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Veros Announces New Property-Specific Valuation Decision Engine

NationalMortgageProfessional.com
Oct 23, 2017
Veros Real Estate Solutions has received an Appraisal Management Services contract from the U.S. Department of Veterans Affairs (VA)

Veros Real Estate Solutions has announced the launch of VeroPRECISION, a property-specific AVM decision logic to provide the industry a way to determine a property’s suitability for an AVM.
 
“VeroPRECISION is a game changer for the mortgage industry both from a compliance and performance standpoint. We are the first in the industry to answer the most common question, ‘Is an AVM an appropriate valuation tool for the subject property?’” said Robert Walker, Vice President of Sales at Veros. “And once the suitability question has been answered, we then provide lenders with the best AVM product for that specific property submitted providing unprecedented accuracy.”
 
VeroPRECISION can intelligently distinguish if an AVM is the suitable valuation tool. VeroPRECISION will apply a Veros AVM Suitability Score, based on a proprietary analytics-driven formula, on a subject property. The Veros AVM Suitability Score uses case-based reasoning to assess the subject property’s fitness for AVM utilization. If the property is a good candidate for an AVM, the system determines the most accurate and appropriate AVM for that specific property.
 
“We are proud to offer our customers this next-generation solution based on our latest artificial intelligence/deep machine learning engines to help simplify and improve valuation decisions,” said Charles Rumfola, Senior Vice President Strategic Initiatives at Veros. “Essentially, VeroPRECISION is an intelligent AVM decision assessment. Users can now have confidence the property is appropriate for AVM utilization, and that the resulting value conclusion is highly accurate for the specific property in question.”

 
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