Veros Successfully Connects First Lender to UCDP
Aug 16, 2011
The initial UCDP connection for a large lender made through Veros' VRM platform.
Santa Ana, Calif. – August 16, 2011 – Veros Real Estate Solutions (Veros), an industry leader in collateral valuation technology, enterprise risk management and predictive analytics, has announced the first successful integration of a mortgage lending client with the Uniform Collateral Data Portal (UCDP) through their Valuation Risk Management (VRM) technology platform.
The integration allows the lender to utilize the VRM platform to seamlessly order, route and review appraisals and other valuation products through internal process requirements with the added capacity to deliver compliant electronic appraisal report data to UCDP. As a result, the lender’s workflow now extends all the way from origination to secondary market delivery without ever leaving the application.
“VRM allows the lender to pull in data from their vendors, appraisal providers and expert review staff to provide the required data for any loans being delivered to the GSEs with the transparency required by management teams to monitor productivity, consistency and efficiency,” said David Rasmussen, senior vice president of operations for Veros.
Rasmussen stresses the importance of integrating with UCDP well before the deadline to help with a smooth transition. “I think lenders that begin utilizing the program now will have a more positive experience than those who wait to get started right before the deadline hits,” he said. “There are a number of business process considerations to be made before a full integration is possible. Starting this now will give you enough time to thoughtfully go through this effort and help ensure smooth operations.”
In 2010, Veros was selected by the GSEs as the technology provider for UCDP. In this role Veros is responsible for building, maintaining and supporting the UCDP system, as well as managing all lender connectivity. The company also provides its own valuation platform solutions, which are offered direct to lenders and vendors to manage the collateral valuation process and ultimately deliver compliant data to UCDP. These platforms include solutions for enterprise-level users with a need to fully automate the collateral valuation process, as well as solutions geared to assist companies that need additional appraisal quality control prior to UCDP submission and/or those with a higher delivery load than manual portal data entry resources could support. For more information, please visit www.veros.com.
Fannie Mae and Freddie Mac (GSEs) launched UCDP in June 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 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. The company is also a leading provider of automated valuation and risk management solutions offering platforms managing the entire spectrum of collateral valuation products while simultaneously monitoring workflow for compliance.
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, Calif. For additional information on Veros, visit www.veros.com or call (866) 458-3767.