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Veros Real Estate Solutions
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Veros Real Estate Solutions's posts

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Veros joins forces with Ellie Mae to address today's appraisal ordering needs by providing the connection between lenders and their panel of individual appraisers. 

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Veros reports the U.S. housing market to continue overall modest gains - showing signs of strength and stability despite expected upticks in interest rate and inflation and, forecasting an overall annual forecast appreciation of +3.7% (up slightly from last quarter’s +3.5%). The insight comes from the company’s most recent VeroFORECAST, a quarterly national real estate market forecast for the 12-month period ending December 1, 2017. See report http://bit.ly/2j8EHug

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VeroFORECAST Reports: New Geographical Polarization Emerges as Modest Gains Continue into 2017 for US Housing Forecast 

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The Best & Worst Real Estate Markets: VeroFORECAST reports US housing market values will maintain the overall upward trend with annual forecast appreciation of +3.5% for the next 12 months.

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Experience the next generation of VeroSELECT, Veros' premier valuation management system. The new VeroSELECT platform takes valuation service access to new levels by automating and unifying access to the nation’s top performing AVMs and cascade management, and simplifies ordering of broker price opinions (BPOs) and property condition reports (PCRs) into one system. 

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Use of the UCD (Uniform Closing Dataset) collection system will be mandatory by late 2017. Lenders should be considering how to update their operations to accommodate this change. The critical question lenders are asking is how to get up and running with the next data-centric initiative, UCD. “The focus on standardized data, coupled with technology to collect the data, means lenders are living in a trust-but-verify reality with their investors.” Lenders who embrace the “data makeover” stand to gain significant operational efficiencies and improve their overall market position. Follow the data makeover challenge: http://bit.ly/2aW15XY

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“As of June 30, more than 115,000 appraisals had been received electronically. The daily volume of appraisals uploaded electronically grows exponentially every week. Since the mandate, we are hitting 5,000 to 6,000 per day now – and 76% of those are coming as a direct integration rather than a manual upload. This is the first step toward a full electronic case binder and a fully integrated data model to assist the FHA in validating and verifying compliance with its policies. Once the data is collected and analyzed, FHA risk analysts will have much better support for quality assurance. Veros built the portal and provided technical support for those lenders and venders that established a directly integrated solution for uploading appraisal to the portal. Veros provides a level of customer support for calls that are related to the technical finality of the portal,” states Robert Frazier, Dep. Dir. of Home Valuation Policy Division

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A look at EAD adoption post-mandate: Larger lenders who engaged with the portal prior to the mandate “are the lenders who comprise the lion’s share of FHA’s endorsement volume” while some lenders with only a few FHA loans have yet to either deliver an appraisal through the portal or sign up. The establishment of these portals for the capture of standardized data is clearly a sign of the times, and FHA has done the right thing in giving their lenders a long on-ramp.” – Chuck Rumfula, Senior VP of Strategic Initiatives tells Valuation Review http://ow.ly/5M2n302fYgx

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Today, VeroFORECAST releases Best & Worst residential market values: Bay Area weakens; Boston strengthens. See full forecast

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Hundreds of Lenders Still Haven't Used FHA Appraisal Portal - The deadline has arrived for mandatory submissions to the Federal Housing Administration's Electronic Appraisal Delivery portal, but as many as one-third of lenders that originate FHA-insured mortgages have yet to use the new system.
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