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Veros Releases Enhanced Risk Management Solution

California-based Veros Real Estate Solutions [1] (Veros) has released an enhanced, data-rich version of its VeroSCORE appraisal risk management solution. 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.

"This represents a new standard for the appraisal industry that really addresses collateral risk," said 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,” said 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 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.

The company has said that when the government-sponsored enterprises (GSEs) began requiring a quality-assurance strategy for pre-funding appraisals, lenders and vendors needed to thoroughly inspect appraisal reports for zero-defects, and VeroSCORE was in place to provide the perfect solution.