Valligent, a Veros Software company providing real estate valuation solutions, enhanced its traditional appraisal quality control process with BiasCHECK. This technology-based risk analysis solution is integrated into Valligent’s appraisal review to quickly detect if an appraisal may be at risk for potential valuation bias or quality issues that need deeper analysis, Valligent announced in a press release.
BiasCHECK utilizes automated valuation models (AVM), risk scoring, and content-enabled word scans provided by Veros Real Estate Solutions. It helps Valligent’s quality control team prioritize and expedite any additional due diligence without a negative impact on average traditional appraisal turn times or costs to customer, the release stated.
The first component of BiasCHECK is VeroVALUE, an AVM used to detect if there is any potential for over- or undervaluation of the subject property. VeroVALUE has undergone testing by Veros economists, demonstrating its absence of racial bias and its accuracy across minority communities.
The second component, Valligent goes on to say, is VeroSCORE, which detects deficiencies or red flags that could potentially compromise overall appraisal quality. Lastly, a bias word scan examines the appraisal report field-by-field for acceptable terminology.
It detects any racial, political, religious, and other potentially prohibitive words. If the word scan indicates the presence of potentially biased words, prioritization is given for further due diligence.
“BiasCHECK is a unique appraisal review tool powered by reliable technology. Utilizing it as part of our quality control process helps ensure Valligent’s traditional appraisals contain data customers can trust and confidently use to make collateral decisions,” Valligent President Charles Rumfola said in the release. “We all have a responsibility to make the mortgage lending process as fair and accurate as possible, and with BiasCHECK, Valligent is taking a proactive step to protect lenders and borrowers against potential bias.”