Santa Ana, CA – September 17, 2009 – Veros Real Estate Solutions, an industry leader in enterprise risk management and collateral valuation services, announced it has been selected by Fannie Mae (NYSE: FNM) as the technology provider for Fannie Mae’s Collateral Data Delivery (CDD) system.
Beginning March 1, 2010, Fannie Mae will require its lenders to submit full appraisal reports in electronic data format prior to loan delivery. In collaboration with Fannie Mae, Veros will be responsible for building, maintaining and supporting the CDD system, as well as handling direct lender integrations with the CDD system.
“Veros is honored to serve as the technology provider in this significant project to increase appraisal quality across the mortgage industry,” states Darius Bozorgi, president and CEO of Veros. “Fannie Mae is taking the leadership position in efforts that are long past due for capturing and analyzing collateral data.”
The implementation of CDD will enable a data-centric approach to better understanding collateral risk. In support of Fannie Mae’s requirements for appraisal data submission, Veros is collaborating with Fannie Mae to provide lenders with flexible alternatives to connect to CDD via a direct system-to-system XML integration or via a web-based portal through which appraisals can be submitted either individually or in bulk.
For additional information on Veros, valuation risk management systems, or the company’s diverse analytic product portfolio, visit www.veros.com or call (714) 415-6300. For additional information on Fannie Mae’s CDD system and related FAQs, visit www.efanniemae.com
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.