FAQ'S. 

Are you an AMC?

No. Veptas is a self-serve, fully automated Financial Services Platform. 

I don't understand...

We use technology to fulfill the process instead of people, brick & mortar. 

 

Is this Dodd-Frank compliant?

Yes.

What does "fully automated" mean?

Once your order is placed Veptas uses Artificial Intelligence to first use our proprietary complexity score to determine if there is a need for an increased fee, then our system will select the best appraiser from your panel based upon numerous metrics  like: geo-locational competence, reportcarding, preferred historical and predicted turn times as well as predicted load volume. Once successfully placed, bi-lateral communication is opened between the lender and appraiser using alphanumeric wordlist recognition. While the appraiser is aware of the Lender and their requirements, neither the lender or the appraiser know who they are communicating with. If word groupings like "we need" followed by a set of numbers or an email address is entered into the text box the message will fail. Quantitative and qualitative reviews are performed by a rules based engine prior to delivery including Veros' Preview. Once the appraisal and invoice have been delivered the masking is lifted and communication between the lender and appraiser is open. 

Where do I place orders?

Through either an integration with your LOS, CSV upload or through our portal.

How do I check status?

Through our portal and through real time email notifications. You can also have batch reporting through email every hour, every three hours or every day... it's fully customizable. 

How do I handle all of these invoices?

You don't. We have a third party that takes care of all accounts receivable/payable. 

Do you take credit cards?

Yes. 

Why are your turn times better and why are the appraisals superior?

We cut the AMC fat out of the process by automating it which leaves more money on the table. We pass on that extra fee to the appraiser which parlays into better quality reporting and reduced turn times. We also run all reports through an advanced review process. Using the review process we employ forces the appraiser to make corrections up front as opposed to someone finding an unchecked box after it's been delivered.  

How much does this cost the lender or appraiser to use?

Nothing. We don't charge the users on either side a fee. We work with our lender/clients to pay Customary and Reasonable fees and charge a nominal, variable technology fee on the invoice. At the end of the day the borrower pays all fee's. 

Are your fee's high?

There is no fee to the lender and no upload fees to the appraiser. Our technology fee is included within the Appraisal fee collected from the borrower and in most cases, the total fee is cheaper than what a borrower is typically charged.

What else does Veptas do?

  • We are a compliance repository. We maintain records of our lenders' appraiser panel information including but not limited to:

    • Imaging​

      • License​

      • E&O Binder

      • Background check

    • Hard data regarding the above

      • Expiration dates ​

      • E&O Coverage Amount

      • Contact information

      • Sample reports including silo reportcarding

    • Repository of Customary and Reasonable fees by;

      • State​

      • Region

      • County

      • Zip Code

  • Since we collect and vault this information, any lender can use our data to comply with the compliance demands of OCC, CFPB, Dodd-Frank, FDIC and any other regulatory body. 

Info@veptas.com

Tech Support - 567.309.0772

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