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Veros Announces Enhancements to Risk Management Platform to Further Automate Servicer Processes
— Veros’ Valuation Risk Management system enables heightened functionality, accuracy and analytics for improved decisioning in mortgage servicing
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SANTA ANA, CA — February 24, 2010 -
Veros Real Estate Solutions, an industry leader in enterprise risk management and collateral valuation services, announces important new capabilities in its VRM (Valuation Risk Management) platform that allow servicers to automate several time-consuming processes as they struggle to deal with rapidly expanding delinquencies. The VRM platform is a fully automated tool that enables servicers to create customized valuation workflows and monitor the status of property valuations across entire servicing portfolios.
Currently, servicing personnel must take manual steps to determine that valuations are timely and accurate, as well as interpret results, trends and overall quality of the information received. Veros’ VRM automates these processes and adds additional layers of valuation analysis that enhance decision-making capabilities when dealing with delinquencies, structuring modification alternatives and formulating payment plan scenarios. By streamlining these steps, servicers are able to handle significantly greater volumes with the same numbers of full-time equivalent (FTE) employees.
“VRM is a breakthrough in servicer productivity tools,” says David Rasmussen, Veros’ senior vice president of sales. “Any valuation product, whether a full appraisal, an AVM or a BPO, can be ordered at set delinquency milestones with criteria based on rules that authorized users can customize as needed. Their criteria can include virtually any variable, such as property type, price tier, location, or even routing preference.” He notes that VRM’s analytics can be automated as well, supplementing the valuations received with additional layers of information and giving important perspective for servicing decisions like modification parameters.
One example currently being used by several of the country’s largest servicers is the Veros Collateral Integrity Analysis (CIA) report, which provides market risk data and analysis to augment other valuation tools ordered through the Veros platform. “The valuation can be tied to a multi-dimensional CIA risk report to vastly improve the relevance and quality of the information,” explains Rasmussen. “This capability is becoming increasingly valuable as servicing clients are seeing the need to pull valuations more frequently in step with rising delinquencies and look more closely at their exposure to collateral risk,” he says. “We are approached by companies struggling with exponential rises in delinquency rates and simply can’t manage the process with existing staff. We help them not only manage it,” he notes, “we help them improve it.”
Veros is also at the forefront of valuation technology on the origination side of the business, having been selected by Fannie Mae as the technology vendor for its Collateral Data Delivery initiative, CDD. CDD begins mid-2010 and requires appraisals to be delivered to the agency electronically, in MISMO format, which allows complete automated analysis of every data element and promises new levels of quality in Fannie Mae appraisals. “Veros was selected in 2009 as Fannie Mae’s technology provider,” says Darius Bozorgi, Veros’ president and CEO. “We are proud to have been picked for this industry-changing initiative. Veros is responsible for building, maintaining and supporting the CDD system, in addition to handling direct lender integrations.”
David Rasmussen notes that as the direct connection point for Fannie Mae’s CDD, Veros’ VRM is perfect for lenders and servicers alike who are concerned with gaining efficiency and simplifying processes. “The platform makes mortgage processes seamless, whether a loan is going from an origination department to CDD or becoming part of a servicing portfolio,” he says. “VRM allows each department to have its own rule sets, so origination can automate valuations and analysis one way, while servicing and REO can customize and automate to fit their specialized needs. Everyone,” he notes, “needs to maximize efficiency in the current environment, and the best way to do that for sound valuation risk management is also the simplest way, with VRM.”
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