Appraisal reviews are an essential component of the valuation management process – ensuring both accuracy and compliance. Many software platforms, however, only allow their users to complete these reviews on the backend, leaving lenders in the dark as to what is being flagged on their appraisals.
This type of process flow gives lenders little control over their appraisal reports upfront, which can lead to longer turn-times due to inaccuracies that could’ve been caught and corrected in the moment.
eTrac’s MARS® (MISMO Appraisal Review System) provides the upfront quality control (QC) that lenders have been looking for, allowing them to see the exact areas of their appraisal reports that need to be corrected – in real-time. This not only improves the overall quality of their appraisal reports prior to submission, but also lessens the amount of time that their loans spend in underwriting.
MARS enables lenders to control their own compliance—even when using AMCs—because they immediately know all the areas of their appraisals that have been flagged. And with eTrac’s unique workflow automation, these upfront QC reviews can be done automatically for every loan.
Contact us today at email@example.com to learn more about how MARS can improve your valuation review process.
MARS is Global DMS’ proprietary automated review system that analyzes an appraisal in real-time for completeness, compliance, and consistency with GSE guidelines, USPAP, UAD, and industry best practices to significantly reduce an underwriter’s time spent on the collateral review process.