Veros, a provider of the automated valuation model (AVM) VeroVALUE and a reseller of other top-performing AVMs, has been integrated into San Jose, California-based CalyxSoftware’s Pointsoftware. Calyx Software is a provider of loan marketing, originating and processing software. Through the integration, Veros provides immediate access to VeroVALUE and other respected AVMs for Point users, along with formulated AVM cascades that use popular industry AVMs in succession to increase user hit rates.
VeroVALUE is a consistent high performer in industry tests, bringing 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, all vetted to meet Veros’ high 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% off compared to the appraised values,’” Boggs related. “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,” he said, adding, “We love that.”
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,” said David Rasmussen, senior vice president of operations for Veros. “Lenders, brokers and other Calyx users are able to make better and faster decisions to improve loan performance and reduce risk by using technologies from Calyx and Veros,” he said. “We are delighted to be part of their reliable network.”
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