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Evolve Mortgage Services acquired the appraisal platform assets of Veptas Technology Solutions Inc. With the acquisition, Evolve is looking to offset a severe shortage of mortgage underwriters created by the current refinance cycle, according to a press release.
Veptas' platform enables home lenders to use technology to maintain appraisal independence requirements put in place following the financial crisis. Additionally, it performs quality assurance and quality control functions that would normally be handled by the loan underwriter.
"The historic refinance wave that the mortgage industry is experiencing has put a significant strain on limited underwriting resources and created a massive bottleneck in the loan production process," said Evolve Mortgage Services CEO, Paul Anselmo. "Evolve has made great strides in reducing the bottleneck through automation and by bifurcating the underwriting process and moving some functions to other skilled professionals in the process. The Veptas platform will enable us to automate QA and QC functions that had been performed by underwriters and accelerate loan production even more."