Veros Real Estate Solutions (Veros), an industry leader in enterprise risk management and collateral valuation services, announced the launch of VeroVISION, turning 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, the Veros Home Score (VHS).

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," said Eric Fox, Chief Economist and Senior Vice President of Analytics at Veros. "The Veros Home Score has a 93 per cent correlation with condition scores provided by human appraisers, inspectors, and other real estate professionals with 97 per cent 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.”

The new scoring system introduces objectivity to key roles across the industry:

Originators and Servicers can better understand and validate property condition on a fully automated basis and focus on a significantly smaller subset of properties that require additional diligence.

Guarantors, aggregators, large investors, rating agencies, and related stakeholders can consider an independent assessment of property condition on an individual, portfolio, and pooled-loan basis.

Appraisers, Appraisal Management Companies (AMCs), and other property valuation professionals can verify property condition as part of traditional, hybrid, and alternative property valuation products and services.

Appraisal Reviewers can validate that subject and comparable properties' condition ratings are accurate via objective, photo-based scores.

Property Managers can streamline inspections and maintenance planning via automated, repeatable assessments.

Inspection Software providers can integrate VHS to validate that reported conditions align with the independent overall score.

AVM providers can incorporate VeroVISION’s VHS for better data selection and analysis to drive higher accuracy and performance.

Insurance Companies and Underwriters can enhance underwriting and claims assessments via accurate property and room-level condition scoring to improve risk modeling.

Real Estate Investors can compare average property conditions market by market.

“Automating this level of property insight delivers significant operational efficiency for our clients," said Sarah Petteway-Dib, Senior Vice President of Product and Data Operations. "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.”