LANSDALE, Pa., Feb. 8, 2016 – Global DMS, a leading provider of web-based compliant valuation management software, announced that it has officially integrated its Global Kinex® application with the Federal Housing Administration’s (FHA) new Electronic Appraisal Delivery (EAD) portal – providing its clients with direct access to the administration’s new appraisal submission tool.
Unlike other industry software, Global Kinex can be used by any lender or AMC regardless of what software they or their appraisers are using. It can be implemented as a stand-alone solution or in conjunction with Global DMS’ appraisal management platform known as eTrac Enterprise.
The EAD portal will allow up to 10 appraisal files per submission, and also allows the submission of up to 3 appraisal files per loan. Appraisals submitted through the EAD are always subject to an FHA compliance review, and the new portal will return both overridable and non-overridable hard-stop messages when appraisal data falls outside FHA requirements.
Global Kinex’s direct integration with the new EAD portal allows users to manage their EAD credentials, upload up to 3 appraisal files at a time, and manage the EAD submission process to address hard-stops in real time – offering automatic hard-stop overrides when available.
All EAD submissions through Global Kinex are searchable, and the app will also upload the EAD SSR file as an attachment to the appraisal order when applicable. In addition, EAD submission automation is available via eTrac’s Workflow Engine app to help streamline the process even further.
About the EAD Portal:
Announced by the FHA in 2015, the new EAD portal is a free web-based technology system that enables mortgagees, or their designated third-party service providers, to electronically transmit appraisal data and reports to the FHA prior to loan endorsement. This process will become mandatory on June 27, 2016, in which lenders will be required to use this new portal to submit all their FHA origination appraisals. The new EAD portal is designed to make appraisal submission more efficient and to promote higher quality appraisals by flagging potential errors upfront. In addition, because the EAD will eliminate most paper-based FHA appraisal reviews, turn-times are expected to decrease post portal implementation.
About Global DMS:
Founded in 1999 and headquartered in Lansdale, Pennsylvania, Global DMS is a leading provider of commercial and residential real estate valuation solutions catering to lenders, servicers, AMCs, appraisers, and other real estate entities. The company’s solution set is cost effectively delivered on a Software-as-a-Service (SaaS) transactional basis that ensures compliance adherence, reduces costs, increases efficiencies, and expedites the entire real estate appraisal process. The product line-up includes its eTrac® valuation management platform, eTrac Web Forms, Global Kinex®, AVMs and data analytics products, BPO management platform, the Mismo Appraisal Review System (MARS®), ATOM (Appraisal Tracking On Mobile), and AMCmatch.com. For more information, visit the company’s website at www.globaldms.com or call (877) 866-2747.