Providing consumers, banks and regulators with the utmost in transparency, visibility and accountability, Verifyd seeks to set the highest level of compliance for the foreclosure day sale process.
In 2010, a law firm asked an Atlanta title company to expand its services from title searches to include foreclosure “cryouts,” the act of reading and then subsequently auctioning off the foreclosure sales on the courthouse steps. Realizing that the current practice for performing these “cryouts” was disorganized, chaotic and outdated, they set out to develop a new system. The goal was to modernize the foreclosure sale day process by incorporating a strong technology infrastructure to carry out the process as efficiently, accurately and with a strong emphasis on compliance. This new technology platform was fittingly named Verifyd.
Verifyd’s first step was to build a 21st century platform that could manage the foreclosure sale process. Making the most of the recently released iPad, Verifyd created a mobile foreclosure sale tool to ensure the legality surrounding each foreclosure sale. As an added benefit, the app saves time and money for all involved parties.
The platform and the app have far exceeded all expectations. Now, not only are the legalities of the sale confirmed in real time, the time it takes to conduct the foreclosure sales has also been reduced by more than 50%. Furthermore, there is an 80% reduction in pre-sale preparation and a greater than 70% reduction in the amount of work needed on sale day.
The Verifyd app’s working prototype debuted successfully in May 2012. After working to perfect the app over the next year, Verifyd was accepted into the Apple App Store in 2013. Verifyd's technology has been in use for more than 2 years and has currently processed over 20,000 foreclosure sales, with sales totaling more than $1.4 billion. The improved Verifyd app launched in January 2014 and is now available on smartphones and iPads.
In March 2014, Verifyd launched an app for foreclosure investors known as “Verifyd Alert,” and it too can be found in the Apple App Store. Verifyd Alert creates an organized marketplace by notifying the buyers the status of each sale in real time and allows the users to create a priority watch list to help manage their resources and focus amidst a chaotic sale day environment.