The mortgage industry is seeing a historic refinance wave this year, putting a significant strain on limited underwriting resources and creating a bottleneck in the loan production process. To resolve its underwriter shortage issue, Evolve Mortgage Services has made a major technology investment.
The outsourced mortgage services provider announced Tuesday that it has snapped up the appraisal assets of Veptas Technology Solutions from Veptas Holdings, the parent company of Veptas Technology Solutions and AiCurio.
The CEO of Evolve Mortgage, Paul Anselmo, explained that the Veptas platform would help Evolve reduce the bottleneck by automating appraisal orders and bifurcating the underwriting process – assigning certain functions to skilled mortgage 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,” Anselmo said.
The terms of the acquisition, which is classified as an asset sale, were not disclosed. Evolve has also welcomed Bill Reese, the head of operations at Veptas Technology Solutions, as part of the deal.
“We have enjoyed working with Paul and his team at Evolve,” said AiCurio CEO Lester Firstenberger. “The sale of Veptas Appraisal Technology assets will enable us to focus on our artificial intelligence, machine learning and portfolio analytics technology.”
Veptas Holdings is in the process of changing its name to AiCurio Holdings, according to the release.