Does Your Appraisal Software Provider Include a Compliance Guarantee Program?

Does Your Appraisal Software Provider Include a Compliance Guarantee Program?No matter what changes may occur in the real estate valuation industry, remaining compliant is always at the forefront of every business – as one mis-step can have catastrophic consequences.

Global DMS’ EVO-Res™ appraisal management software not only provides your organization with an unmatched technology foundation that’s completely configurable down to the field level, it protects your business against the many regulations that govern the real estate appraisal industry – keeping your operations in full compliance at all times.

Unlike other software programs, EVO-Res users are also fully protected under Global DMS’ revolutionary Compliance Guarantee Program, which covers all fines in the event that a client is found out of compliance but is using the software’s Best Practice Configuration.

This unique program allows institutions concerned with appraisal compliance to effectively remove appraisal risk from the equation, while ensuring they comply with Dodd-Frank’s Section 1471, the Equal Credit Opportunity Act’s (ECOA) Regulation B, the Truth In Lending Act’s (TILA) Regulation Z, the Uniform Standards of Professional Appraisal Practice (USPAP), and both the GSEs and FHA’s seller guides.

As mentioned above, all EVO-Res users are eligible for this program provided they are following the platform’s Best Practice Configuration, which promotes appraisal compliance through automation – such as automated license validation, vendor assignment, appraisal reviews, UCDP® and EAD submissions, and more.

Implementing an automated valuation process helps ensure compliance by eliminating manual touch-points that can lead to error and oversight. With EVO-Res, this automation is 100% configurable – allowing lenders and AMCs to instantly customize, update, and run their specific workflows and user-permissions as needed without IT intervention.

For more information on EVO-Res, and its Compliance Guarantee Program, contact Global DMS® today at evoinfo@globaldms.com or 877-866-2747 (option 2).

How compliant are your real estate appraisal operations? Find out via our Ultimate Compliance Checklist.

 

Topics: Lenders, appraisal technology, AMCs, Mortgage Companies, Global DMS, Compliance, residential mortgage industry, Regulations, Credit Union, EVO