Veros has updated its appraisal risk scoring tool, VeroSCORE, to focus on the complexity of appraisal assignment and include several new scoring factors within its credibility score component to help lenders better
“Automating appraisal review in a safe and judicious manner requires the ability to understand the overall complexity of an appraisal assignment,” says David Rasmussen, senior vice president of operations for Veros.
“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.”
When it comes to the difficulty of the assignment, the company said the tool analyzes a number of factors within the appraisal report itself in conjunction with external data and analytics.
“In today’s climate, it is surprisingly easy to be misled by data, and that can lead to issues in valuation reliability,” explains Rasmussen. “When we live in such a data-heavy environment and the tools exist to cross-reference for assurances of data integrity, it is to the advantage of both appraiser and lender to use them.”
