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""Veros"":http://www.veros.com, a California-based provider of collateral valuation technology, enterprise risk management and predictive analytics, announced Monday that its VeroSELECT valuation management platform now gives lenders the[IMAGE] ability to order, manage, and electronically deliver appraisals in compliance with the new requirements mandated by ""Fannie Mae"":http://www.fanniemae.com and ""Freddie Mac"":http://www.freddiemac.com for 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. 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.
""Veros has incorporated new functionality to help participants comply with new investor requirements found in programs such as UAD and UCDP,"" said 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.""
Bozorgi added, ""Given the myriad of changes the industry must adapt to, we are ensuring that lenders using our
[COLUMN_BREAK]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 specifications for appraisals, and the agencies 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 said.
According to Veros, VeroSELECT 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.
It can assist lenders in meeting investor compliance requirements and identifying potential valuation concerns.
It also allows lenders to achieve regulatory and investor compliance through its flexibility to route valuation orders across multiple service sources while tracking transactions and data elements in a real-time, auditable reporting module.
VeroSELECT maintains all data points from the valuation source, including a first-generation PDF of the entire report.
""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,"" Bozorgi said. ""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.""
