Veros, a provider of collateral valuation technology, enterprise risk management and predictive analytics, has announced 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 government-sponsored enterprise (GSE) requirements announced 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 Dec. 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,” said Darius Bozorgi, Veros’ president and chief executive officer. “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. 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 Fannie Mae and Freddie Mac 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 Dec. 1, 2011 application date and March 2012 required delivery date.
The VeroSELECT platform 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.
For more information, visit www.veros.com.