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Speeding Up Valuation Reviews
By Anthony Garritano
Santa Ana, Calif.-based Veros Real Estate Solutions, a provider of collateral risk analytics and decision systems, has released Valuation Review Management (VRM) system. Veros' fully-automated VRM system centralizes and streamlines complex workflows - as well as the associated products, analytics and data - resulting in significant cost reductions, productivity gains, and increases in overall review quality and accountability, touted Veros in a prepared statement.
Historically, whether the products involved were AVMs, appraisals or BPOs, collateral valuation review workflows were comprised of static, disconnected and largely manual-intensive systems. These separate and often incompatible processes required substantial resources, human intervention and management, all in an attempt to deliver results within competitive time and cost parameters. VRM delivers significant efficiency and review quality improvements that are achieved by connecting these systems, groups, products and resources while streamlining acceptance, the review process, communication, reporting and overall workflow.
"Our VRM allows mortgage stakeholders to maximize quality, speed, and productivity while minimizing risk and cost for greater profitability and competitive advantage. Our automated process saves valuable time so that expensive human resources are focused on valuation assignments," said Darius Bozorgi, president of Veros. Integrating and connecting multiple systems, products and information enhances quality by providing timely and central access to more accurate data that can be used to improve consistency, quality and accountability.
One of the many time-consuming operational tasks with traditional practice involves the selection, integration, and communication between third-party vendors and clients. Traditionally, large numbers of disconnected human resources were required to adequately manage the constantly changing policies with respect to the use, approval and distribution of work to third-party vendors.
Mr. Bozorgi explained that, "Veros solved this problem by drastically reducing vendor management issues through fully automated integration, product ordering and acceptance, and review allocation complemented by full system audit and tracking." These features allow real-time changes that immediately affect cost, efficiency and review quality. Veros' VRM system integrates with its VeroSELECT collateral risk management platform for front-to-back collateral risk management and review.
Veros Real Estate Solutions, provides enterprise risk management and collateral valuation services, combines predictive technology, data analytics and industry expertise to deliver automated decisioning solutions. Veros provides solutions to control risk and increase profits including automated and secured valuations, fraud and disaster risk detection, portfolio analysis, forecasting and next-generation collateral risk management platforms. Veros is headquartered in Santa Ana, Calif.
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