Veros Updates Its Appraisal Risk Scoring Tool

Posted by Patrick Barnard on July 23, 2013 No Comments
Categories : FYI

Veros, specializing in collateral valuation technology, enterprise risk management and predictive analytics, has updated its appraisal risk scoring tool, VeroSCORE, by adding new scoring factors within the tool's credibility score component to help lenders better assess appraisal risk.

In addition, VeroSCORE now includes a complexity component that measures the expected difficulty of the appraisal assignment. This is achieved by analyzing a number of factors within the appraisal report in conjunction with external data and analytics.

The solution also now factors in data from external sources that a reviewer may not be privy to, which could ultimately result in risk.Â

VeroSCORE also delivers an overall risk score, in addition to the appraisal risk score, that is based on external factors, including the report's new data integrity score component.

‘Automating appraisal review in a safe and judicious manner requires the ability to understand the overall complexity of an appraisal assignment,’ said David Rasmussen, senior vice president of operations for Veros, in a release. ‘Lenders can better mitigate repurchase risk if they can increase their level of confidence that the appraisals they are using to fund loans are defensible.’

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