Citizen’s Equity First Credit Union Automates Appraisal Program with Veros’ Sapphire
Feb 26, 2013
Appraisal management technology platform dramatically improves on manual valuation processes
SANTA ANA, Calif. – Feb. 26, 2013 – Veros Real Estate Solutions (Veros), an industry leader in collateral valuation technology, enterprise risk management and predictive analytics, has announced that Citizen’s Equity First Credit Union (CEFCU) has implemented Veros’ innovative valuation management platform, Sapphire.
CEFCU sought out a comprehensive residential valuation platform that would assist their team in automating their fully manual appraisal management process. “Sapphire has made an inefficient part of our business very efficient, and has provided my staff with the ability to more easily track the progress of our appraisal orders,” says CEFCU’s First Mortgage Operations Manager Sara Blackburn.
Sapphire is a web-based platform for complete collateral valuation management, offering numerous options that deliver Sapphire’s signature “structured flexibility” so lenders can configure the system to their organization’s needs. The core platform includes comprehensive order, review, and reporting functions, which are delivered in a seamless and user-friendly interface. Citizen’s Equity First Credit Union and many other lenders have been struggling with labor-intensive appraisal management processes for years, and taking the complexity out of the equation was a Veros priority.
“Our goal in creating Sapphire was to deliver the most complete experience while doing away with the complex interfaces that require significant training or lengthy customization cycles,” reports David Rasmussen, Veros’ senior vice president of operations. “What lenders can learn from CEFCU’s experience is that automating their valuation process does not have to be as difficult as they might expect.” Rasmussen notes that Sapphire has quickly enabled CEFCU to automate the process from appraisal order to GSE submission via the Uniform Collateral Data Portal (UCDP). He also points out that the technology has helped lenders of all sizes realize significant savings through features that eliminate duplicate orders and other typical manual errors.
“The response we’ve received since the introduction of Sapphire has been overwhelmingly positive,” Rasmussen says. “We’re addressing lenders’ needs for a stable, efficient and intuitive platform, with the backing of our renowned customer service team.”
Appraisers have also noticed the difference with Sapphire’s user-friendly technology. “We’ve received enthusiastic feedback from the appraisal community,” Rasmussen says. “They are busy professionals and benefit from savings in time and effort just as lenders do from using the technology.” One of CEFCU’s panel appraisers, Kim Watson, from Glassey & Glassey Appraisals of Pekin, Illinois, commented after using Sapphire, “VERY EASY! Very user friendly.”
Known for its technology and innovation, Veros received award recognition for its efforts in the creation of the Uniform Collateral Data Portal, which delivers appraisals electronically to the GSEs. The company is also a leader in automated valuation model (AVM) products and AVM compliance testing tools, as well as automated fraud and risk analytics. Veros publishes VeroFORECAST quarterly, an essential future value forecasting report for the real estate and mortgage industries.
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. The company is headquartered in Santa Ana, Calif. For more information, visit www.veros.com.