Simi Valley, California--based AVMetrics has selected Santa Ana, California--based Veros Real Estate Solutions as distributor of its CornplianceTRACK automated valuation model (AVM) offering. Lenders and other mortgage stakeholders looking to stay compliant with their regulators' requirements governing the use of AVMs will find the task easier with AVMetrics' selection of Veros, according to the company.
AVMetrics' ComplianceTRACK is an inclusive cascading preference table combining the expert analysis and validation of AVMs into logical ordering rules, and is complete with documented due diligence, user reporting and validation required to meet regulatory expectations.
AVMetrics selected Veros as its distributor after a lengthy request for proposal (RFP) process that drew responses from AVM distributors throughout the industry. Veros, a provider of collateral valuation management software and tools for the real estate and mortgage markets, will distribute the AVMetrics offering via a Web-based interface, system-to-system XML integration or portfolio (batch) order.
In order to maintain the necessary objectivity of the preference table, Veros, also an AVM developer, remains completely removed from the AVMetrics evaluation, maintenance and rules-management processes.
"The validation of automated valuation models, including those of our competitors, is good for Veros and good for the industry," said Darius Bozorgi, Veros' chief executive officer.
"ComplianceTRACK is exactly the kind of tool the industry needs to satisfy the requirements of regulators for independent testing, analysis and monitoring of AVMs, and without the often prohibitive additional expense of...