Evolve Mortgage Services, a top provider of outsourced mortgage solutions, has acquired the appraisal platform assets of Veptas Technology Solutions Inc., which will help Evolve offset the severe shortage of mortgage underwriters that has been created by the current refinance cycle.
The Veptas platform streamlines appraisal ordering and enables home lenders to utilize technology to adhere to appraisal independence requirements put in place following the financial crisis. In addition, it performs quality assurance and quality control functions that are typically handled by the loan underwriter. Evolve acquired the platform from Veptas Holdings Inc., the parent company of Veptas Technology Solutions and AiCurio. A name change is being made by Veptas Holdings Inc. to AiCurio Holdings Inc.
“The historic refinance wave that the mortgage industry is experiencing has put a significant strain on limited underwriting resources and created a massive bottleneck in the loan production process,” Evolve Mortgage Services CEO Paul Anselmo said. “Evolve has made great strides in reducing the bottleneck through automation and by bifurcating the underwriting process and moving some functions to other skilled professionals in the process. The Veptas platform will enable us to automate QA and QC functions that had been performed by underwriters and accelerate loan production even more.”
Terms of the transaction, which is classified as an asset sale, were not disclosed. Bill Reese,the head of operations at Veptas Technology Solutions, joined Evolve as part of the deal.
“We have enjoyed working with Paul and his team at Evolve,” Lester Firstenberger, CEO of AiCurio, said. “The sale of Veptas Appraisal Technology assets will enable us to focus on our artificial intelligence, machine learning and portfolio analytics technology.”