Appraisal reviews are an essential component of the real estate valuation process, yet today’s highly regulated (and ever-changing) mortgage environment has created added complexities to this standard practice – leading to longer turn-times and unwanted delays.
Adding to the problem is that many lenders and AMCs still conduct their appraisal reviews manually through offline forms and spreadsheets, which also creates higher risk. In addition, most of today’s valuation management technologies claim to expedite reviews yet provide limited features and archaic designs that are unable to instantly adjust as the industry, and your business, evolves.
In order to meet the demands of today’s appraisal requirements and beyond, lenders and AMCs must rely on 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 and next-gen features.
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.
Useful Features:
- 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.
MARS also 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 evoinfo@globaldms.com.
