Global DMS’ Global Kinex Directly Integrated to Deliver Appraisals through GSEs’ Uniform Collateral Data Portal
Company offers special $1-per-file pricing to entice lenders’ and AMCs’ early adoption use of soon-to-be required new delivery portal
July 7, 2011—Lansdale, PA—Global DMS, the company that pioneered web-based appraisal process management software, has announced that Global Kinex, its appraisal data delivery technology, is now directly integrated to the Uniform Collateral Data Portal (UCDP). This integration provides lenders and appraisal management companies (AMCs) with a UCDP-compliant method of delivering appraisal data to the GSEs.
In an effort to promote early adoption use of the portal, which will be required as of March 19, 2012, Global DMS is offering special introductory pricing of $1 per appraisal file for new customers. Costs will be waived for existing clients using premium versions of Global DMS’ eTrac Enterprise Edition and Oasis valuation management platforms.
For $1, new clients can convert data from first-generation PDF to MISMO XML 2.6 GSE format, check for compliance with the uniform appraisal dataset
(UAD), and deliver the appraisal file via the Global Kinex delivery system – all in a matter of moments. Existing clients using the premium versions of eTrac Enterprise Edition and Oasis valuation management platforms have access to all of the same benefits, plus a GSE “hard stop” automated review, which checks for discrepancies like missing appraisal values, the appraiser’s suspended licensure, and unknown subject addresses, all free of charge. This introductory $1 pricing remains in effect until September 1, 2011, after which time the $1 rate will increase to $3 per file. These services will remain complimentary for users of the premium editions of eTrac Enterprise Edition or Oasis.
The Uniform Collateral Data Portal is a portal that lenders will be required to use to deliver appraisal data to Fannie Mae and Freddie Mac. The GSEs will require appraisal data delivery to the portal for conventional loans requiring an appraisal, with application dates falling on or after December 1, 2011, and that are delivered to Fannie Mae or Freddie Mac on or after March 19, 2012.
Global DMS clients using the premium versions of eTrac and Oasis may access Global Kinex directly from their valuation management platforms. One click uploads the appraisal, converts the data if needed, and reviews the appraisal for both UAD and “hard-stop” discrepancies. Global Kinex can be easily integrated into most loan origination systems, so companies not currently using the premium versions of eTrac or Oasis can very easily access all of the Global Kinex benefits. After integration, users will have the same single-click ability to convert data, subject the appraisal to a UAD review and compliantly submit the appraisal data to the GSEs through the Uniform Collateral Data Portal.
“Standardizing data to the new MISMO XML 2.6 GSE format will have a very positive impact on the industry, because it increases transparency, reduces subjectivity, and allows data to be accessed, analyzed and utilized much more easily," said Vladimir Bien-Aime, CEO of Global DMS. "It's critical that lenders and AMCs become familiar with the new format so there’s no difficulty transitioning when it’s mandated.”
Bien-Aime adds that efficiency is a key benefit of using an approved delivery technology like Global Kinex. “Without a technology like Global Kinex, lenders will be spending up to 5-15 minutes to deliver appraisals, plus there’s a maximum upload limit of 10 files at a time. We’re offering special pricing to help lenders, appraisers and AMCs get started down the right path. Cost should never be a barrier to tools that increase safety and compliance.”