Veros® Real Estate Solutions has enhanced its VeroSCORE™ appraisal risk management solution, with a redesign including additional validations such as public records, and appraisal licensing and eligibility checks.
“This represents a new standard for the appraisal industry that really addresses collateral risk,” says Benjamin Smith, VP of Valuations at Veros. “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,” says Luke Ziegenmeyer, director of Product Management at Veros. “The enhanced report is now easier to use, providing more data than before at a fraction of the cost of most competing offerings.”
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.
For more information, please visit www.veros.com.
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