Veros Redefines Collateral Management with VeroSELECT 2.0
Oct 23, 2006
Unprecedented power, control and efficiency transcends industry capabilities
Santa Ana, CA - October 23, 2006 - Veros announces the release of VeroSELECT 2.0, a Collateral Management Solution, to deliver unprecedented full-service capabilities to the lending industry. With this release, VeroSELECT 2.0 has redefined collateral management by providing unlimited features, options and control within a customizable and well designed user interface.
VeroSELECT 2.0 gives lenders absolute control of collateral risk strategies with the secure selection, acceptance, and management of services, vendors, users and their own proprietary business processes. The intelligent, automated risk management platform provides access to a full range of collateral risk solutions, including property information, AVM products, BPO services, appraisal solutions, varying photo and condition reports, collateral fraud tools, prequalification solutions and hybrid products and services.
"Lenders understand collateral risk and have the right policies in force inside their institutions, but the vast majority lacks a management system capable of dynamically administering those policies consistently across the enterprise," said CEO Darius Bozorgi. "VeroSELECT 2.0 gives lenders the power to manage their AVMs, BPOs and appraisals all from one scalable platform."
VeroSELECT gained quick acceptance in the industry by making it possible for lenders to set up collateral valuation rule sets for AVMs based on a wide variety of criteria, including LTV, credit, product type, geographic area (county, city, ZIP code, etc.), confidence scores, fraud scores or any number of user-defined variables, such as internal risk or collateral scores. Version 2.0 goes well beyond that by enhancing selection and acceptance criteria and allowing lenders to generate and automate rule sets for the other collateral valuation techniques. In addition, different rule sets can be built and applied to different channels or product types and run simultaneously across various programs or business units.
Lenders familiar with traditional AVM cascades will appreciate the new versions ability to cascade down through AVM options and, if necessary, on into other collateral valuation products, each with its own cascade. Some consultants are already using VeroSELECT 2.0 to develop their own proprietary collateral risk management rule sets, which they then license to other lenders who use the system. These rule sets are then managed for the lender by the third party.
"Because lenders have traditionally been forced to rely on disparate systems to handle the entire collateral valuation process, it hasn't been easy for them to quickly and easily share the information required to automate this process," Bozorgi said. "Now, lenders can not only manage their valuation services and vendors for all of the products they use from a single system, but they can actually manage their collateral risk policy through that same system, by channel and by program."
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.