Veros Delivers GMAC-RFC Propertywise(SM) for AVM Risk Management.--Lenders mitigate repurchase risk through the use of GMAC-RFC AVM AVM 1 Acute viral meningitis, see there 2 Arteriovenous malformation, see there strategies-- SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif. -- Veros Real Estate Solutions today announced the expansion of GMAC-RFC's Propertywise(SM) automated valuation model (AVM) cascade. Propertywise represents GMAC-RFC's proprietary risk strategy for its acceptance of AVMs, based on years of extensive research into AVM performance and validation. Earlier this year GMAC-RFC implemented new policies for the acceptance of Automated Valuation Models (AVMs) and now requires that loans sold to GMAC-RFC on select waived appraisal programs conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" GMAC-RFC's Propertywise specifications. Lenders that use AVMs in this approved manner may also benefit from lower collateral risk and decreased repurchase risk. The Propertywise AVM model runs on VeroSELECT, the state-of-the-art collateral risk management system developed by Veros. VeroSELECT gives lenders absolute control of collateral risk strategies with the secure selection, acceptance, and management of services, vendors, users and their own proprietary business processes. The intelligent, decision management platform provides access to a full range of collateral risk solutions, including AVM products, Broker Price Opinions, appraisal solutions, collateral fraud Noun 1. collateral fraud - fraud that prevents a party from knowing their rights or from having a fair opportunity of presenting them at trial extrinsic fraud fraud - intentional deception resulting in injury to another person tools, prequalification solutions and a host of hybrid products and services. Propertywise AVM strategies are continuously monitored and dynamically adjusted by GMAC-RFC through the use of the VeroSELECT real-time administration system. "This is exactly the role we expected VeroSELECT to play in the industry," said CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Darius Bozorgi. "Investors and lenders are becoming more proactive in making their risk strategies available to clients and the market at large. With VeroSELECT, GMAC-RFC can be confident that each client will be using AVMs in the same safe and secure manner and in accordance with their view of risk. Lender clients will get the benefit of increased transparency and lower collateral risk. It's a win-win for all parties." Veros has been offering the Propertywise AVM model to GMAC-RFC's approved lenders since last year. As part of its effort to responsibly increase AVM acceptance in the secondary market and in light of changing market conditions, GMAC-RFC has elected to lead the industry by linking external AVM selection with its own purchasing guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. . "GMAC-RFC is looking to expand our use of AVM-backed loan programs," said Susan Allen, Director of Collateral Risk for GMAC-RFC. "In order to do so, GMAC-RFC has opted to use its automated controls for the acceptance of AVMs. As a result, we're able to waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such certain value warranties made by lenders selling loans to our company when they have provided us with a Propertywise AVM certificate." About VeroSELECT VeroSELECT gained quick acceptance in the industry by making it possible for lenders to set up collateral valuation rule sets for AVMs based on a wide variety of criteria, including LTV LTV See: Loan-to-value ratio , credit, product type, geographic area (county, city, ZIP code zip code System of postal-zone codes (zip stands for “zone improvement plan”) introduced in the U.S. in 1963 to improve mail delivery and exploit electronic reading and sorting capabilities. , etc.), confidence scores, fraud scores or any number of user-defined variables, such as internal risk or collateral scores. Version 2.0 goes well beyond that by enhancing selection and acceptance criteria and allowing lenders to generate and automate rule sets for the other collateral valuation techniques. In addition, different rule sets can be built and applied to different channels or product types and run simultaneously across various programs or business units. About Veros 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 The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. through servicing and securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. . 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. For more information visit www.verovalue.com. |
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