|By Business Wire||
|April 24, 2014 01:49 PM EDT||
Verifyd technology platform is ushering in a new era of transparency, accountability, and improved compliance to the nation’s antiquated foreclosure sale processes by tracking the location, date, and time both at the start and conclusion of each foreclosure auction.
The old foreclosure auction process remains highly manual, requiring teams of individuals representing the foreclosing banks to read hundreds of printed auction notices of foreclosed homes amidst chaotic crowds on the courthouse steps – all in a narrow amount of time allotted by law. Currently, consumers, state regulators and even the banks have absolutely no visibility into compliance as there has historically been no way to really prove a sale was carried out legally. This has led to thousands of accounts of abuse and non-compliance resulting in harm to consumers and thousands of legal challenges.
Verifyd not only provides legal compliance for consumers, the integrated technology solution offers vendors of the financial institutions a dramatic upgrade to the previously manual process, reducing time, cost and opportunity for human error. Verifyd allows the entire foreclosure sale process to be fulfilled digitally.
Verifyd is a revolutionary platform that reduces risk and provides a modern solution for everyone involved in the foreclosure process. Current Verifyd financial clients confirm the platform ensures legal compliance with the relevant state law foreclosure process by its vendors, mitigating legal risk and providing checks, balances, audit points and reporting. The new app ensures accountability and visibility into the practices of downstream vendors.
“We see this technology revolutionizing the auction marketplace altogether,” said Watkins. “Our app is easy to use and profoundly different from anything that’s ever been created. Taking advantage of today’s mobile technology, we are now able to conduct foreclosure auctions with the accuracy, transparency and accountability that financial institutions and their regulators, as well as consumers demand in today's environment.”
Verifyd's technology has already been in use for more than two years and has currently processed more than 20,000 foreclosures totaling more than $1.4 billion in Georgia.
The current version is available for download on the iTunes app store, for use on iPads and iPhones.
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