According to the Federal Housing Finance Agency, today’s Appraisal Management Companies (AMCs) are not bringing value to the market. AMCs expose inefficiencies in the appraisal process and apply fees that impact quality and create risks that could easily be avoided.
For Veptas, we aim to cut this waste and bring value directly to appraisers and lenders. Using our best-in-class automated appraisal management tool, users will have quality end-to-end service supported by the power of artificial intelligence and “big data.”
Communication delays are non-existent, errors are avoided, and quality control is held to the highest standard.
Veptas is a real win-win solution ready to revolutionize the market.
Veptas has developed a platform that modernizes the appraisal industry by removing the middle man and facilitating communication directly between appraisers, borrowers, and lenders. After identifying this need, Veptas got to work.
The result was a platform with an AI backbone that could automate and speed up the AMC process. Our technology works through process immediately after a lender enables the platform. From there, Veptas technology jumps into action to determine a proper fee and complexity score up front. This eliminates surprises and opens the door to ensure the correct appraiser for the job.
Using our platform's Assignment Logic, an appraiser's geographic location and history is analyzed to choose the best appraiser for the position. All communication is Appraiser Independence Requirements (AIR) compliant.
From there, our Three-Factor QC Review offers a customizable, data-driven, rule-based overview. We also apply Veros Preview technology and an AVM/standard deviation review to ensure the highest quality preparation.
Veptas has also embedded “deep-dive” quality control systems that scrub the appraisal for errors, including Fair Housing keyword identification and much more.
Our entire platform is offered as freeware to lenders and consumers, generating an average “Technology Fee” of $70 per transaction. Our current forecast is to be at 10,000 appraisal orders per month within one year of activation and 50,000 transactions per month at the end of year three. These forecasts would equate to monthly gross revenue of $700,000 at the end of year one, and $3,500,000 at the end of the third year of operations with annualized gross revenue of $8,400,000 at the end of year one and $42,000,000 at the end of year three. Gross profit margins are anticipated to be in the 60% or greater range.
This thorough automated process also offers automated accounts and payments, making the appraisal process even speedier and providing higher value than an AMC.
Fees and the archaic fee “sharing” model are gone, allowing higher pay to appraisers and the elimination of unnecessary costs to the lender.
The result is a process that allows lenders to close more loans quickly, while appraisers collect an increased fee for quality work.
Featured video: An overview of Veptas' business model
Visit our YouTube channel for more.
Because our materials describe a security token or pre-sales security being offered under several SEC exemptions, you will be directed to the document repository appropriate for the status of your accreditation and verification.
Responsible for overall management of Veptas’ sales functions and company direction.
30 years experience in the appraisal industry, Responsible for the general day to day operational decisions regarding the platform.
Over 25 years’ experience in multiple facets of technology and management.
A senior IT executive with over 35 years of technology and business experience.
In charge of Veptas’ Compliance and Valuation Risk Management.