Veros Gets Compliant with Freddie's Guidelines
Days after mortgage giant Freddie Mac (FRE) updated its guidelines relating to appraisals, risk management and property valuation service provider Veros Real Estate Solutions integrated full compliance into its risk-management platform. Among the "best practices" being implemented throughout the industry on Freddie's reccomendations is a strong push for lenders to use automated valuation models (AMVs), which bear a track record of accurate fraud detection and objective appraisal measurement, according to Veros. The company said the use of its Freddie-compliant AMV ensures the value of the property is supported and the risk of default is significantly minimized. "A key benefit of VeroSELECT relating to the recent Guide update is the ability to pull individual AVMs, or to build, run and audit proprietary or third-party AVM cascades and compare them to appraisals ordered through the valuation management system from any number of providers," said Veros president and CEO Darius Bozorgi in a company statement. "Users can order single property transactions or large volume bulk or batch orders and even manage multiple AVMs, preference tables and refined rules," he added. "These features ultimately enable faster, properly supported and more accurate valuation risk decisions." Write to Diana Golobay. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.