Veros Real Estate Solutions (Veros), an enterprise risk management and collateral valuation services provider, announced the launch of VeroVISION, designed to turn property photos into powerful objective insights. VeroVISION scores the condition of the property and individual rooms, then rolls those scores into a single overall condition rating of the property.
VeroVISION is offered on a standalone basis and can be provided for a single property address. Veros is also incorporating VeroVISION as an optional add-on for many of its analytics solutions, including VeroVALUE, an industry-leading automated valuation model (AVM).
“VeroVISION directly addresses the historical challenge in automated valuation, incorporating precise property condition into AVMs,” Veros Chief Economist and Senior Vice President of Analytics Eric Fox said in the release. “The Veros Home Score has a 93% correlation with condition scores provided by human appraisers, inspectors, and other real estate professionals with 97% U.S. residential coverage. This translates into a significant gain in accuracy for our VeroVALUE Elite AVM, an alternative to our base VeroVALUE AVM. For a long time, condition was the one variable an AVM could not accurately predict. With the addition of VeroVISION, that gap is closed.”
“Automating this level of property insight delivers significant operational efficiency for our clients,” Veros Senior Vice President of Product and Data Operations Sarah Petteway-Dib added. “Housing finance professionals can now accelerate critical decision-making with automated, objective image-recognition insights that complement human expertise and integrate seamlessly into existing workflows. Incorporating this data empowers clients to reduce collateral risk through superior comparable selection and outlier detection.”
Veros plans to introduce additional computer vision and AI-driven solutions into VeroVISION later this year to further empower lenders, servicers, and investors with unprecedented property insights.