Evolve Mortgage Services Acquires Appraisal Technology Platform
Acquisition of Veptas Technology Solutions assets will enable Evolve to automate appraisal orders and increase underwriting efficiency
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FRISCO, Texas, Dec. 15, 2020 /PRNewswire/ 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 Technol