Mortgage industry veteran, Tony Meola has joined the Board of Directors of Veptas Holdings Inc., the parent company of Veptas Technology Solutions Inc., and AI Curio Inc. Meola is a nationally recognized executive leader of numerous residential mortgage operations including those at Bank of America, PNC, and Morgan Stanley. As a director on the Board, Meola will additionally focus on developing strategic relationships for the company's technologies and services, Veptas said in a statement.
“We are very pleased to have an individual of Tony’s caliber and experience join our Board,” stated John Iatesta, CEO, Veptas. “Tony is uniquely qualified to assist Veptas in rolling out our technologies to the residential mortgage industry and reading the pulse of the marketplace.”
Veptas' services include a fully automated self-serve platform that uses Artificial Intelligence, Complexity Scoring, Automated Process Management, Assignment Logic, Appraiser and Appraisal Report Card Scoring, Rules-based Quantitative and Qualitative reviews within a three-factor QC/QA process and a third party accountancy to smooth the process flow in appraisals.
“I am very excited to join the Veptas Team,” Meola said. “The technologies that have been developed at both of the operating entities are world class. The efficiency in terms of both time savings and quality control of the appraisal process, combined with the scalability to support the largest national lenders really positions the Veptas Appraisal Portal ideally to revolutionize this space in the industry.”
The company's process automation technology allows the platform to be Dodd-Frank compliant and its partners pay on average 30 percent higher fees to their appraisers within a competitive AMC cost structure resulting in significantly reduced turn times and delivery of higher quality appraisals.
“The AI-Curio technology is an innovative and unique AI platform that features a data normalization tool that will enable reliable and accurate data validation - something that historically has been a significant issue in dealing with portfolio acquisitions and legacy data for financial institutions. Finally, let me say that the portfolio surveillance capabilities of the AI platform integrated with both the credit and collateral attributes brings a powerful offering to the market unlike any other. I am looking forward to this journey with the Veptas Team,” Meola said.