Veros Real Estate Solutions, 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, the company announced in a release.
“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?’” Veros Dales Vice President Robert Walker said in the release. “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.”
The release also said that 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. That 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.
“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.
Walker said. “With VeroPRECISION, we only use the top performing AVMs (Veros and Collateral Analytics) based on independent testing.”
Veros Strategic Initiatives Senior Vice President Chuck Rumfola states that providing customers with a mechanism to simplify and improve valuation decisions is a real sense of pride.
“Essentially, VeroPRECISION is an intelligent AVM decision assessment,” Rumfola said. “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.”