VeroPRECISION: Valuation Decision Engine
VeroPRECISION™ is the next-gen cure to the common cascade. Veros introduces the first property level AVM decision logic technology designed to deliver true valuation accuracy. Through suitability decisioning and data-driven automation, VeroPRECISION utilizes sophisticated data analysis to deliver the most accurate automated valuation from the industry’s top-performing AVM providers —Veros® and Collateral Analytics®.
Unlike any other prior AVM applications or products in the market, only VeroPRECISION can intelligently distinguish if an AVM is a suitable valuation tool for the subject property. AVMs may or may not be the right valuation tool for the subject property. So, let’s make that determination immediately—and up front by applying these three principles:
- Not all properties are suitable candidates for AVM use.
- By eliminating non-suitable properties AVM accuracy increases significantly.
- By eliminating valuation outliers from the AVM pool client satisfaction increases.
Once VeroPRECISION identifies an AVM is suitable for a property, it then identifies which AVM most accurately values that same property. By using the market’s most accurate AVMs simultaneously, the technology can deliver the most accurate valuation figure using advanced machine learning and artificial intelligence.
Veros’ AVM Suitability Score Engine
VeroPRECISION utilizes a Veros AVM Suitability Score, based on a proprietary analytics-driven formula, on a subject property. Unlike an AVM Confidence Score which measures the degree of variability associated with the point value estimate of the AVM, the Veros AVM Suitability Score uses case-based reasoning to assess the subject property’s fitness for the AVM utilization. Essentially, VeroPRECISION is an intelligent AVM decisioning assessment at the property level.
With the Veros AVM Suitability Score, the paradigm has changed since Veros will now recommend — whether or not — the subject property is a good candidate for AVM utilization. Based on Veros’ testing, about 70% of all properties will be a “good” candidate for an AVM. However, about 30% of all properties are best assessed by trained valuation professionals. For these properties, VeroPRECISION provides customers access to a full range of valuation options, ranging from drive-by appraisals to desktop valuations.
How Does The Veros AVM Suitability Score Engine Work?
The Veros AVM Suitability Score looks at the subject property, including the immediate environment, and makes some basic assessments:
- How much does the AVM know about the subject property’s physical characteristics from both public records and MLS data?
- Is the subject property similar to other recently sold properties in the immediate area?
- Are there recent sales and listings for similar properties near the subject?
If the property is a good candidate for an AVM, the VeroPRECISION will perform both a VeroVALUE and Collateral Analytics AVM, and use AVM decision logic to compare the results and determine the best AVM for the property.
With VeroPRECISION, you can count on the valuation determination, by the top two performing AVM providers, Veros and Collateral Analytics. Once the system determines if the property is suitable for an AVM, then it scores the two AVMs at a property level (versus state or county level), and returns the most accurate and strongest AVM.
In addition, Property Condition Report (PCR) products are available as an automatic add-on for clients who want the extra peace of mind of having supporting photos to accompany the property’s valuation. For your convenience, clients can customize their order preferences to ensure that their processes are consistent across their portfolios. Assessing the property condition is critically important as lenders must know the current condition of the subject property with the ever present “natural disasters.”
VeroPRECISION is the first highly sought-after AVM decisioning engine that delivers the best AVM results from proven industry leaders – every time.
Take the Veros Challenge
Clearly, VeroPRECISION is a new concept in AVM utilization. VeroPRECISION uses the latest technologies combined with sound logic based on regulatory guidance to achieve accurate results that do not require a plethora of analysts to support. If this approach sounds interesting to you, we invite you to take “The Veros Challenge” by putting your existing cascade/model preference table to the test.
Contact your Veros sales representative for more information about “The Veros Challenge”.