Veros Real Estate Solutions announced that Citizen’s Equity First Credit Union (CEFCU) implemented Veros’ valuation management platform, Sapphire, to assist their team in automating their fully manual appraisal management process. 

“Sapphire has provided my staff with the ability to more easily track the progress of our appraisal orders,” said CEFCU’s First Mortgage Operations Manager Sara Blackburn.

Sapphire is a web-based platform for complete collateral valuation management, offering numerous options that deliver Sapphire’s “structured flexibility” so lenders can configure the system to their organization’s needs. The core platform includes comprehensive order, review and reporting functions. CEFCU and many other lenders have been struggling with labor-intensive appraisal management processes for years. 

David Rasmussen, Veros’ senior vice president of operations noted that Sapphire enabled CEFCU to automate the process from appraisal order to GSE submission via the Uniform Collateral Data Portal (UCDP). He also pointed out that the technology has helped lenders of all sizes realize significant savings through features that eliminate duplicate orders and other typical manual errors.

Appraisers have also noticed the difference with Sapphire’s technology. 

“We’ve received positive feedback from the appraisal community,” Rasmussen said. “They are busy professionals and benefit from savings in time and effort just as lenders do from using the technology.”  

Known for its technology, Veros was instrumental in its efforts to create the Uniform Collateral Data Portal (UCDP), which delivers appraisals electronically to the government-sponsored enterprises GSEs. The company is also known for automated valuation model (AVM) products and AVM compliance testing tools, as well as automated fraud and risk analytics.