SANTA ANA, Calif., June 14 /PRNewswire/ -- Veros Real Estate Solutions, an industry leader in enterprise risk management and collateral valuation services, announced it has been selected by Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) as the technology provider for the Uniform Collateral Data Portal (UCDP). The portal will support electronic appraisal data delivery to the government-sponsored enterprises (GSEs) as part of the Uniform Mortgage Data Program (UMDP) announced on May 24, 2010.
The GSEs have announced that, to enhance their collateral risk management, they will require seller-servicers to submit full appraisal reports in electronic data format prior to loan delivery to either Fannie Mae or Freddie Mac, effective April 1, 2011. UCDP will serve as a centralized portal for these submissions. Veros was also selected in 2009 as the technology provider for Fannie Mae's Collateral Data Delivery (CDD) portal for submission of electronic appraisal data, and will assist with the transition of CDD users to the new UCDP.
Working with both Fannie Mae and Freddie Mac, Veros will be responsible for building, maintaining and supporting the UCDP system, as well as managing all lender connectivity to UCDP. In support of the appraisal data submission requirement, Veros is working with the GSEs to provide lenders with flexible alternatives to connect to UCDP via either direct system-to-system XML integrations or a web-based portal through which appraisals can be submitted individually or in bulk. Lender integrations to UCDP are scheduled to begin in the fall of 2010.
"Veros is honored to be an integral part of the project that takes the first step toward enhancing appraisal quality across the mortgage industry," states Darius Bozorgi, president and CEO of Veros. "UCDP will have long-lasting positive effects for stakeholders from investors to lenders, appraisers and appraisal service providers with the ultimate beneficiary being the consumer."
For additional information on Veros, valuation risk management systems, or the company's diverse analytic product portfolio, visit www.veros.com. For additional information on UMDP and UCDP, visit www.efanniemae.com or www.freddiemac.com.
About Veros Real Estate Solutions
Veros Real Estate Solutions, a proven leader in enterprise risk management and collateral valuation services, uniquely combines the power of predictive technology, data analytics and industry expertise to deliver advanced automated decisioning solutions. Veros products and services are optimizing millions of profitable decisions throughout the mortgage industry, from loan origination through servicing and securitization. Veros provides solutions to control risk and increase profits including automated valuations, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is headquartered in Santa Ana, California. For additional information on Veros, visit www.veros.com.
SOURCE Veros Real Estate Solutions