Exciting news, Veros Real Estate Solutions (Veros®) is honored to be named a winner of the 2024 HousingWire Tech100 Mortgage Award. This recognition underscores Veros’ commitment to innovation and excellence in the field, particularly with its groundbreaking BiasCHECKSM technology released in 2023.
Veros is renowned for its utilization of predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that mitigate property valuation risk and enhance profitability across the mortgage sector.
A standout achievement for Veros in 2023 was its collaboration with secondary market stakeholders to pioneer automated methodologies aimed at detecting potential bias within appraisals associated with loans receiving credit support. This pioneering methodology empowers originators, investors, agencies, guarantors and servicers to conduct enhanced quality control on a vast scale, focusing resources on appraisals posing the greatest risk without compromising overall efficiency.
The result of this collaboration was BiasCHECK, an innovative solution powered by Veros that combines automated property valuation models (AVMs), appraisal risk scoring, and content-enabled scans to identify and flag potentially biased valuations. BiasCHECK has proven to be a game-changer, enabling property valuation quality control teams to prioritize and expedite due diligence without compromising appraisal turn times or increasing costs for customers.
BiasCHECK comprises several components, including VeroVALUESM, an AVM that has been rigorously tested to ensure fairness and accuracy across all communities. Additionally, VeroSCORESM detects deficiencies or red flags compromising overall appraisal quality, while a bias word scan examines appraisal reports for unacceptable terminology, ensuring a thorough and unbiased evaluation process.
The significance of BiasCHECK and similar tools in combating racial bias in property appraisals cannot be overstated. By actively addressing and eliminating bias, Veros is contributing to the creation of a fair and equitable real estate market, fostering inclusive economic growth and ensuring that everyone has an equal opportunity to participate and benefit from real estate investments.
In 2023 alone, Veros analyzed nearly one million appraisals using BiasCHECK, identifying approximately one percent as the highest-risk appraisals. This meticulous approach demonstrates Veros’ dedication to eradicating bias in property valuation and advancing fairness and equality within the lending industry.
As we celebrate this milestone achievement, Veros reaffirms its commitment to innovation, excellence, and ethical responsibility in serving the mortgage industry. The recognition of BiasCHECK as a winner of the 2024 HousingWire Tech100 Mortgage Award is not just a testament to Veros’ technological prowess but also a reaffirmation of its mission to create a more just and accessible real estate market for all.
For more information on BiasCHECK technology or Veros’ solutions, please contact communications@veros.com.
