The Verisite Property Inspection products can be used on loans where full appraisals aren’t needed. They enable you to get current, comprehensive property details to make accurate lending decisions on no-appraisal loan products. Think equity loans, new construction status updates, PMI removal, foreclosure proceedings, disaster relief situations, portfolio reviews, and more. Verisite fills all these needs quickly and securely.
How Verisite Works
The Verisite property inspection tools are a suite of products that provides AVM values, local market and sales activity, risk mitigation, and a photo inspection report.
Verisite Photo Report
First, with the Verisite Photo Report, a lender creates an order in Appraisal Firewall requesting property inspection photos and descriptions. On the order screen, the lender designates the party that the order should be sent to. This party, or Photo Agent, could be a borrower, appraiser, loan assistant, realtor, etc. – anyone the lender selects to provide them with site inspection data. Orders are sent to the Photo Agent via a text message that includes a link that takes them to the app store to install the Verisite app (or directly into the app if they have used it before).
With the Verisite app installed, the Photo Agent can view the photos and property details that are being requested by the lender. Once at the designated property, the Photo Agent can take pictures and include descriptions. When requested photos and any special requests have been addressed, the app user can submit the photos back to the lender. The lender is notified that the order is complete and can access the order to view a report of the data that includes a map of where the photos were taken, where the subject property is located, and the photos and descriptions that were submitted.
Verisite Collateral Data
The Verisite Collateral Data report provides a wealth of information condensed into a single document to efficiently direct and streamline workflow. Collateral Data begins by taking large amounts of property detail and summarizing it into scores so that lenders can get to know the property at a fundamental level at a glance. With valuable and easy-to-apply scores, potential risk can be quantified up front and lenders can dive into the details for each score so that any follow up measures can be directed to the specific individuals, teams or departments equipped to handle needed investigation and/or due diligence.
Verisite Plus
Verisite Plus combines the Verisite Photo Report and Verisite Collateral Data report into a single, complete, powerful property and market data and risk analysis report for driving faster decisioning on loans that don’t require full appraisals. Verisite Plus utilizes the to-the-moment benefit of the Verisite Photo Report to provide the most current property information available, and joins it with the Collateral Data report to give lenders historical data from public records and deed transfers. This provides a complete picture of the property. Also, lenders get a list of the top 20 recently sold nearby properties.
Enabling Your Lender Account
You can enable Verisite on a per division basis for any of your branches. Access Relationships along the left and maximize the info for a division you would like to enable the Verisite product for and click Edit Settings.
Next, open Billing/Services and scroll to find the Verisite section. Click the checkboxes next to the feature(s) you’d like enabled. Once enabled, you will be able to view the pricing that will be charged to your company for using the feature. The cost is incurred on a per order basis.
After you have enabled the checkbox next to the Verisite feature and selected the products you and your users would like the ability to order, click Save at the top of the Billing/Services section to implement the change.
Please note: Contact your account manager if you would like to begin using the Verisite feature but do not see it available in the Billing/Services section of a division.
Managing Verisite Photo Report Settings
If the Verisite Photo Report product has been enabled for at least one of your divisions, you can set and manage order settings specific to your company. You can create a set list of photos that you may want request on multiple orders. This will cut down time rekeying this information on order placement.
To access your Verisite settings, make sure the feature is enabled for at least one of your divisions. Next, click the gear icon in the upper left hand side of your account. Open the section for Verisite Settings.
Select Create Template to make multiple Verisite order templates, which will be available on the New Order screen. Each template can be setup with its own customized Special Instructions, Photo Categories, and Photo Requirements. Be sure to select SAVE to retain any created templates. RESET will revert to the most recent save. Expand the template title to tailor the instructions and photos requirements.
You can rename the template title at any time, as this field will always be in an editable mode. Additionally, select the red 'X' to completely remove the template. Please note: Removing the template will also remove the template from the New Order screen.
Special Instructions can always be entered on a per order basis, but you can optionally create a default set of instructions to prevent re-keying on every order. These instructions will appear to the Photo Agent when they view an order within the Verisite app.
Below the Special Instructions field is the Photo Categories section. Like the Special Instructions, Photo Categories can be entered on a per order basis, but you can create default set of categories to prevent having to re-key standard information on every order. Categories here are automatically eligible to be selected on a per order basis, but can also be overridden whenever a user places an order.
To enter a photo category request, type the photo name you would like to request then click the green plus sign, or Enter on your keyboard. Select the red 'X' to completely remove the photo category. Please note: Removing the category will also remove entirely from the template.
You can also request pictures of room specifics, via Photo Requirements. Maximize one of your categories and enter any requirements you may have. Click the plus sign to add the requirement or hit Enter on your keyboard. Select the red 'X' to completely remove the photo requirement. Please note: Removing the category will also remove entirely from the template.
Once you have finished entering any default special instructions and photo categories that you would like to have available within the template when placing an order, click the Save button.