GSEs Pick Veros for Electronic Appraisal Submission Software
Fannie Mae (FNM) and Freddie Mac (FRE) selected Veros Real Estate Solutions to provide a software platform for electronic appraisal data delivery for the Uniform Collateral Data Portal (UCDP). The software platform is part of the government-sponsored enterprises' (GSEs) Uniform Mortgage Data Program (UMDP) announced on May 24. Veros is responsible for building, maintaining and supporting the UCDP system and manage lender access to the system, either through the software, or a Web-based portal. It is the latest in a series of moves by the Santa Ana, Calif.-based risk management and collateral valuation services developer to align its systems with the GSEs, a process that began last year after the implementation of the Home Valuation Code of Conduct (HVCC) and requirements that appraisal reports be submitted electronically into the Mortgage Industry Standards Maintenance Organization (MISMO) database. In June 2009, Veros updated its software to make it MISMO compliant. One month later, Veros made its software compliant with Freddie's updated appraisal guidelines. Then, in September 2009, Fannie picked Veros to develop the technology for the Collateral Data Delivery (CDD) system to enable lenders to electronically submit full appraisal reports prior to loan delivery. The CDD is the precursor to the UCDP. “Veros is honored to be an integral part of the project that takes the first step toward enhancing appraisal quality across the mortgage industry,” said Veros president and CEO Darius Bozorgi. “UCDP will have long-lasting positive effects for stakeholders from investors to lenders, appraisers and appraisal service providers with the ultimate beneficiary being the consumer.” Lender integration into the Veros UCDP will begin this fall. In addition, the GSEs will require seller-servicers to submit full appraisal reports in electronic data format prior to loan delivery, effective April 1, 2011. Those reports will be filed through the Veros UCDP. Write to Austin Kilgore. The author held no relevant investments.