On March 15th ExactBid and VERAcheck announced an agreement that provides direct access to VERAcheck’s environmental information and risk management solutions through the ExactBid’s Real Estate Information Management System (RIMS). You can read the full press release here.
Before we get into why this partnership is so important to RIMS customers, I want to answer one key question, who is VERAcheck?
If you’re not already familiar, VERAcheck provides nationwide environmental information and risk management solutions to several industries, including financial services, engineering and government and are well known for providing efficient, flexible and leading solutions for due diligence professionals. You can learn more about them by visiting their website, www.veracheck.com.
Now that we have that covered, what are the benefits for RIMS customers with this latest integration?
1. Direct access.
RIMS customers have direct access to VERAcheck’s environmental information and risk management solutions without ever having to log out of RIMS. What does “direct access” provide? Keep reading…
2. Faster workflows.
Environmental reports are often a required step in the due diligence process. With this new integration, lenders can select and place an order for a VERAcheck report while within RIMS reducing the burden on their due diligence team. All the back and forth between RIMS and VERAcheck has been reduced creating a faster workflow.
3. High quality reports.
I already mentioned that the partnership between VERAcheck and ExactBid means that RIMS customers have “direct access” to VERAcheck reports, but exactly what reports do RIMS customers have access to? Good question. The following reports can be directly accessed (there’s that phrase again) and ordered within RIMS.
Secured Creditor Risk Report (SCRR) is created by VERAcheck’s Analyst Group and is a leading solution for lenders. It includes interpretation, analysis, risk scoring and recommendations as related to VERAcheck’s Records Research Report. The Secured Creditor Risk Report (SCRR) is ordered for standard commercial loans.
Secured Creditor Risk Report (SBA). This report is for SBA loans and is compliant with SBA SPO 50 10 5(I) as of this post. It’s provides interpretation, analysis, risk scoring and recommendations as related to VERAcheck’s SBA-compliant Records Research Report.
Secured Creditor Risk Report Plus is also SBA-compliant and provides interpretation, analysis, risk scoring and recommendations as related to VERAcheck’s SBA-compliant Records Research Report however; the SBA is not included as a relying party. This report is needed in cases when the client would like the additional historical research included within VERAcheck’s SBA-compliant Records Report, but the transaction does not involve the US SBA. Some lending clients also order this report for larger loan amounts (as another tier of due diligence).
Secured Creditor Risk Report Screen provides risk scoring of VERAcheck’s Records Research Report, but does not include interpretation, analysis or recommendations. Lending clients most often order the Screen report for small loan amounts and multi-family portfolios.
Environmental Records Research Report provides VERAcheck’s Records Research, which exceeds ASTM standards (E1527-13 and E1528-14). This report does not include analysis, risk scoring or recommendations. It is most often ordered by lending clients when recent due diligence is provided by the borrower and when the real estate interest is only as an abundance of caution.
So how might someone know they need to order one of the above VERAcheck reports? The type of due diligence required is stipulated within the lender’s Environmental policy, and the type of due diligence required is based on loan amount and security type. VERAcheck often helps their new clients with policy creation and alteration of existing policies based on what is common and proven across other similar institutions. This as with many of their other advisory services is free for customers.
If you have any questions about RIMS, VERAcheck, or how to access reports within the software please do not hesitate to reach out.