A former Fannie Mae VP of single-family strategic initiatives joined Veros Real Estate Solutions as SVP of strategic initiatives. Charles Rumfola was selected for the position and will manage numerous initiatives for Veros in the secondary markets. Rumfola, who joined Fannie Mae in 1992, will be based out of Wasington D.C.
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At a national level, the housing market is on the mend, but recovery will be slow this year with little overall change, according to the latest forecast from Veros Real Estate Solutions. The good news is that many markets are no longer expected to be radically declining, but Veros reiterates earlier predictions that this recovery will be "a lengthy and gradual one." Throughout 2012, the company expects the strongest markets to experience a 4 percent price increase and the weakest markets to experience 5 to 6 percent declines.
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Markets in North Dakota and Hawaii show the strongest potential for home price appreciation over the next year, according to Veros Real Estate Solutions. At the other end of the spectrum, the company sees continued weakness in some of the hardest hit markets of California, Nevada, and Florida, although price depreciation is expected to slow dramatically from the free-fall days of earlier in the downturn. Veros' national home price index continues to show stability in its quarterly results, holding fairly constant at -1.7 percent.
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Veros Real Estate Solutions and JVI Solutions LLC announced the launch of VeroINSIGHT this week. It&'s a comprehensive property condition report to address new regulatory guidance surrounding collateral evaluations. According to the two companies, VeroINSIGHT goes beyond existing collateral evaluation products by uniformly capturing aspects of the property's current condition, as well as its general marketability.
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Veros Real Estate Solutions has expanded its third-party product offering through VeroSELECT with an intelligent automated valuation model (iAVM) from IntelliReal. The platform is designed to route and return AVMs and other forms of valuation products with secure management of vendors, users, products, and services.
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Veros, a provider of collateral valuation technology, enterprise risk management, and predictive analytics, recently released a white paper titled "Interagency Appraisal & Evaluation Guidelines: Insights into Understanding and Integrating the New Guidance." The white paper seeks to clarify the expanded language in the guidelines issued by federal regulators last December.
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Veros announced Monday that its VeroSELECT valuation management platform now gives lenders the ability to order, manage, and electronically deliver appraisals in compliance with the new requirements mandated by Fannie Mae and Freddie Mac for the Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP). These initiatives are part of the GSEs' program intended to standardize and drive data quality to benefit the entire mortgage industry.
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According to the latest forecast from Veros Real Estate Solutions, select markets in the United States can expect 2.5 percent to 3.5 percent appreciation in home values over the next 12 months.
Although only mild appreciation is anticipated, approximately 40 percent of all major metro areas are forecast to see property values go up in 2011. Veros places San Diego, California, at the top of the list in terms of strong price gains. Homes in Reno, Nevada, on the other hand, are projected to lose the greatest share of equity.
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The Texas metro areas of Houston and Dallas show the strongest home price appreciation over the next 12 months in the most recent market forecast from Veros Real Estate Solutions.
The company says its analysis shows Texas cities leading the nation, with home prices in these areas expected to post the biggest gains in the months ahead. Meanwhile, key markets in Florida and Nevada will likely see home prices drop another 6-7 percent over the next year.
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Oklahoma City's a la mode recently announced that Veros Real Estate Solutions has integrated their VeroSELECT and Valuation Risk Management products with the company's Mercury Network vendor management platform. The integration connects Veros' platform clients with one of the industry's largest networks of real estate appraisers and appraisal management companies, and provides electronic appraisal submission in full compliance with the GSE's Uniform Mortgage Data Program (UMDP) requirements.
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