Real estate appraisal compliance can be stressful, as a single mis-step can have catastrophic consequences on one’s business. Because of this, it’s essential for mortgage lenders and AMCs to ensure that their appraisal management processes remain complaint at all times to avoid both stiff penalties and increased turn-times due to correcting errors.
Global DMS’ EVO-Res™ appraisal management software not only provides your organization with an unmatched technology foundation that allows you to completely customize fields, forms, reports, and more, it protects your business against the many regulations that govern the real estate appraisal industry – keeping your operations in full compliance at all times.
In fact, Global DMS® is so confident that EVO-Res will keep your appraisal operations in full compliance that we’ve launched a unprecedented 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 new 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 that’s based to the statuses of your appraisal orders helps ensure compliance by eliminating manual touch-points that can lead to human error and oversight. With EVO-Res, this automation is 100% configurable – allowing lenders and AMCs to customize, update, and run their specific workflows as needed, in real-time.
For more information on EVO-Res’ Compliance Guarantee Program, contact Global DMS today at email@example.com or 877-866-2747 (option 2).
How compliant are your appraisal operations? Find out by downloading our Ultimate Compliance Checklist.