VeroINSIGHT Provides Property Condition Report to Address Regulator Requirements
Sep 21, 2011
Veros and JVI Solutions, LLC launch comprehensive property inspection product.
Santa Ana, Calif. – September 21, 2011 – Veros Real Estate Solutions (Veros), an industry leader in collateral valuation technology, enterprise risk management, and predictive analytics, and JVI Solutions LLC (JVI), specializing in appraisal, inspection and education, announce the launch of VeroINSIGHT, a comprehensive property condition report directly addressing regulatory guidance surrounding collateral evaluations.
VeroINSIGHT goes beyond existing products by uniformly capturing aspects of the property's current condition, as well as its general marketability. Not available in any other report, VeroINSIGHT has adopted the Uniform Appraisal Dataset (UAD) rating system and definitions surrounding property condition and quality. The inclusion of these specific UAD codes will signal a clear description of the property at a specific point in time.
"The partnership between Veros and JVI creates an exclusive advantage through VeroINSIGHT for those who are concerned about their existing processes holding up in an audit against the Interagency Appraisal & Evaluation Guidelines," said William E. King, director of valuation initiatives for Veros. "By benchmarking decisions on a ratings system established by government-sponsored enterprises, VeroINSIGHT clients have a deeper level of confidence knowing their vendors are speaking the same language as regulators and investors."
VeroINSIGHT is designed to help lenders, insurers, and other stakeholders make specific valuation decisions by providing verification of property condition through external and/or internal inspections, input on neighborhood marketability and with current photographs of the subject property. The report is completed by a field service inspector and fills a gap between over-purchasing property evaluation service when full appraisals or broker price opinions may not be necessary and not having enough data for regulators in the event of an audit.
"Veros' widespread real estate experience coupled with JVI's established nationwide inspection product line will only strengthen the quality and accuracy of the service we provide together," said Ron Nation, chief executive officer of JVI Solutions.
Distinct benefits of VeroINSIGHT include:
- Utilizing the ratings and definitions for condition and quality as established under UAD that are uniformly accepted by Freddie Mac, Fannie Mae, Ginnie Mae, as well as the Department of Housing and Urban Development (HUD).
- Not requiring integration so clients can be up and running almost instantly.
- The potential to be paired with an AVM for enhanced valuation decision-making.
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 offers valuation platform solutions to lenders, servicers, investors and vendors, allowing users to order, route and review the full spectrum of collateral valuation products. 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. For additional information, visit www.veros.com or call (866) 458-3767.
About JVI Solutions
JVI Solutions, LLC is a professional, minority-owned, appraiser founded and operated vendor management organization. The company specializes in appraisal, inspection and educational problem solving by providing origination, REO, analytic and alternative valuation products and inspection services. Over the past decade, JVI has built a nationwide appraisal and inspection platform that serves public and private organizations alike. JVI services span all aspects of the financial services industry, whether the assets are performing, non-performing, or require analytical and alternative valuation and inspection services. JVI Solutions, LLC is headquartered in Lake Mary, Florida. For additional information, visit www.jvisolutions.com or call (877) 531-5333.