Today’s highly regulated, and ever-changing, mortgage environment has created added complexities to appraisal reviews – leading to longer turn-times and delayed closings.
Another issue is that many lenders and AMCs still rely on offline forms and spreadsheets to complete their appraisal reviews or utilize antiquated technologies with limited features and archaic designs that are unable to adapt in real-time to industry updates.
In order to meet the demands of today’s appraisal requirements, and beyond, best practice advises lenders and AMCs to utilize a robust review technology that not only mitigates an ever-growing list of rules, but also promotes the timely completion of appraisal reports through automation.
Global DMS’ MARS®, a standard component of our EVO™ appraisal management software, guarantees these parameters are met by automating your appraisal reviews to help expedite a once grueling task and further ensure compliance.
MARS quickly analyzes an appraisal for completeness, consistency, and compliance with all GSE guidelines, USPAP, UAD, and industry best-practice, providing robust and accurate reviews in seconds. To promote even more efficiency, these reviews can be automated to run as soon as the Final Report is uploaded.
- Over 3,600 standard business rules, with specific configurations for different services.
- Rule severity and weighting support.
- Instant red flag report and MARS score, which lists all Critical, Warning, and FYI items.
- Supports MISMO XML format.
In addition, MARS provides reviewers with a special html-based document that significantly reduces their review times by instantly directing them to the areas of the appraisal the need their attention most – providing clear directives on a resolution.
For more information, or to see a short demo, contact Global DMS® today at email@example.com.