Veros recognized for electronic appraisal data delivery and data standardization efforts ushering in a new era in valuation quality and collateral transparency
Atlanta, GA – October 25, 2010 – Veros Real Estate Solutions, an industry leader in enterprise risk management and collateral valuation services, has been named the 2010-11 winner of the Mortgage Technology magazine Synergy Award at the yearly awards ceremony held during the Mortgage Bankers Association 97th Annual Convention & Expo in Atlanta. This prestigious award celebrates the most impressive technology initiatives or alliances that “show exemplary interoperability in a production setting to advance the cause of automation and e-commerce,” as judged by a panel of the publication’s senior editors. Veros was recognized for its efforts in building an electronic appraisal delivery portal, a groundbreaking achievement that provides an industry standard for delivering appraisals in a uniform electronic format to mortgage investors.
The new platform ushers in a new era of appraisal quality and collateral transparency for the mortgage industry at a time when investors are demanding change to the old paper-based processes and their inherent imprecision. Veros was selected by Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) as the technology provider for the Uniform Collateral Data Portal (UCDP), part of the Uniform Mortgage Data Program (UMDP) announced by the FHFA on May 24, 2010. As one of the many testimonials supporting the award nomination from industry executives noted, “The synergies and change that will be brought about by Veros’ efforts building the collateral delivery platform cannot be overstated. This technology will allow complete data discovery for investors and analytics that were simply not practical before.”
“We are honored to receive this very important award,” says Darius Bozorgi, Veros’ president and CEO. “The mortgage business needs significant developments like this to ensure investor confidence and provide continued liquidity to this essential American industry,” he notes. “We built the system to maximize data integrity, allow unmatched analysis, help discover fraud and deception, and safeguard investors and homeowners alike. It is tremendously gratifying for the entire Veros team to be recognized for this effort and I am delighted to accept this award on their behalf.”
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. Veros is headquartered in Santa Ana, Calif.