Veros Real Estate Solutions, which makes valuations software for the real estate and mortgage banking industries, reports that its Sapphire solution is the first valuation management platform to offer connection to the Federal Housing Administration's (FHA) electronic appraisal delivery (EAD) portal.
In addition, the appraisal-order interface provides direct connection to Fannie Mae and Freddie Mac's Uniform Collateral Data Portal (UCDP), enabling lenders to submit appraisals to either portal through a single system.
Whether a lender orders appraisals via a managed panel, an appraisal management companies, or both – and whether the lender sells their loans to Fannie Mae, Freddie Mac, insures through FHA or holds in their own portfolio – Sapphire is equipped to manage the appraisal procurement and quality control process in a central system with highly auditable reporting, Veros says in a press release.
‘The Sapphire platform allows users to transition seamlessly through the appraisal order, management and quality control processes while combining flexible reporting and vendor management tools,’ says David Rasmussen, senior vice president of operations for Veros. ‘This is a system designed to connect lenders to all their valuation providers and portals in an automated, while still highly controlled, manner.
‘Electronic submission of appraisals is mandated by the GSEs and will be mandated by FHA in the near future,’ Rasmussen adds. ‘Customers using Veros' proprietary solutions, such as Sapphire, can be confident that the expertise and experience that Veros implements in building and supporting the portals is equally applied to the development of its own technology.’
Veros announced in May that its system-to-system integration offering, Pathway, is now also able to deliver appraisals to EAD. As such, both Sapphire and Pathway now provide customers with the ability to submit to either portal, and offer quality control tools including UCDP ‘Preview’ and integration with the company's automated appraisal scoring tool, VeroSCORE.