Veros Real Estate Solutions, a provider of risk management, collateral valuation services and predictive analytics, has released a white paper on industry best practices for analyzing appraisal scoring technology.
Veros says it created the document, entitled ‘How to Execute a Meaningful Test of Appraisal Scoring Technology,’ to help mortgage lenders and investors understand the best approach to the testing and identification of the optimal appraisal scoring tool for their organizations.
"The days of old-school appraisal preparation and paper-based processes are over for property valuations, and while data is abundant to aid in valuation analysis, it must be carefully deployed to avoid pitfalls," says Adrienne Ainbinder, Veros' vice president of sales and marketing.
"Sophisticated scoring technologies exist in the marketplace today that do this very well, but the industry has not yet arrived at a defined science behind the proper testing approaches.Â It is critical for any firm who relies on an appraisal's estimate of value to fully understand how best to evaluate, procure and, ultimately, utilize these tools as we move to a completely digital loan environment,’ she explains.
Veros' white paper can be accessed here.