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Veros Real Estate Solutions, an industry leader in enterprise risk management and property valuation services, is leading the charge in announcing full compliance and support of Freddie Mac's updated seller/servicer guide, outlining new lender requirements and best practices. Veros confirms they provide all necessary services for Freddie Mac lenders to meet these recommended standards relating to automated valuation models (AVMs).
The July 10th Freddie Mac update references continued underwriting process deficiencies related to asset verification, appraisal quality and liability calculation. Freddie Mac is taking strides to promote sound underwriting and appraisal practices and has updated its Single-Family Seller/Servicer Guide requirements with new policies and recommendations. Among the best practices is a strong push for lenders to utilize AVMs and other tools as part of the origination or pre-funding quality control process to detect fraud and objectively measure accuracy of appraisals.
"AVMs have a proven track record in fraud detection and objective appraisal measurement," states Darius Bozorgi, president and CEO of Veros. "Through the use of our industry-leading VeroVALUE Automated Valuation Model, market risk analytic reports such as Veros' Collateral Integrity Analysis (CIA), or our proprietary and fully transparent VeroSELECT system, which provides multiple third-party AVMs and automated valuation services; users at all levels can ensure the value of the property is supported and the risk of default is significantly minimized."
Veros confirms its state-of-the-art enterprise risk management platform, VeroSELECT, is fully aligned with Freddie Mac's goals and will provide an efficient means for lenders to achieve investment quality. VeroSELECT provides access to a full range of collateral risk solutions including property information, AVM products (including Freddie Mac's HVE model), BPO services, appraisals, collateral fraud tools, prequalification solutions and hybrid products and services.
"A key benefit of VeroSELECT relating to the recent Guide update is the ability to pull individual AVMs, or to build, run and audit proprietary or third-party AVM cascades and compare them to appraisals ordered through the valuation management system from any number of providers," continues Bozorgi. "Users can order single property transactions or large volume bulk or batch orders and even manage multiple AVMs, preference tables and refined rules. These features ultimately enable faster, properly supported and more accurate valuation risk decisions."
"Fully automated and actionable decisions may be defined pursuant to identified threshold deviations between the AVM value and the appraisal value," explains Bozorgi. "These decisions may include referral for human review, a function also available on Veros' enterprise-ready advanced Valuation Risk Management (VRM) system."
For additional information on Freddie Mac and the updated Single-Family Seller/Servicer Guide requirements, visit www.freddiemac.com. For additional information on Veros, VeroSELECT, VeroVALUE, CIA or the company's diverse product portfolio, visit www.veros.com or call (714) 415-6300.
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.
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