytics) based on independent testing.”
Unlike other AVM applications in the market, VeroPRECISION can intelligently distinguish if an AVM is the suitable valuation tool. VeroPRECISION will apply a Veros AVM Suitability Score, based on a proprietary analytics-driven formula, on a subject property. The Veros AVM Suitability Score uses case-based reasoning to assess the subject property’s fitness for AVM utilization. If the property is a good candidate for an AVM, the system determines the most accurate and appropriate AVM for that specific property. In addition, complete, transparent and easy-to-understand due diligence data is provided to the customer up front and on an ongoing basis. When the subject property is not a good AVM candidate, several valuation options are afforded to the user as part of the complete and fully automated valuation solution.
“We are proud to offer our customers this next-generation solution based on our latest artificial intelligence/deep machine learning engines to help simplify and improve valuation decisions,” said Charles Rumfola, Senior Vice President Strategic Initiatives at Veros. “Essentially, VeroPRECISION is an intelligent AVM decision assessment. Users can now have confidence the property is appropriate for AVM utilization, and that the resulting value conclusion is highly accurate for the specific property in question.”
The VeroPRECISION logic has been tested, fine-tuned and is now available in production. For more information on VeroPRECISION, visit www.veros.com/what-we-offer/tools/veroprecision. To learn more about Veros, visit www.veros.com. To learn more about Collateral Analytics, visit www.collateralanalytics.com.
About Veros Real Estate Solutions
Mortgage technology innovators since 2001, Veros is a proven leader in enterprise risk management and collateral valuation services. The firm combines the power of predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. Veros’ services include automated valuation, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. For more information, visit www.veros.com or call 866-458-3767.
About Collateral Analytics
Collateral Analytics (CA) develops analytic products and tools to support financial institutions, retail and institutional investors and real property capital market activities. Founded by Dr. Michael Sklarz, CA empowers its partners, investors and clients through cutting-edge technological innovation that provides greater and faster access to reliable information that professionals need to make critical decisions. CA is committed to building and delivering the most advanced and innovative AVM models, premier collateral and mortgage risk tools and related products that incorporate CA's proprietary and sophisticated analytics to a wide range of real estate related databases. For more information, visit www.collateralanalytics.com.
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