FRISCO, Texas, Dec. 15, 2020 /PRNewsCentre/ — 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."
About Evolve Mortgage Services
Evolve Mortgage Services is a leading provider of outsourced mortgage solutions that has helped hundreds of clients dramatically grow and scale their mortgage operations. Founded and run by a team of industry veterans, Evolve provides seamless component or end-to-end loan services and creates custom strategies for each client. The firm has extensive experience in 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 is based in Frisco, Texas. For more information, visit www.EvolveMortgageServices.com.
About AiCurio
AiCurio uses artificial intelligence to identify loans with credit and collateral for refinances and additional credit opportunities. It is powered by a deep learning, artificial neural model that predicts — at a 97 percent accuracy at the loan level— all l cash flows, defaults, and prepayments. AiCurio also delivers actionable intelligence and insights on loan decisioning opportunities and remedies. Read more about AiCurio at www.aicurio.com.
Media Contact for Evolve:
Sam Garcia, Publicist
Strategic Vantage Marketing & Public Relations
214.762.4457 | samgarcia@strategicvantage.com
Contact for AiCurio Inc.:
Lester Firstenberger, CEO
617.910.7858 | Lester@AiCurio.com
SOURCE: Evolve Mortgage Services
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