Veros Real Estate Solutions, 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, the company announced in a release.
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, the release said.
“This represents a new standard for the appraisal industry that really addresses collateral risk,” Veros’ Valuations Vice President Benjamin Smith said in the release. “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.
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.
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, according to the release, 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.
“As an automated appraisal scoring tool VeroSCORE facilitates more informed decisions based on a solid determination of collateral value,” Veros’ Product Management Director Luke Ziegenmeyer said. “The enhanced report is now easier to use, providing more data than before at a fraction of the cost of most competing offerings.”