Veros' Platforms Named on UCDP Vendor List; Ready to Support Industry
Apr 15, 2011
Santa Ana, Calif. – April 15, 2011 – Veros Real Estate Solutions (Veros), an industry leader in enterprise risk management and collateral valuation services, has announced that its VeroSELECT and Valuation Risk Management (VRM) platforms are fully functional and ready to help lenders in all aspects of ordering, managing and delivering appraisals through the Uniform Collateral Data Portal (UCDP). Additionally, they will accept and process appraisals compliant with the Uniform Appraisal Dataset (UAD). These initiatives are part of the GSEs’ Uniform Mortgage Data Program (UMDP), a strategy to standardize and drive data quality to benefit the entire mortgage industry.
Fannie Mae and Freddie Mac (GSEs) announced Wednesday that UCDP will be live on June 27, 2011. According to the GSEs, appraisal report forms for all conventional mortgage loans delivered on or after March 19, 2012, must be submitted to the UCDP before the delivery date of the mortgage if the loan application is dated on or after Dec. 1, 2011 and an appraisal report is required. Veros and its related platforms have been named as approved solutions that enable the submission of electronic appraisal data to UCDP.
“The key to a good experience with UCDP is for lenders to get on board early and not wait until March 2012 to begin utilizing the program,” said Chris Gowen, sales vice president at Veros. “There is significant pre-work that needs to be accomplished in order to meet all GSE requirements. Having access to the system now provides opportunity for the necessary internal testing and process changes lenders need to work through to ensure smoothly running operations and on-time compliance with this mandate.
“VeroSELECT and VRM have been finely tuned and are ready to help lenders quickly and efficiently navigate UCDP for a successful outcome. These platforms were built to provide precise functionality in valuation risk management, as well as manage the entire collateral valuation process from start to finish.”
Participants will be able to utilize UCDP through a web-based portal to upload and browse files, or they can connect via a vendor provided solution, such as VeroSELECT and VRM. According to Gowen, vendor integration is a smart option for lenders and their designated agents concerned about loan volume and looking to automate their processes, as well as for lenders looking to add risk management capabilities to their workflow through the addition of analytics or automated reviews.
The GSEs will provide job aids, training programs and other resources to help lenders learn the system over the next few weeks. These tools can be accessed directly from the GSEs’ respective websites.
Veros is a significant provider of property valuation analytics, including automated valuation models (AVMs), automated fraud and risk analytics, as well as future value forecasting for the real estate and mortgage industry.
Veros was selected in 2010 by the GSEs as the technology provider to build, support and maintain the UCDP platform, which provides the electronic appraisal data delivery to the organizations.
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.