Mortgage

Veros introduces new way to share appraisal information safely

Available for customers using its PATHWAY system

Veros Real Estate Solutions, introduces an appraisal sharing capability through its PATHWAY system-to-system connection the Uniform Collateral Data Portal without complicating the ownership of the appraisal document when it is time to securitize the loan.

According to the company’s press release, The PATHWAY system’s “Simply Smarter Appraisal Sharing” is now available to all customers who use PATHWAY to deliver their appraisal data to Fannie Mae and Freddie Mac (GSEs), and allows for fully integrated system calls making the process to share and retrieve appraisal data between third-party mortgage originators (or correspondent lenders) and loan aggregators easier and more secure.

“The ‘Simply Smarter Appraisal Sharing’ functionality provides a fully automated, reliable, and secure way for correspondents and aggregators with high-volume submissions to share appraisal information as it flows through the portals,” said David Rasmussen, senior vice president of operations for Veros.

“The enhancement consolidates appraisal sharing into one seamless process and provides both parties greater access to real-time UCDP appraisal status on a loan-by-loan basis,” Rasmussen added.

The release stated that loan aggregators are able to check the status, retrieve findings, and view submission summary reports with the most up-to-date data.

This mechanization removes the existing process of sharing appraisal files thru unsecured email, or generally outside of UCDP, and improves system productivity as compared to the manual retrieval of SSR data in the UCDP web interface.

“As many correspondents and aggregators may be aware, Veros is the official technology provider to Fannie Mae and Freddie Mac for the UCDP,” continues Rasmussen.

“As the technology provider for this important initiative, Veros was contracted to build this Correspondent functionality into the GSEs’ portal, we have now made similar functionality available in our proprietary system which is directly integrated to UCDP to provide a more automated approach to sharing,” said Rasmussen.

Earlier this year, the company, which already serves as the vendor for the Federal Housing Administration’s electronic portal for appraisal reports and data submissions, announced that offered a “preview” feature for its Electronic Appraisal Delivery portal.

Veros says it began offering a “preview” feature for the EAD portal submission to FHA, and that the EAD preview function is similar to that which Veros offers through its platforms for UCDP appraisals, but is specific to the warnings and hard stops published by FHA.

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