Join us on LinkedIn Follow us on Twitter Like us on Facebook
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation6

Evolve Mortgage Services acquires Veptas Technology Solutions

Add This Email A Friend Printer Friendly Version Increase Text Size Decrease Text Size
0 comments
Industry Spotlight
Thursday, December 17, 2020
Evolve Mortgage Services has acquired the appraisal platform assets of Veptas Technology Solutions, Inc. Financial terms of the sale were not disclosed.

Bill Reese, head of operations at Veptas Technology, joined Evolve Mortgage as part of the deal.

Evolve Mortgage, based in Frisco, Texas, is a provider of outsourced mortgage solutions. It has experience in loan origination and post-closing services; institutional, whole loan, and servicing acquisition due diligence; collateral recovery HMDA and forensic compliance reviews; whole loan sales, agency deliveries; and securitizations. Evolve said the assets acquired from Veptas Technology will help it “offset the severe shortage of mortgage underwriters that has been created by the current refinance cycle.”

“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 in a release.

“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,” he continued. “The Veptas platform will enable us to automate QA [quality assurance] and QC [quality control] functions that had been performed by underwriters and accelerate loan production even more.”

Veptas Technology, held by Veptas Holdings Inc., soon to be AiCurio Holdings, Inc., uses artificial intelligence to identify loans with credit and collateral for refinances and additional credit opportunities. The company also provides actionable intelligence and insights on loan decisioning opportunities and remedies.

The platform bought by Evolve Mortgage streamlines appraisal ordering and enables home lenders to utilize technology to adhere to appraisal independence requirements put in place following the financial crisis. It also performs quality assurance and quality control functions typically handled by an underwriter.

“We have enjoyed working with Paul and his team at Evolve,” AiCurio CEO Lester Firstenberger said. “The sale of Veptas Appraisal Technology assets will enable us to focus on our artificial intelligence, machine learning and portfolio analytics technology.”

Today's other top stories
Final rule on civil money penalty inflation adjustment issued
NAFCU adds to regulatory compliance team
Fannie improves its economic forecast
FDIC appoints first chief innovation officer
FHFA releases 2021 scorecard


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 1359 times.

Monthly Newsletter

Dodd Frank Update March 2021

Cover Story:

CFPB releases supervisory highlights on prioritized assessments


Tweets from @DoddFrankUpdate/lists/industry-news
News by Topic   News by Edition   News by Agency   News by Industry   Special Reports   Webinars
Banking
Case Law
Consumer Protection
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
 
Dodd Frank Update December 2020
Dodd Frank Update January 2021
Dodd Frank Update February 2021
Dodd Frank Update March 2021
Archives
 
CFPB NCUA
CFTC OCC
FDIC OFR
FHFA SEC
FRB States
FSOC Treasury
FTC  
 
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Investment Adviser
Land Title
Mortgage
Mining and Manufacturing
Payday Lending
 
State of the Industry
Mortgage Technoloy
New Rules of Compliance
CFPB Anniversary
The New GSE Focus
Archives
 
Getting to Know Your Regulators
RESPA Section 9
Economic Forecast - Q1
Streamlining the HMDA Process
Archives

Library   About   Subscribe   Store
The Dodd-Frank Act Position Papers
Dodd-Frank Summary & History Legislation
Court Actions Regulations
Enforcement Documents Reports, Studies and Surveys
Guidance Documents Federal Register Notices
White Papers  
 
Dodd Frank Update
Contact / Editors
Advertise
Social Media
Are You An Expert?
Subscriber Agreement
 
Subscriptions
Free Email Updates
Try a Free Edition
 
NS3 The Summit
Other Newsletters
The Title Report
The Legal Description
Valuation Review
RESPA News
Copyright © 2011-2021 Dodd Frank Update
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.doddfrankupdate.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> The Legal Description
> RESPA News
> The Title Report
> Valuation Review
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
EDITION
AGENCY
INDUSTRY
SPECIAL REPORTS
LIBRARY
WEBINARS
EMAIL UPDATES
ABOUT
SUBSCRIBE
Banking
Case Law
Consumer Protection
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
CFPB
CFTC
FDIC
FHFA
FRB
FSOC
NCUA
OCC
OFR
SEC
States
Treasury
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Investment Adviser
Land Title
Mortgage
Mining and Manufacturing
Payday Lending
2021 State of the Industry
2020 Mortgage Technology
New Rules of Compliance
2020 CFPB Anniversary Report
The New GSE Focus
Archives
The Dodd-Frank Act
Dodd-Frank Summary
Court Actions
Enforcement Documents
Guidance Documents
White Papers
Position Papers
Legislation
Regulations
Reports, Studies and Surveys
Federal Register Notices
Proposals
Final Rules
GAO
Agency
Getting to Know Your Regulators
RESPA Section 9
Economic Forecast Series - Q1
Streamlining the HMDA process
Webinar Archives
Contact Us
Advertise
Social Media
Are You An Expert?
Subscriber Agreement