Veros and Portellus form Strategic Alliance
Jul 29, 2004
Irvine, CA - July 29, 2004 - Portellus Inc., a leading innovator of high-end decision management and loan origination software to the financial services industry, today announced a strategic alliance with Veros. This partnership will enable Portellus to incorporate AVM analytics into the industry's only 100% browser-based loan origination system. This further strengthens the capabilities of the advanced Business Rules Management System.
"Veros' core competency in predictive modeling proves extremely valuable at a time when most mortgage lenders are trying to manage risk while continuing to grow production," said John Le, founder and president of Portellus, Inc. "Veros' continuing leadership in the AVM market will help our clients take full advantage of technology to automate collateral analysis and underwriting to process more loans more quickly, all the while managing risk."
The immediate goal of this alliance is to focus on specific process automation activities by enabling the Portellus origination platform to automatically order different types of AVMs based on lender-defined rules - triggered by data at the loan level and possibly sending the results to the Portellus AUS for further analysis and decisioning. "This is a natural fit, since both companies have such strong and advanced underlying technology," added Darius Bozorgi, President & CEO of Veros. "Both organizations took early advantage of the benefits XML had to offer and now the market is the beneficiary of our mutual efforts."
Portellus has scheduled the production release of the AVM service by September 2004.
Portellus, Inc. is a privately held company based in Irvine, California providing web-based loan origination solutions to the mortgage industry. Portellus has successfully deployed the industry's only 100% web-based mortgage origination and management system. The system is comprised of an integrated platform that utilizes a stand-alone rules engine to enable automated product eligibility, risk-based pricing, underwriting, compliance and processing for all mortgage origination channels (retail, wholesale, and correspondent). For more information about Portellus, visit http://www.portellus.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.