Disaster Driven AVM (VeroValue)
Camreo is ready to help you when disaster strikes by Floods, Hurricanes, Fires, or Tornadoes.
Discover the residential and commercial properties likely impacted by VeroValue.
The Property & Portfolio Insight You Need When Natural Disasters Strike.
It’s not a matter of a natural disaster strikes, but rather when. And how prepared are your business and customers to persevere through the consequences resulting from the natural disaster? With Disaster Vision data, you will gain the property and portfolio insight on the disaster’s likely impact to help you emerge strong post-disaster.
Disaster Vision Fills the FEMA Gaps To Pinpoint Properties Likely Impacted.
When disaster strikes, be prepared with parcel-level information on specific properties, and a hurricane, wildfire, earthquake, flood, or other disaster impacts your portfolio. Having access to this property-level disaster provides you with a distinct advantage. When natural disasters strike, FEMA declares “disaster areas” to help speed assistance to impacted homeowners. But disaster area designations cover entire counties and flag every property in them, even though the disaster may have affected a small portion of properties. Sorting through the fog of destruction to get to the actual properties impacted resulted in loan-funding delays and necessitated costly property inspections at the portfolio level.
VeroValue AVM Advantage
VeroValue AVM solution reports disaster impact at the parcel level, quickly leveraging geospatial data to map a core disaster polygon and surrounding buffer zone. It then locates the impacted properties within the polygon by lot boundary, zip code, and physical address. So you’ll know which properties have been affected. And armed with this information, you will have the insight you need to:
- Identify potentially damaged and high-risk properties
- Prioritize property inspections based on their location to the core and buffer zone of the disaster
- Accelerate clear-to-close time for unimpacted properties in the flagged disaster area counties
- Base risk-based decisions on the most current disaster status information
- Enhance borrower/homeowner relations by proactively identifying at-risk loans and rapidly initiating contact
- Maintain compliance with GSE disaster policy regulations
VeroValue is available on a “match and appends” basis, perfect for an additional data set within our VeroValue AVM reports on a per-property basis.
The Core and Buffer Zones
The disaster data set from Veros combines data and satellite imagery from multiple sources in near real-time, indicating whether or not a specific parcel has been affected by the disaster. This disaster data provides accuracy more precisely than FEMA, which uses county boundaries for its designations. Using parcel boundaries, latitude, longitude, address information, and more, Veros creates two geographic areas that pertain to a disaster event: residential and commercial properties in the core (inside the event) and properties in the buffer (within ½ mile outside of the body). Suppose the property is within the heart of the pad. In that case, it is not implicit that there is damage but rather an indication of the likelihood that a property may have experienced damage. The total VeroValue is the total market value of the impacted residential properties.
The Disaster AVM Approach
Tropical Storm Imelda struck parts of Texas and Louisiana on September 17- 23, 2019, with rain, flooding, and wind damage recorded in more than 30 counties across the two states. Camreo, in connection with the Veros alliance, determined the potential number of residential properties that may have sustained some damage.
Camreo LLC, through its partnership with Veros, has identified over 172,800 residential properties in the core of Tropical Storm Imelda. The damage to these homes resulted in a market value of $43.7 billion based on the predictive analytics available through the VeroValue AVM.