Veros Real Estate Solutions
and a la mode, inc.
have combined forces and integrated appraisal technologies into one cohesive management platform, outlining the next step in a government initiative to improve the quality of the loans it purchases from originators.
The integration of VeroSELECT and Valuation Risk Management (VRM) with Mercury Network's vendor management platform, connects Veros' clients with the largest network of real estate appraisers and appraisal management companies.
“This integration with Veros perfectly positions our two companies to achieve several of our shared priorities, such as forward-thinking compliance, and high-quality finished appraisal reports," said Adam Calvery, a la mode's president of mortgage solutions. "We’re excited about the implications this development has for our respective customers.”
In June, the government-sponsored enterprises chose Veros to develop a software platform
for electronic data delivery for the Uniform Collateral Data Portal (UCDP). The platform is part of the Uniform Mortgage Data Program
(UMDP), designed to transmit and receive consistent and accurate data for loan originations by Fannie Mae
and Freddie Mac
The program was announced in May
and the software platform will be in full effect by Sept. 1, 2011.
The software services will support real-time appraisal order placement, appraisal order payment processing, status updates throughout the order cycle, and delivery of the completed appraisal report in the Mortgage Industry Standards Maintenance Organization (MISMO) 2.6 format.
The plug-in between Mercury Network and Veros provides platform users with the ability to connect to the appraiser’s desktop software as well as place orders directly to AMCs using Mercury Network as their vendor management platform.
The GSEs already began taking measures to ensure honest and accurate origination and processing of government-backed loans. The Federal Reserve
issued a restriction on originator's compensation
to prevent lenders from increasing the price of a property to receive a bigger commission. On Sept. 1, Fannie Mae's ban on appraisal cutting
took effect. The GSE also said it would start charging servicers for untimely foreclosure proceedings.
Write to Christine Ricciardi