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November 2023 » thefivestar.com 9 November 2023 M T E C H vice at no additional cost reflects our com- mitment to empowering our title agents with cutting-edge tools that help provide a seamless and more secure transaction process that protects consumers." Accessed via a secure portal, the SAFEvalidation service authenticates payee wire and bank account informa- tion using proprietary payoff authen- tication technology. PCN backs up its SAFEvalidation service by providing SAFEvalidation users up to $1 million in insurance protection from a third-party insurance provider per transaction that SAFEvalidation authenticates. VALLIGENT MITIGATES VALUATION BIAS, ENSURES APPRAISAL ACCURACY WITH NEW PLATFORM V a lligent, a Veros Software com- pany providing market-leading real estate valuation solutions, has enhanced its traditional appraisal quality control process with BiasCHECK, a technology-based risk analysis solution integrated into Valligent's appraisal re- view to quickly detect if an appraisal may be at risk for potential valuation bias or quality issues that need deeper analysis. "BiasCHECK is a unique appraisal re- view tool powered by reliable technology. Utilizing it as part of our quality control process helps ensure Valligent's tradi- tional appraisals contain data customers can trust and confidently use to make collateral decisions," said Charles Rum- fola, President of Valligent. "We all have a responsibility to make the mortgage lending process as fair and accurate as possible, and with BiasCHECK, Valligent is taking a proactive step to protect lend- ers and borrowers against potential bias." BiasCHECK utilizes automated val- uation models (AVM), risk scoring, and content-enabled word scans provided by Veros Real Estate Solutions (Veros), a Valligent sister company. It helps Valli- gent's quality control team prioritize and expedite any additional due diligence without a negative impact on average traditional appraisal turn times or costs to customers. The first component of BiasCHECK is VeroVALUE, an automated valuation model (AVM) used to detect if there is any potential for over- or under-valua- tion of the subject property. VeroVALUE has undergone testing by Veros econo- mists, demonstrating its absence of racial bias and its consistent accuracy across minority communities, making it both fair and accurate. The second component is Vero- SCORE, which detects deficiencies or red flags that could potentially compro- mise overall appraisal quality. Lastly, a biased-word scan examines the appraisal report field-by-field for acceptable termi- nology. It detects if there is any presence of racial, political, religious, and other potentially prohibitive words. If the word scan indicates the presence of potentially biased words, prioritization is given for further due diligence. "Combating the threat of wire fraud is a top priority for everyone involved in real estate transactions." —Stephen Vincini, Agency Division President, First American Title Insurance Company