Veros Assesses Fraud Risk Through New TQ Score
Business Editors/High-Tech Writers
IRVINE, Calif.–(BUSINESS WIRE)–Oct. 20, 2003
Veros Software, an industry leader in advanced mortgage technology, expanded its offering of collateral analytics with a new fraud detection scoring tool. VeroVALUE Transaction Quality (TQ) Score is a numeric indicator that is used for detecting non-standard residential property transfers to identify the likelihood of “flipping,” fraud, or other activity that may warrant further investigation.
Following up on Veros’ promise to deliver automated decisioning tools that provide deeper insight and understanding into collateral assessment, Veros’ customers may now receive the industry’s most accurate property values, highly correlative and meaningful confidence scores, forecasted values, fitness scoring, and now an indication of potential fraudulent transactions — all in a matter of seconds. This level of detail is now available on individual as well as large portfolios or loan pools.
Utilizing Veros’ proprietary analytics, the Veros TQ Score goes far beyond the common approach of simply counting and flagging property ownership transfers, but dynamically analyzes details such as area and regional price trends, value differentials, and irregular transfer conditions.
“The TQ Score was built with our customers and automated decisioning in mind, on a 1-to-100 scale allowing immediate recognition of potential collateral fraud,” stated Darius Bozorgi, President and CEO of Veros Software.
“Consider the ability to immediately gauge the collateral value and risk of an individual or pool of properties. Further, imagine receiving the proper scoring gauges that allow the highest level of confidence in the automated tools providing this information. Veros is proud to announce that these previously far-off ideas are now reality and currently available at www.verovalue.com.
“As Veros continues to bring these automated solutions and scores to the market, the reality of a true Collateral Score grows closer,” stated Bozorgi.
The Veros TQ score is easily activated through Veros’ online, full account management system and may be provided to companies, groups, and individual users. When activated, the TQ Score is clearly identified on each report.
Veros Software (www.veros.com), located in Irvine, Calif., is shaping the future of mortgage technology through its continuous predictive technology leadership by providing innovative solutions in automated valuations with meaningful confidence scores and the highest usable hit rates available for true value in any production setting. Veros currently provides valuations in 40 states and over 600 counties nationwide. In addition to its market-leading valuations, VeroVALUE also generates property fitness analytics; fraud detection; price trend information; secured valuations; and VeroFORECAST, an analytic tool that estimates future values and market stability.
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