VeroSELECT is fully compliant with new Freddie Mac and Fannie Mae
standards for appraisal delivery.
Santa Ana, CA – January 10, 2011 – Veros, an industry leader in collateral valuation technology, enterprise risk management and predictive analytics, announces that its VeroSELECT valuation management platform is ready to provide lenders with complete capabilities for ordering, managing and delivering their appraisal in compliance with the GSE requirements announced last month for the the Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP). These initiatives are part of the GSEs’ Uniform Mortgage Data Program (UMDP) to standardize and drive data quality to benefit the entire mortgage industry.
In an announcement made December 16th, the GSEs have indicated that delivery through the UCDP will be available in June 2011 with requirements in March 2012 for applications dated December 2011. The announcement provided new and updated resources to assist lenders and appraisers in preparing for implementation and the use of UAD and UCDP for pre-purchase delivery of appraisals in electronic format.
“In addition to industry-leading valuation management functionality from ordering to valuation review, Veros has incorporated new functionality to help participants comply with new investor requirements found in programs such as UAD and UCDP,” says Darius Bozorgi, Veros’ president and CEO. “The GSEs have taken a large step to standardize and drive data quality that benefits lenders, investors and homeowners and we at Veros view this as an important step toward bringing liquidity back to the mortgage market,” he notes. “Given the myriad of changes the industry must adapt to, we are ensuring that lenders using our VeroSELECT platform are ready for the new paradigm with the best possible valuation management tools well in advance of the newly announced dates.”
The new requirements from Freddie Mac and Fannie Mae define new specifications for appraisals, among them the UAD, which includes the data points required for a complete appraisal report and standardizes key data points. The agencies are responding to the magnitude of change required to achieve these important goals and their impact on a number of industry players. The agencies are also supporting early adoption of appraisal data standardization and are encouraging lenders to begin using the portal in their business processes prior to the December 1, 2011 application date and March 2012 required delivery date. “It is clear to us at Veros how important it is for lenders to be prepared for the new reality of delivering digital appraisals and loan files with new levels of granularity and standardization in order to provide transparency and revive investor confidence,” Bozorgi says. VeroSELECT, built from the ground up for precision in valuation risk management, provides a seamless way of getting there quickly, easily and inexpensively.
The VeroSELECT platform intelligently routes and returns appraisals and other valuation products for lenders, including appraisals, broker price opinions (BPOs), automated valuation models (AVMs), and automated risk, fraud, and data products. With its connectivity into investor portals, it can assist lenders in meeting investor compliance requirements and identify potential valuation concerns. VeroSELECT enables lenders to achieve regulatory and investor compliance through its flexibility to route valuation orders across multiple service sources, while tracking all transactions and data elements in a real-time, fully auditable reporting module. Whether it involves orders to numerous integrated AMCs or individual appraisers through its panel management module, VeroSELECT maintains complete appraisal management capabilities and maintains all data points from the valuation source, including a first-generation PDF of the entire report.
Bozorgi notes that VeroSELECT is not only available for connections between lenders, investors and servicers. “It’s important for valuation, fraud control and other vendors to ensure their clients have the capacity to order additional valuations and services and deliver them to investors,” he says. “We’ve made integrations with VeroSELECT easily available to help in that effort, and its online dashboards make it simple for all stakeholders in the process to always remain in the communication loop, from one end of the loan cycle to the other.”
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.