Veros Real Estate Solutions (Veros) is the go-to source for comprehensive property valuation and risk assessment solutions for mortgage lenders, servicers, rating agencies and the investment community, both private and government-sponsored. Veros utilizes predictive technology and data analytics to provide automated solutions for property valuation risk in the mortgage industry.
In 2023, Veros collaborated with two government agencies to develop BiasCHECK, an automated methodology aimed at detecting potential bias in property appraisals. This groundbreaking solution allows agencies to conduct enhanced quality control on appraisals, focusing on potentially risky valuations without compromising efficiency. BiasCHECK combines automated property valuation models, appraisal risk scoring and word scans to identify and address potential racial bias, assisting quality control teams in prioritizing appraisals for further review. The tool’s components include VeroVALUE (automated valuation model), VeroSCORE (detecting deficiencies) and a bias word scan to identify subjective terminology. By addressing and eliminating racial bias, tools like BiasCHECK contribute to a fair and equitable real estate market, promoting inclusive economic growth and equal opportunities for wealth-building.
