Veros Adds Appraiser Panel Management Capability with New Module for VeroSELECT Platform

Oct 25, 2010

VeroSELECT 3.0 now leverages lenders' preferred appraiser panel members while complying with Dodd-Frank requirements

Santa Ana, CA – October 25, 2010 - Veros, an industry leader in collateral valuation technology, enterprise risk management and predictive analytics, has launched Appraiser Panel Management, a functional component within its VeroSELECT platform giving lenders the flexibility to include appraisers from their own approved panels while remaining compliant with Dodd-Frank and FHA appraiser independence rules.

The VeroSELECT platform intelligently routes and returns appraisals and other valuation products, including appraisals ordered through appraisal management companies (AMCs), broker price opinions (BPOs), automated valuation models (AVMs), and automated risk, fraud, and data products, for lenders. With its connectivity into investor portals, it can assist lenders in meeting investor compliance requirements and identify potential valuation concerns. VeroSELECT enables lenders to achieve regulatory compliance through its flexibility to route valuation orders across multiple service sources, while tracking all transactions and data elements in a real-time, fully auditable reporting module. It also maintains all data points from the valuation source, including a first-generation PDF of the entire report.

With the new Appraiser Panel Management functionality, lenders can use VeroSELECT to electronically invite appraisers to join their network and directly send appraisal orders. This gives lenders the advantage of guaranteeing local proficiency while staying compliant with appraisal regulations. By being able to create and maintain their panels of approved appraisers as part of their ordering list, lenders can reduce their dependence on single vendors, keep response times high and reduce costs over the long term.

“Another advantage,” says David Rasmussen, senior vice president of operations for Veros, “is the ability for lenders to monitor service levels and maintain valuation quality at high levels. The system allows a measure of self-selection and lender control but at the same time retains vendor neutrality and regulatory compliance. Ultimately, all parties involved get what they are looking for.”

Rasmussen points out that VeroSELECT 3.0 offers direct to lenders and vendors the ability to order, route and review the full spectrum of collateral valuation products. Ultimately, delivering compliant electronic appraisals to the GSEs direct from VeroSELECT.

“VeroSELECT is appraiser friendly, features online dashboards to centralize communication, and is the perfect means for digital delivery of valuations,” Rasmussen notes. “Now, with the new panel management features, it offers our clients more flexibility and is expected to have a larger impact than ever.”

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, systems and services, integrated into industry leading companies, are now optimizing millions of profitable decisions throughout the mortgage industry from loan origination through servicing and the secondary markets. Veros provides solutions to control risk and increase profits including automated valuations, fraud and risk detection, portfolio analysis, forecasting, and next-generation property valuation workflow and risk management platforms. Veros is headquartered in Santa Ana, Calif.

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