Veros Real Estate Solutions
and Accurate Group
have announced that they have partnered to provide a complete, end-to-end collateral valuation and analytics solution that will enable home equity lenders and other mortgage industry participants to cut costs and increase operational efficiencies.
Both companies' services will be integrated through Veros’ VeroPRECISION valuation decision engine. VeroPRECISION uses sophisticated data analysis to first determine a subject property's suitability for an automated valuation model (AVM).
In cases where VeroPRECISION instantly deems a property appropriate for AVM valuation, those customers will immediately receive an AVM. Based upon machine learning in a production environment, the VeroPRECISION decision engine determines the most accurate valuation at the subject property level.
"With the combination of rising interest rates and rapidly escalating property values, homeowners are increasingly choosing to remain in and remodel their homes and tap available equity through a home equity line of credit rather than traditional refinancing,” said Robert Walker, CMB, CMT Vice President of Sales at Veros. “By partnering with Accurate Group to provide comprehensive home equity appraisal services, we have created a seamless, integrated solution that streamlines the origination process while also effectively mitigating valuation-related risk."
The VeroPRECISION Valuation Decision Engine is available through VeroSELECT, Veros’ vendor-agnostic, single-enterprise management platform, which provides access to a comprehensive suite of more than 25 innovative collateral risk solutions from 15-plus vendors, helping lenders best assess collateral values at origination and across existing portfolios. In addition to VeroPRECISION, Accurate Group’s ValueNet suite and the VeroVALUE suite of valuation products, VeroSELECT also offers AVM Cascade Management, VeroBPO Broker Price Opinions, VeroPHOTO Plus: Property Condition Reports, and Veros’ proprietary, best-in-class valuation forecasting tool, VeroFORECAST.
Frank Guarnera, Executive Director of Valuations for Accurate Group, said, “Accurate Group is committed to delivering our clients the fastest, most accurate property appraisal on every order. By partnering with Veros to leverage VeroPRECISION, we are able to more quickly identify the best appraisal approach, saving valuable time in responding to lender and servicer requests. Our combined approach reduces turn time and cost, while also improving the quality of property valuations.”