Veros Real Estate Solutions’ VeroPRECISION automated valuation solution is now integrated with Valligent‘s appraisal and appraisal review services.
That means mortgage lenders using VeroPRECISION for the underwriting of, for example, home equity lines of credit, can automatically forward properties which are not suitable for an AVM onto Valligent for a broker price opinion or traditional appraisal.
As Veros points out in a press release, independent testing shows that, while 70% to 80% of property valuations are best handled by AVMs, the balance require a desktop, drive-by or traditional appraisal.
The goal of the integration is to further automate the appraisal process to help mortgage lenders cut costs and increase operational efficiency.
“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,” explains Robert Walker, vice president of sales at Veros, in the release. “By partnering with Valligent, we have given VerosPRECISION a seamless, integrated fulfillment process that takes it far ahead of any other AVM service.”