Mortgage lenders that rely on multiple AMCs to manage their valuations know firsthand how challenging this process can be to facilitate on a daily basis.
The biggest issue for lenders is that many AMCs use different technology applications that all require different logins and additional staff training – which is extremely cumbersome, time-consuming, and counterproductive for everyone involved. Lenders also face communication problems as a result of these different systems, because most cannot be easily connected with one-another.
The key to simplifying this often complex process is to use one centralized management system that has the bandwidth to not only manage all your AMCs from one place, but to implement them in a timely fashion to ensure minimal interruptions.
Global DMS’ eTrac® platform provides this robust, centralized valuation management, and helps resolve the numerous challenges that both lenders and their AMC vendors face:
One Standardized System and Process
eTrac establishes a centralized system that effectively manages all incoming order requests, status updates, file deliveries, messaging, and other key functions of the appraisal process. It allows lenders to utilize a single platform, and provides comprehensive, back-end reporting on a variety of important metrics.
Customized AMC Distribution Logic
Without a centralized management system, lenders must keep track of which AMC to assign an order to – which can lead to compliance issues (especially in regards to appraisal independence). eTrac removes this threat by allowing lenders to easily create certain rules and logic-based parameters that drive automatic AMC assignments. These parameters are based on multiple items, including geographic coverage, loan product, appraisal type, and branch-level preferences.
One System, Fully Integrated to Multiple AMCs and LOS Platforms
AMCs generally have to build separate integrations between management systems, which is time-consuming and costly. To remedy this issue, Global DMS® has created a standardized method by which to easily integrate multiple users. In addition, eTrac has been integrated with numerous LOS platforms to streamline communications even further.
Automated Appraisal QC/Review
eTrac’s MARS® (MISMO Appraisal Review System) application can automatically review every appraisal in seconds upon delivery to catch errors, omissions, and inconsistencies based on over 2,200 FNMA, GSE, and USPAP rules. MARS can also automatically verify that an appraisal’s UAD XML data is formatted properly prior to UCDP submission.