GMAC-RFC selects Veros as a primary AVM Vendor
Jul 28, 2004
VeroVALUE has been selected for next-generation collateral assessment initiative
Irvine, CA - July 28, 2004 - Veros announced today that GMAC-RFC has selected Veros as a primary supplier of automated valuation model (AVM) reports. After substantial testing of numerous AVM vendors, Veros' VeroVALUET AVM was chosen for integration into GMAC-RFC's AssetwiseSM loan evaluation system and broader automated collateral assessment initiatives.
"The VeroVALUE model is expected to support our risk management objectives, and provide geographic coverage that is compatible with our loan purchase footprint," said George Westfall, Managing Director of Mortgage Credit Risk for GMAC-RFC.
The AVM platform implemented by GMAC-RFC provides access to the top AVMs in the industry, including Veros's VeroVALUET, and allows users to benefit from powerful decision logic and filters to maximize hit rate, optimize accuracy and further automate business processes. The AVM platform will manage the order in which automated valuation models are run based on certain criteria like geography, estimated value, loan amount, loan-to-value, and loan type. Through GMAC-RFC's AssetwiseSM loan evaluation system, AVM results will be merged with proprietary underwriting criteria to return the appropriate decision.
"Veros is extremely proud to be selected by GMAC-RFC as a primary supplier of automated valuations and we look forward to continuing our long and positive working relationship with GMAC-RFC," says Darius Bozorgi, President & CEO of Veros. "This selection once again reinforces Veros's position as a leading provider of nationwide property valuations."
Veros (www.veros.com) located in Irvine, California is shaping the future of mortgage technology through its continuous predictive technology leadership. Veros provides 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 delivers property 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, appraiser assisted valuations, secured valuations, AVMs with photos, and VeroFORECAST, an analytic tool that estimates future values and market stability.
GMAC-RFC, a wholly-owned subsidiary of GMAC Financial Services, is a leading private issuer of mortgage-backed securities (MBS) and mortgage-related asset-backed securities (ABS), and the No. 1 warehouse lender in the United States. The company leverages its strengths in securitization, lending and investment to offer a broad portfolio of innovative capital solutions to businesses in a variety of markets. The company is headquartered in Minneapolis and operates in the United States, Canada, Mexico, United Kingdom and Continental Europe. www.gmacrfc.com
About Veros Real Estate Solutions:
Veros Real Estate Solutions, a proven leader in enterprise risk management and collateral valuation services, uniquely combines the power of predictive technology, data analytics and industry expertise to deliver advanced automated decisioning solutions. Veros products and services are optimizing millions of profitable decisions throughout the mortgage industry, from loan origination through servicing and securitization. Veros provides solutions to control risk and increase profits including automated valuations, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is headquartered in Santa Ana, California. To order the VeroFORECAST update or receive information on other Veros analytic products and systems, visit www.veros.com or call (866) 458-3767.