Veros and Valligent Partner to Offer AVM and eValuation Services
Veros Real Estate Solutions has announced that it has partnered with Valligent, an innovator in non-traditional appraisals and appraisal review services, to provide a complete solution in collateral valuation and analytics that will enable lenders to cut costs and increase operational efficiency.
The companies' services will be integrated through VeroPRECISION, the next-generation AVM decisioning product Veros introduced last October. VeroPRECISION uses sophisticated data analysis to first determine a subject property's suitability for an automated valuation model (AVM). Independent testing shows that, while 70 percent to 80 percent of property valuations are best handled by AVMs, the balance require hands-on analysis through an alternative, such as a desktop, drive-by, or traditional appraisal.
"With rising home prices increasing the amount of available equity, and rising mortgage rates making a new purchase less attractive, homeowners are increasingly choosing to remain in and remodel their homes,” said Robert Walker CMB, CMT, Vice President of Sales at Veros. “By partnering with Valligent, we have given VerosPRECISION a seamless, integrated fulfillment process that takes it far ahead of any other AVM service."
In cases where VeroPRECISION instantly deems a property appropriate for AVM valuation, those customers will immediately receive one of the industry’s top performing AVMs chosen specifically for the particular subject property. Based upon machine learning in a production environment, the VeroPRECISION decision engine determines the most accurate valuation at the subject property level. Unlike traditional cascade approaches that employ county level look-up tables, VeroPRECISION makes its AVM determinations at the specific property level.
“This is much more than a one-stop service that covers valuation reports for the full spectrum of home equity lending needs,” said Jeremy McCarty, Valligent’s Chief Executive Officer and Chief Valuation Strategist. “It’s also a way for lenders to ensure that their valuation processes are fully compliant with all of the related regulations.”