Veros Real Estate Solutions, a company utilizing risk management and collateral valuation services, recently launched VeroSCORE for Uniform Appraisal Dataset (UAD) 3.6.
As the technology provider behind the Uniform Collateral Data Portal (UCDP) and Electronic Appraisal Delivery (EAD), Veros engineered this updated risk-analysis and quality-review platform to directly support the mortgage industry's mandatory transition to the UAD 3.6 format, Veros announced in a press release.
“The shift to the new dataset represents a fundamental operational change for the mortgage space,” Veros CEO Darius Bozorgi, said in the release. “We reengineered VeroSCORE to deliver immediate visibility into collateral risk with full UAD 3.6 compatibility. By automating the bulk of the quality control process, our clients can eliminate manual bottlenecks, reduce review times, and lower their costs to produce a loan.”
Mortgage lenders, AMCs and appraisers face immediate operational hurdles as the market transitions to UAD 3.6. VeroSCORE empowers review teams to easily keep pace with new market demands. It identifies errors and omissions upfront, ensuring files are complete, compliant, and ready for agency submission before they ever reach an underwriter.
Developed with active input from clients, appraisers, and reviewers, the platform introduces specific upgrades to reduce revision rates and speed up the overall review cycle.
Key enhancements in VeroSCORE for UAD 3.6 include:
- Agency Compliance Validation: VeroSCORE verifies UAD 3.6 compliance, file format for UCDP and EAD compatibility, and conducts a malware/virus scan.
- Direct Data Comparison: Subject and comparable property data sit side by side with public records and Multiple Listing Service (MLS) data for rapid identification of major discrepancies.
- Time Accurate Comparable Analysis: The tool evaluates the top 20 comparable properties strictly by the appraisal's effective date, ensuring reviewers see the exact market data available at that time.
- Expanded Visual Context: VeroSCORE extracts and displays up to 15 images from the appraisal of the subject property in addition to 15 photos per comparable (when available) from MLS.This gives users deeper insight into each property.
- Clear Report: The upgraded output provides a clean format, distinct severity levels for each finding, and highly relevant market trends
- Custom Business Rules: Clients can set custom business rules to flag specific conditions in a separate section of the report, independent of VeroSCORE’s rules and scoring, enabling them to enforce unique quality standards or investor-specific requirements.
“Review teams need access to quality data to make fast decisions,” Veros Senior Vice President, Valuations Jeff Hogan said. “With VeroSCORE 3.6, we focused entirely on clarity. By providing top sales data based on the effective date and displaying comprehensive MLS photos next to the appraisal itself, we give reviewers immediate context. Finding these discrepancies earlier in the lifecycle will dramatically lower revision rates across the board.”