Assign, track, and review appraisals by the rules -- quickly and cost-effectively.
Changing regulations are making valuation compliance even more costly and challenging for today's lenders. eTrac makes it economical and easy with web-based valuation management software.
eTrac is a one-stop, single-source solution for compliantly assigning, tracking, and reviewing appraisals for both commercial and residential transactions. The eTrac Enterprise platform is guaranteed to be in compliance with all GSE, federal, and state rules.
To help streamline the valuation management process, we have officially implemented The Global Unity Project, which is our appraisal compliance technology initiative that seeks to establish seamless integrations with all major Loan Origination Systems (LOS) in the marketplace. Global Unity will provide lenders who wish to manage the appraisal process in-house with all their valuation needs by giving them instant access to eTrac's appraisal management system directly from within their LOS' interface. Global Unity is the ultimate solution for lenders that want 100% control over their entire collateral valuation process, with zero risk.
What can eTrac Enterprise do for lenders?
- Improve your business processes through our in-house technology allowing you to enforce policies and procedures, and ensure compliance and positive annual audits
- Deliver standard and custom appraisal valuation, inspection and review reports via our web-based forms
- Help non-technical users create custom business reports to measure performance with our simple reporting wizard tool
- Conduct automated reviews on your appraisal reports to help prevent fraud and reduce exposure to sanctions
- Provide enhanced vendor scoring to ensure the highest level of quality by monitoring turn-times, communications, revisions, and automated and manual technical reviews
- Convert your PDF appraisal files into a useful information repository utilizing industry standard MISMO XML for faster, more accurate collateral analysis
- Deliver reports to the GSEs in standard MISMO XML 2.6GSE to ensure your loans will be purchased by the secondary markets
Easily manage key aspects of the appraisal management process for lenders and maximize efficiency with limited capital resources.
- Manage Vendors: The eTrac Enterprise system helps with all aspects of managing AMCs and independent real estate appraisers.
- Order: eTrac provides multiple mechanisms for ordering appraisals compliantly.
- Assign: eTrac gives you an unbiased and efficient mechanism to distribute orders fairly across vendors, as required by law.
- Track: eTrac provides you with real-time access to appraisal status and links to appraisals, 24/7 -- essential when documents must be delivered by certain deadlines.
- Review: eTrac routes appraisals to the appropriate staff member and assists in performing the required quality control checks -- a critical responsibility for lenders.
- Deliver: eTrac Enterprise provides a mechanism for managing the client's delivery preferences and ensuring proper fulfillment.
The eTrac Enterprise for Lenders system gives you help with all aspects of managing real estate appraisers:
- Recruiting: The lender version includes access to the eTrac Enterprise for AMC Network, a national database of appraisal companies that utilize the eTrac Enterprise for AMC platform to successfully manage their organizations.
- Registration: The system allows appraisers to sign up directly from the website and upload their required documentation.
- Advanced List Management: Allows both the creation of "approved" lists on a specific client level and "do not use" lists on a global and client level.
- Fee Table Management: Support for multiple fee tables across various geographic areas.
- Vendor Import: The system gives lenders the ability to import a pre-existing list of appraisers in a comma-separated value format (.csv) or Microsoft® Excel.
The eTrac Enterprise system provides multiple mechanisms for receiving orders:
- Manual Entry from Faxed or e-mailed Orders: Can be added via the order entry screen.
- Online portal allows direct entry of orders through a customizable online order form.
- Loan Origination Software Integration: The eTrac platform supports multiple LOS systems including Caylx, providing a mechanism for direct submission of orders.
- Bulk Import: eTrac provides a mechanism for importing numerous orders via comma-separated value format (.csv) or Microsoft® Excel with the option of automatic assignment.
- Web Services: Provides a mechanism for developing custom integrations.
Both the assignment process and appraisal panel management are crucial in providing the unbiased and efficient mechanism to distribute orders fairly across vendors, as required by law. The eTrac system provides various categories for optimal assignment that include coverage area, licensing, skill levels, location, price, workload, past performance, and quality ratings.
- Smart Assist: Allows manual selection through an interface that provides the appraiser's capacity, rank, score and fees to allow the best appraiser for a specific order to be chosen.
- Automated Assignment: Based on customized key criteria, the system can automatically distribute orders on an unbiased, rotational basis.
- Broadcast Assignment: The system has the ability to submit an order request to an unlimited number of vendors who qualify for a specific assignment, resulting in expedited turnaround times.
- Dynamic Special Instruction Support: This feature allows specific filters to be generated based on order details, method of payment or product in order to deliver additional attachments that provide special instructions to the appraiser about a specific assignment.
- Bid Assignment: This process, typically utilized in the commercial area, allows multiple appraisers to receive a request for bid based on turnaround and fee for any specific assignment. The resulting responses can be evaluated and selected, thereby generating an engagement letter to complete the process.
A key component to managing the appraisal process is the ability to effectively communicate. It is crucial for your staff to immediately have information when corresponding with clients, and a system that tracks appraiser communications ensures that this information is readily available.
- Online Status: Processors or Loan Officers can view all jobs and all requested orders at any time through their personalized portal. This provides both unlimited access to real-time information and the ability to communicate with your office in a secure environment.
- Automated Notification: The system can automatically generate e-mail communications based on specific profile preferences, thereby limiting communications by effectively filtering unnecessary messages.
- Custom Reporting: the system includes a wizard-based report generator that allows specific field selection, groupings, and custom data filtering that can be automatically exported into Microsoft Excel.
- Queue Manager: eTrac provides an effective method for managing workflow based on specific tasks or individual staff users.
The process of receiving appraisals, routing them to the appropriate staff member, and performing quality control is a critical function of the process.
- Appraisal Receipt: The system provides the ability for appraisers to upload their reports via the online portal on your website.
- Automated XML Review: MISMO 2.6 XML files can be automatically reviewed based on an industry-standard rule set, appraisal guidelines, and/or underwriting guidelines. Once analyzed, the appraisal can be accepted or rejected based on the appraisal products' score.
- Reviewer Portal: This system allows for internal or external reviewers to manage their workload and score the appraiser based on product and performance.
- Online Reviewer Forms: Various online review forms are provided as part of the standard package to ensure a seamless workflow and consistent product evaluations.
eTrac Enterprise provides a mechanism for managing the client's delivery preferences and ensuring proper fulfillment.
- Hard Copy: The system can track requests for a hard-copy delivery, number of copies, and the management of the client's preferred shipping vendor, as well as provide storage for account information.
- Electronic Delivery: The system supports the ability to deliver reports in the industry-standard PDF format and in the MISMO-compliant XML format via web-service technology.
- Universal Portal Integration (UPI): eTrac Enterprise integrates with major industry portals, providing a seamless mechanism to receive orders, communicate statuses, and deliver the final product.
- Long-term Storage: The system provides an unlimited supply of storage to adhere USPAP's 5-year file storage requirement.