Revamped report design displays more validations, licensing and public record data, clarification on appraiser FHA status and much more.
Santa Ana, Calif. – Veros® Real Estate Solutions (Veros), an award-winning industry leader in enterprise risk management, collateral valuation services and predictive analytics, has released an enhanced, data-rich version of its VeroSCORE™ appraisal risk management solution.
VeroSCORE, which already provides intelligent, automated and virtually instantaneous analysis of appraisal reports and associated risk factors, now has a new revamped design that displays additional validations such as public record data and appraiser licensing and eligibility checks.
“This represents a new standard for the appraisal industry that really addresses collateral risk,” said Veros’ VP of Valuations Benjamin Smith. “These latest enhancements have added more intelligence and greater effectiveness to an already invaluable analytical tool and will help lenders and appraisal management companies comply with the GSEs’ ‘zero defects’ inspection mandate.”
Other features have been added to further identify risk, including street views of subject properties, dynamic mapping, comparable sales, and AVM values for neighboring properties. All can be viewed online with zoom-in capability, mapping and pinpointing.
“As an automated appraisal scoring tool VeroSCORE facilitates more informed decisions based on a solid determination of collateral value,” said Luke Ziegenmeyer, Veros’ Director of Product Management. “The enhanced report is now easier to use, providing more data than before at a fraction of the cost of most competing offerings.”
Veros originally built VeroSCORE from the ground-up using proprietary risk assessment algorithms and a multi-faceted rules engine that would provide appraisal-scoring technology that helped mortgage lenders, servicers, investors and appraisal management companies (AMCs) make faster, better-informed decisions regarding collateral value.
When the government-sponsored enterprises (GSEs) began requiring a quality-assurance strategy for prefunding appraisals, lenders and vendors needed to thoroughly inspect appraisal reports for zero-defects, and VeroSCORE was in place to provide the perfect solution.
A Practical, Cost-efficient Solution
Veros’ automated XML data verification system runs thousands of proprietary rules and scores each appraisal report for errors and omissions. UAD and EAD compliant reports are automatically reviewed against an extensive database of compliance requirements.
The newly enhanced VeroSCORE includes a robust appraisal grading system, validating all data points, analyzing risk and clearly highlighting all inaccuracies, missing data, failures and concerns for the underwriter or reviewer. An interactive, on-screen view of the appraisal risk analysis report is presented in real-time, complete with overall report scoring and sub-section scores.
The easy-to-read “scorecard report” covers each section of the appraisal and logs each issue associated with the report, providing easy to understand alerts and messages to possible issues categorized by severity for a more streamlined and focused review.
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.
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