MortgageReal Estate

VA picks Veros to provide appraisal management services for VA loans

Veros tightens grip on government, GSE appraisal processes

Veros Real Estate Solutions already plays a big role in loans backed by the Federal Housing AdministrationFannie Mae, and Freddie Mac, and now, the company will be deeply involved in Department of Veterans Affairs mortgages as well.

Veros serves as the vendor for the FHA's electronic portal for appraisal reports and data submissions and also provides the portal service for Fannie Mae and Freddie Mac loans.

Now, Veros can add the VA to its client list as the VA has awarded its Appraisal Management Services contract to Veros. Through the contract, Veros will provide appraisal solutions as part of VA Home Loan Guaranty program.

Veros, a provider of enterprise risk management, collateral valuation services and predictive analytics, has been providing the appraisal portal service for the GSEs since 2011, and secured the FHA portal contract in 2014. And now, Veros is working with the VA as well.

According to details provided by Veros, the company will “work to improve the veteran’s home buying experience by focusing on efficiencies related to the appraisal scheduling, tracking and completion process.”

Beyond that, Veros states that it will work with the VA to “enhance collateral data collection, risk review analytics, and reducing the overall risk associated with VA loans.”

Jeffrey London, executive director of VA's Loan Guaranty Service, said that the department will be tapping into Veros’ previous government and GSE experience.

“We look forward to benefiting from the experience Veros has amassed in working with the GSEs and FHA,” London said.

Darius Bozorgi, president and CEO of Veros, said the company is looking forward to working with the VA and helping servicemembers and veterans buy homes.

“The Department of Veterans Affairs fulfills the American dream of homeownership for our nation’s veterans,” Bozorgi said. “It’s an honor for Veros to be selected for our valuation expertise and risk management capabilities to enable a more efficient VA loan process. Through our solutions and fueled by our admiration for those who have served our nation, we look forward to helping Veterans realize that dream.”

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