Magazine article Mortgage Banking

Veros Launches Key Enhancements to VeroSCORE

Magazine article Mortgage Banking

Veros Launches Key Enhancements to VeroSCORE

Article excerpt

Santa Ana, California--based Veros Real Estate Solutions has made an enhancement upgrade of its VeroSCORE product, which enables lenders to score the quality of appraisal reports in real time. VeroSCORE uses sophisticated automated analysis that allows users to instantly determine whether an appraisal may be accepted or rejected outright, requires manual review or needs further due diligence.

The new VeroSCORE features an enhanced user interface, easily accessed via the Web. It also emphasizes validation of the Uniform Appraisal Dataset (UAD) along with an included pre-check of each appraisal against known requirements prior to submission to Freddie Mac and Fannie Mae via the Uniform Collateral Delivery Portal (UCDP), an industry-standard technology built by Veros.

VeroSCORE's analytics have been made even more robust with additional rules to test the credibility of appraisals, as well as by leveraging the VeroVALUE automated valuation model (AVM) and the company's Collateral Integrity Analysis (CIA) tool.

VeroSCORE provides individual numeric scores on the "three Cs" of appraisal quality: completeness, compliance and credibility. Those scores are presented with an overall VeroSCORE ranging from o to 1,000, along with suggested routing to achieve greater efficiency in the appraisal-review process and overall due diligence. …

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