Veros Real Estate Solutions, a developer of enterprise risk management, collateral valuation and predictive analytics services, and SWBC Lending Solutions, which provides compliant lending products for originators, loan servicers, and portfolio managers, have partnered to provide complete, end-to-end collateral valuation and analytics services, the companies announced in a release.
Texas-based SWBC Lending Solutions, a subsidiary of SWBC, will now offer Veros’ AVM solutions, including the company’s proprietary VeroVALUESM suite and the breakthrough VeroPRECISION valuation decision engine, for mortgage industry participants seeking to maintain valuation accuracy, while cutting costs and increasing operational efficiencies, the release said.
“SWBC Lending Solutions has a stellar reputation for providing comprehensive services and solutions that touch every stage of the mortgage lifecycle and, with the addition of Veros as a preferred supplier, they will now have the ability to offer even greater benefits to their customers,” Veros President and CEO Darius Bozorgi said in the release. “We look forward to working with the SWBC team and to leveraging our innovative products, compliance expertise and outstanding customer service to support their business objectives, as well as those of their valued customers.”
Veros has built a reputation for competitive pricing, quality of service, and a suite of multifaceted AVM products that deliver best-in-class accuracy and hit rates. In 2017, the company introduced VeroPRECISION, a valuation-decisioning engine geared to save time and money by determining upfront whether or not an AVM is a viable valuation solution. The service quickly proved especially valuable for home equity lenders.
By adding VeroPRECISION to its product line, SWBC now offers next-generation AVM decision logic technology. In cases where VeroPRECISION instantly deems a property appropriate for AVM valuation, those customers will immediately receive one of the industry’s top performing AVMs. Based upon machine learning in a production environment, the VeroPRECISION decision engine determines the most accurate valuation at the subject property level.
“We are thrilled to have partnered with Veros Real Estate Services,” SWBC CEO Ted Robinson said. “They are the leader in AVM modeling and technology, and our customers will benefit greatly from these innovative products.”
In addition to providing innovative products and services, Veros also employs a unique approach to its partnership relationships.
“While some valuation service providers actually compete directly with their partners, Veros is committed to supporting our partners completely and providing those with the resources they need to succeed,” said Robert Walker, CMB, and CMT vice president of sales at Veros. “Our sales and support personnel serve as an extension to our partners’ teams, providing them with the resources they need for optimal efficiency and profitability.”
“SWBC Lending Solutions is excited to expand our customized offerings to our clients for their lending segment needs,” SWBC Lending Solutions President Guy Taylor said. “Our integration with Veros provides SWBC Lending Solutions’ clients access to Veros’ proprietary VeroVALUE suite and the VeroPRECISION valuation decision engine, without the client needing to build a separate integration. The ability to offer these additional products through our existing integrations with our clients will maintain their operational efficiencies and allow the client additional solutions.”
Walker added that Veros has long been a leader in the AVM space and with the recent introduction of VeroPRECISION; his company can now offer a solution that identifies upfront if an AVM is viable.
“Independent testing shows that while 70 to 80 percent of property valuations are accurately valued by the industry’s high-quality AVMs, the balance requires hands-on analysis through an alternative, such as a desktop, drive-by or traditional appraisal," he said.
Veros’ comprehensive suite of valuation solutions is available through VeroSELECTSM, its vendor-agnostic, single-enterprise management platform. VeroSELECT provides access to more than 25 innovative collateral risk solutions from 15-plus vendors; helping lenders best assess collateral values at origination and across existing portfolios. In addition to VeroPRECISION and all VeroVALUE products, the platform also includes appraisal and evaluation services, AVM Cascade Management, Broker Price Opinions, Property Condition Reports, and Veros’ proprietary, best-in-class valuation forecasting tool, VeroFORECAST.