After what’s been a crazy couple years in the mortgage industry, many lenders, credit unions, AMCs, and appraisal firms have felt the crunch that large volumes can bring to one’s real estate appraisal process – especially amidst ever-evolving rules and guidelines.
Though it’s true that appraiser attrition remains a key issue, next-gen appraisal management technologies help bridge the gap, allowing these entities to better manage their appraisal workflows through innovative tools and workflow automation that promote a digital process. One such technology is Global DMS’ EVO™ platform, which reduces turn times through proven features and intelligent automation.
Automated Assignments & Inspection Scheduling:
EVO provides efficient auto-assignments of appraisers and reviewers via powerful AI technology that emulates your thought process via dynamic rule sets -- ensuring only qualified candidates get selected. In addition, EVO’s Event Calendar highlights appraisal due dates and inspection times, providing automatic alerts and notifications to keep vendors on top of their orders.
Automated Reviews:
Global DMS’ MARS®, a standard component of EVO™, automates your appraisal reviews to ensure full compliance by quickly analyzing an appraisal for completeness, consistency, and compliance with all GSE guidelines, USPAP, UAD, and industry best-practice – providing accurate reviews in seconds. MARS also provides reviewers with a special document that instantly directs them to the areas of the appraisal that need their attention most, with clear directives on a resolution.
Automated Delivery & ECOA Compliance:
EVO is seamlessly integrated with the GSEs’ UCDP® and FHA’s EAD portals, allowing users to automate the compliant delivery of appraisal reports to these federal entities via its advanced workflow automation that’s easily self-customized to fit one’s exact process. When submitting to the portals, EVO also retrieves and automatically attaches the SSR report to an order, while logging and all relevant actions, communications, and reports.
EVO also ensures document delivery to the borrower, in which the system automatically sends an Appraisal Delivery email once the files are ready. After the borrower receives this email and electronically signs the disclosure and consent agreement, they’re instantly provided with the appraisal files while a PDF copy of their consent is automatically uploaded to the order and logged in EVO.
Automated Reporting:
EVO’s reporting capabilities provide complete visibility with both built-in and custom reports that are able capture data from any field within the system and its forms. Most importantly, these reports can be automated and instantly delivered during any point in one’s unique appraisal process to the appropriate personnel – ensuring the availability of critical information when it’s needed most.
For more information on how EVO can transform your real estate appraisal process with noticeable results, email Global DMS today at evoinfo@globaldms.com or call 877-866-2747 (option 2).
