Mortgage underwriter Evolve Mortgage Services has bought the appraisal technology assets from Veptas Technology Solutions Inc. The purchase will allow Evolve to automate appraisal orders.
“The historic refinance wave that the mortgage industry is experiencing has put a significant strain on limited underwriting resources and created a massive bottleneck in the loan production process,” says Evolve CEO Paul Anselmo. Evolve provides outsourcing services for mortgage companies.
Veptas parent company AiCurio Holdings Ltd. also owns AiCurio, a loan analytics company.