Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Fannie Mae, Freddie Mac, USPAP
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 09-17-2009, 11:18 AM
fifteen fifteen is offline
 
Join Date: Nov 2008
State: Washington
Professional Status: Certified Residential Appraiser
Posts: 2,561
Default Veros Real Estate Solutions

Anybody hear of this? or them? FNMA going to far?

SANTA ANA, Calif., Sep 17, 2009 (BUSINESS WIRE) -- Veros Real Estate Solutions, an industry leader in enterprise risk management and collateral valuation services, announced it has been selected by Fannie Mae (FNM) as the technology provider for Fannie Mae's Collateral Data Delivery (CDD) system.
Beginning March 1, 2010, Fannie Mae will require its lenders to submit full appraisal reports in electronic data format prior to loan delivery. In collaboration with Fannie Mae, Veros will be responsible for building, maintaining and supporting the CDD system, as well as handling direct lender integrations with the CDD system.
"Veros is honored to serve as the technology provider in this significant project to increase appraisal quality across the mortgage industry," states Darius Bozorgi, president and CEO of Veros. "Fannie Mae is taking the leadership position in efforts that are long past due for capturing and analyzing collateral data."
The implementation of CDD will enable a data-centric approach to better understanding collateral risk. In support of Fannie Mae's requirements for appraisal data submission, Veros is collaborating with Fannie Mae to provide lenders with flexible alternatives to connect to CDD via a direct system-to-system XML integration or via a web-based portal through which appraisals can be submitted either individually or in bulk.
For additional information on Veros, valuation risk management systems, or the company's diverse analytic product portfolio, visit or call (714) 415-6300. For additional information on Fannie Mae's CDD system and related FAQs, visit .
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, integrated into industry leading companies, are now 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, Calif. For more information visit or call Veros at (714) 415-6300.

http://www.veros.com/realestate.html
Sponsored Links

  #2  
Old 09-17-2009, 11:30 AM
Randolph Kinney Randolph Kinney is offline
 
Join Date: Apr 2005
Location: SoCal
State: California
Professional Status: Certified Residential Appraiser
Posts: 19,829
Default

You know that lenders have to pass the Veros AVM appraisal test before submitting the loan package.

AMCs are going to be making more stipulations on the appraisal to explain why their appraisal does not pass the Veros AVM test.

Lenders are going to be waiting until the appraisal passes the Veros AVM test before funding the loan.

The borrowers are going to be waiting an extra long time for that loan to close.

In effect, the appraisal becomes an appraiser assisted AVM. All that data and justification gets fed back into the AVM.

Oh, don't expect a fee increase for appraisers; if anything, there will be a charge for using the Veros AVM system paid by the appraiser.
  #3  
Old 09-17-2009, 12:07 PM
Diane Lagrou's Avatar
Diane Lagrou Diane Lagrou is offline
 
Join Date: Dec 2005
Location: North Canton, OH
State: Ohio
Professional Status: Certified Residential Appraiser
Posts: 329
Default

Fifteen & others ~ What is your take on this new info. Data mining? Not having to use appraisers or appraisals?
  #4  
Old 09-17-2009, 12:20 PM
fifteen fifteen is offline
 
Join Date: Nov 2008
State: Washington
Professional Status: Certified Residential Appraiser
Posts: 2,561
Default

What randolf just said. It's going to cost us to use that system and it's a significant increase in the use of AVM's and ripping our data.

Quote:
Originally Posted by Diane Lagrou View Post
Fifteen & others ~ What is your take on this new info. Data mining? Not having to use appraisers or appraisals?
  #5  
Old 09-17-2009, 04:57 PM
Denis DeSaix Denis DeSaix is offline
 
Join Date: May 2005
Location: Northern California
State: California
Professional Status: Certified General Appraiser
Posts: 14,837
Default

I'm familiar with Veros. They are an AVM and quality control vendor located in SoCal.
I have been a client of theirs in the past when we had need to do large portfolio valuation using AVM products. And, they are the host to PMC (Predictive Methods Conference), an annual conference focusing on real estate valuation technology.
By the way, at every conference of theirs I've attended (four) they have been consistent in their expression that an appraisal by a qualified appraiser is the "gold standard" of valuation. Obviously they provide valuation services as an alternative to or supplement of appraisals.

The notice of the GSEs moving toward a standardized appraisal delivery process is not new. What may not be well known is that for a while, lenders and the GSEs have been working on a way to standardize the qualitative analysis portion of the appraisal so that the quality rating can be quantified (Good = 5, Average= 3, etc.). The challenge of AVM vendors in using appraisal data for their AVM models is that qualitative components are not standardized (what is "good" from my perspective may be "average" from yours).
As it stands right now (based on my understanding) it is too labor intensive and not technically practical for a data miner to extract a qualitative rating from appraisal reports and translate them into a quantitative ranking. Once a standardized rating system can be agreed upon, tested and implemented, then appraisal reports will be extremely valuable as far as data sources.

So, I think the Fannie/Veros announcement is part of the above process.
Another forumite had posted in an HVCC thread that she attended a recent AI course on the HVCC and the instructor brought up the standardization process was moving forward.
  #6  
Old 09-17-2009, 07:10 PM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
Join Date: Sep 2003
Location: Southern Hudson Valley
State: New York
Professional Status: Certified Residential Appraiser
Posts: 28,044
Default

15-20% +/- valuation variance on a $500,000. property is "reliable" instilling "confidence"?????

15-20% +/- "" "" " " $250,000. property ????????????????????


OH ?


http://www.veros.com/confidence_score.html
__________________
Kill the Contract Review Bull$eye - Now.
  #7  
Old 09-18-2009, 10:02 AM
Howard Bouchard Howard Bouchard is offline
 
Join Date: Dec 2004
Location: Spokane
State: Washington
Professional Status: Certified Residential Appraiser
Posts: 171
Default

"Appraisers replaced by AMC AVM's : Timeline, less than 2 years." Quoted from above.

It has already happened you just don't know it yet. That's why most appraisal assignments these days are much more difficult and complex, all the easy ones are AVM/BPO. All in the name of cheap credit for the consumer, but I'd bet there are still plenty of lender fees on the HUD. See thread below.

http://appraisersforum.com/showthread.php?t=160525
  #8  
Old 09-18-2009, 12:13 PM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
Join Date: Sep 2003
Location: Southern Hudson Valley
State: New York
Professional Status: Certified Residential Appraiser
Posts: 28,044
Default

Howard re both the other one and this - it goes to the authorization to utilize "alternative" valuations written into Title XI FIRREA 1989. First step - second step was increasing the DeMinimus to $250000. Considering the CURRENT Median SFR Price is under $200000. (and was back then) - the Lobbyists who own the Subcommitte started dancing their jig 20 years ago and haven't stopped.


2009 Median Home Price Falls to $169,000, NAR Reports - THERE HAS BEEN NO REDUCTION IN THE DEMINIMUS

http://blogs.wsj.com/developments/20...0-nar-reports/

1989 http://www.census.gov/const/pricerega.pdf BY REGION

1989 120,000 159,600 108,800 96,400 139,000 148,800 188,600 130,600 123,100 173,900
__________________
Kill the Contract Review Bull$eye - Now.

Last edited by Mike Kennedy : 09-18-2009 at 12:20 PM.
  #9  
Old 09-19-2009, 12:00 PM
mike32716 mike32716 is offline
 
Join Date: Jan 2003
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 377
Default

While Veros has their own AVM and QC products their contract with FNMA is limited to setting up the systems for appraisals to be submitted in the MISMO XML standard. Veros sells risk management tools and is not limited to the real estate industry. I seem to remember reading that there were a couple of other technology providers too. FNMA has their own AVM engine which will get an additional feeding from our MISMO XML compliant appraisals. I doubt that Veros will be getting any kind of advantage over other AVMs unless they steal the XML data.
  #10  
Old 09-21-2009, 10:57 PM
john brown john brown is offline
 
Join Date: Nov 2002
State: California
Professional Status: Certified Residential Appraiser
Posts: 122
Default

For the last couple of months, I heard from a couple of lenders that an AMC / tech compnay was contacting lenders (sellers to Fannie) to let them know that they were the "preferred" AMC for Fannie Mae and would be building the Fannie Mae Appraisal XML CDD (Collateral Data Delivery) system. Wonder of Wonders.

Based on the information on veros's public website , there is no indication if this company is SAS-70 Type II audit certified (SEC requirement for publicly traded companies using service providers for significant data), PCI Level certified (data security) or any independent software development certifications such as Software Engineering Institute's (SEI) Capability Maturity Model (CMM) Level 5 rating.

Anyone dealing in vendor management of this scale of project and especially for Fannie Mae would require the contractor to have all the above qualifications, for a prior considerable period of time, as part of their basic due diligence. Wonder which other software development firms were invited, if any ?

Interesting developments .... Watch and wait I guess.
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 07:46 AM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93