Veros Real Estate Solutions, a provider of enterprise risk management and collateral valuation services, announced that its automated valuation model (AVM), VeroVALUE, has been integrated into Calyx Software’s Point software.
Calyx Software, a California-based provider of loan marketing, originating and processing software, developed Point’s loan origination software (LOS) to help users improve loan marketing, prequalification, origination and processing.
Through the integration, Veros will provide Point users with access to both VeroVALUE and other AVMs, along with formulated AVM cascades that use popular industry AVMs in succession to increase user hit rates.
VeroVALUE helps bring perspective and accuracy to valuation efforts in support of lending decisions, portfolio analysis and risk reduction strategies. Veros also offers a variety of AVMs from other companies, which have been all vetted to meet Veros’ standards.
“In talking with VeroVALUE users, I was pleasantly surprised to learn the accuracy of their AVM when compared to other AVM vendors they tested,” said Dennis Boggs, executive vice president, business development for Calyx Software. “One user said, ‘We feel safer using VeroVALUE due to Veros’ conservative approach. The other vendors we tested didn’t apply any standard deviation and their results were all over the place — up to 30 percent off compared to the appraised values.’ With the new VeroVALUE interface, users will now have improved ease in ordering from within Point, save time by not having to re-enter data, and have the value returned in a PDF file that is automatically saved in Point’s document storage.”
AVMs have long been a staple of the lending industry, providing fast, objective and inexpensive valuation information for a variety of uses. Evolved modeling techniques and a wealth of available data have combined to make AVMs much more accurate and reliable, increasing their importance in mortgage transactions in recent years.
“Partnering with Calyx to make highly accurate AVMs from Veros and others immediately available is a very positive development for Point users,” Veros Senior Vice President of Operations David Rasmussen said. “Lenders, brokers and other Calyx users are able to make better and faster decisions to improve loan performance and reduce risk by using industry-leading technologies from Calyx and Veros. We are delighted to be part of their reliable network.”