VeroSCORE Automated Appraisal Review
VeroSCORE Automated Appraisal Review
Instantly Review Appraisals for Accuracy and Quality with VeroSCORE
The automated appraisal scoring housing finance stakeholders need for comprehensive appraisal review and collateral risk assessment.
VeroSCORETM is designed to help mortgage lenders, servicers, investors, and appraisal management companies (AMCs) make faster, more informed decisions regarding real estate property values. VeroSCORE is an automated appraisal-scoring tool that provides intelligent and virtually instantaneous analysis of appraisal reports and their associated risk.
VeroSCORE includes validation of public record data, appraiser licensing data, and runs thousands of business rules to ensure Uniform Standards of Professional Appraisal Practice (USPAP®), Uniform Appraisal Dataset (UAD), Uniform Collateral Data Portal® (UCDP®), and Electronic Appraisal Delivery (EAD) compliance.
Other features that VeroSCORE offers to further identify risk include photos, property street views, dynamic mapping, comparable sales, automated valuation model (AVM) values for neighboring properties, under/overvaluation risk assessment, and identification of bias or prohibitive text.
Benefits of an Appraisal Risk Analysis
Instantly detects red flags in appraisal reports
Pinpoints and helps mitigate repurchase risk
Enhances productivity by minimizing review time for quality control reviewers and underwriters
Flags potential valuation bias by calling out prohibitive text or a large over/under valuation amounts.
May lower operational costs through efficient appraisal review processes
Benefits of an Appraisal Risk Analysis
Instantly detects red flags in appraisal reports
Pinpoints and helps mitigate repurchase risk
Flags potential valuation bias by calling out prohibitive text or a large over/under valuation amounts.
Enhances productivity by minimizing review time for quality control reviewers and underwriters
May lower operational costs through efficient appraisal review processes
Data and Analytics Provide Powerful Appraisal Insights
An advanced appraisal scoring technology VeroSCORE leverages proprietary risk assessment algorithms and a multi-faceted rules engine to enhance efficiency, providing a comprehensive, cost-effective and fully compliant appraisal risk management solution.
VeroSCORE delivers concise, easy-to-apply corrective actions, replacing the complex, time-consuming manual appraisal review with immediate automated analysis and scoring. This significantly simplifies the review process and enables users to identify high-risk appraisals before they result in rejections or repurchase requests.
By incorporating sophisticated analytics with multiple, trusted external data sources and secure automated technology, VeroSCORE creates a multi-dimensional set of scores and sub-scores, providing granular detail into each appraisal and storing it in a centralized data repository.
Compliant, Accurate and Easy to Use
When the government-sponsored enterprises (GSEs) began requiring a quality-assurance strategy for prefunding appraisals, many lenders and vendors turned to VeroSCORE to thoroughly inspect their appraisal reports prior to submission.
VeroSCORE includes comparable and area sales indicators, photos, interactive maps, and subject property data verification to ensure the information provided in the appraisal report is accurate, up-to-date and consistent with public record and MLS data. The multi-faceted rules engine also assesses market conditions. VeroSCORE’s stringent, cascading quality control process helps ensure the appraisal is accurate, the data is consistent, and the report is compliant.
With VeroSCORE, lenders, reviewers and underwriters benefit from:
- The ability to scan and extract from all major residential appraisal forms
- Property and comparable photos right where they are needed*
- An extensive Key Findings section with alerts of potential issues, including incomplete data, inconsistencies, and other crucial information affecting the lending decision process
- A safeguard to help identify potentially biased or prohibited text
- Clear insights into trends and comparable sales data gathered from public records
* Photo availability may vary per property”
Appraisals are evaluated against thousands of data points and business rules in compliance with the USPAP ®, UAD®, the GSEs’ UCDP®, and the Federal Housing Administration’s (FHA) EAD portal. This ensures faster, well-informed lending decisions, allowing users to identify and address potential issues before submission to the GSEs or FHA.
Real-Time XML Appraisal Data Review and Analysis
Veros’ automated XML data verification system allows VeroSCORE to analyze appraisal files in real time. The XML data is extracted immediately after an appraisal report is uploaded. Thousands of complex proprietary rules are then run to scan for errors and omissions.
The interactive, on-screen appraisal risk analysis report is available to quality control reviewers in real time, complete with an easy-to-read Scorecard Report covering each section. It logs each associated issue and checks verified data points, highlighting all inaccuracies, missing data, failures or concerns for the quality control reviewer. They are included in a work-style report of potential issues and violations under Key Findings.
Fast, Easy and Flexible Options
Web Interface
The VeroSCORE appraisal review tool offers an intuitive, web-based interface for users to quickly upload the appraisal and instantly view the completed, interactive VeroSCORE report on-screen.
API Integration
VeroSCORE is also available via direct API integration through Veros’ PATHWAYTM appraisal delivery portal for lenders requiring a fast and high-volume method to perform automated reviews of their appraisal files in one system-to-system call.
