BENEFITS OF APPRAISAL RISK ANALYSIS

  • Instantly identifies “red flags” in appraisal reports
  • Identifies and mitigates repurchase risk
  • Improves productivity by reducing review time for QC reviewers and underwriters
  • Reduces operational expenses
  • Identifies high-risk appraisals so you can focus your operational resources appropriately and efficiently

Compliant, Accurate and Easy to Use

When the government-sponsored enterprises (GSEs) began requiring a quality-assurance strategy for prefunding appraisals, many lenders and vendors turned to VeroSCORE to thoroughly inspect their appraisal reports and ensure “zero-defects” prior to submission.

VeroSCORE includes built-in comparable and area sales indicators, interactive maps, and subject property data verification to ensure the information provided in the appraisal report is accurate, up-to-date and consistent with public record and MLS data. The multi-faceted rules engine also assesses market conditions. VeroSCORE’s stringent, cascading quality control process helps ensure the appraisal is accurate, the data is consistent, and the report is compliant.

With VeroSCORE, lenders, reviewers and underwriters benefit from:

  • The ability to scan and extract from all major residential appraisal forms
  • An extensive “Key Findings” section with alerts of potential issues, including incomplete data, inconsistencies, and other crucial information impacting the lending decision process
  • Clear insights into trends and comparable sales data gathered from public records
  • Instant and accurate results

Appraisals are checked against thousands of data and business rules required by the Uniform Standards of Professional Appraisal Practice (USPAP) guidelines, Uniform Appraisal Dataset (UAD), the GSEs’ Uniform Collateral Data Portal (UCDP®) and FHA's Electronic Appraisal Delivery portal (EAD)..

This translates to faster, well-informed lending decisions, enabling lenders to preview and resolve any potential issues prior to submission to Fannie Mae and Freddie Mac through UCDP and the FHA through the EAD portal.

Real-Time XML Appraisal Data Review and Analysis

Veros' automated XML data verification system allows VeroSCORE to analyze appraisal files in real time. The XML data is extracted immediately after an appraisal report is uploaded. Thousands of complex proprietary rules are then run to scan for errors and omissions.

The interactive, on-screen appraisal risk analysis report is available to QC reviewers in real time, complete with an easy-to-read “scorecard report" covering each section. It logs each associated issue and checks off verified data points, highlighting all inaccuracies, missing data, failures or concerns for the QC reviewer. They are included in a work-style report of potential issues and violations under “Key Findings.” 

Sample of a VeroScore Report:

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