Those that utilize EVO-Res™ to manage their valuation operations will be protected by Global DMS’ Compliance Guarantee Program as it pertains to Appraisal Independence Requirements, appraiser licensing, borrow receipt of the appraisal, and report and delivery to both Fannie Mae and Freddie Mac.
Global DMS’ new program allows institutions concerned with appraisal compliance to effectively remove appraisal risk from the equation, while ensuring they comply with Dodd-Frank’s Section 1471, the Equal Credit Opportunity Act’s (ECOA) Regulation B, the Truth In Lending Act’s (TILA) Regulation Z, the Uniform Standards of Professional Appraisal Practice (USPAP), and both the GSEs and FHA’s seller guides.
All EVO-Res users will be eligible for this new program, provided they’re following Global DMS’ Best Practice Configuration within the system, which promotes appraisal compliance through automation – such as automated license validation, vendor assignment, appraisal reviews, UCDP and EAD submissions, and more.
Implementing an automated valuation process through the use of status-driven triggers ensures compliance by eliminating manual touch-points that lead to human error and oversight. With EVO-Res, this automation not only covers the entire process, it’s 100% configurable – allowing lenders and AMCs to customize and run their specific workflows as needed, no development intervention required.
“The appraisal industry is always in flux, and it’s imperative for all participants to quickly adapt to the drastic changes introduced by federal regulation, state legislation, public policy, and lending guidelines,” said Global DMS® COO, Jody Collup. “The key to being compliant and efficient is having an all-encompassing platform that supports dynamic change, as well as an intuitive interface that doesn’t require expensive, time-consuming custom development work.”
For more information on EVO-Res’ Compliance Guarantee Program, contact Global DMS at evoinfo@globaldms.com or 877-866-2747 (option 2).
How compliant are your appraisal operations? Find out by downloading our Ultimate Compliance Checklist.
About Global DMS:
Founded in 1999 and headquartered in Pennsylvania, Global DMS is a leading provider of cloud-based commercial and residential real estate valuation solutions. The company’s solution set is cost effectively delivered on a software-as-a-service (SaaS) transactional basis that ensures compliance adherence, reduces costs, increases efficiencies and expedites the entire real estate appraisal process. Global DMS solutions include its new EVO-Residential™ (EVO-Res) platform for residential lending, EVO-Commercial™ (EVO-C) platform for commercial lending, eTrac® Enterprise valuation management platform for residential lending, SnapVal™ appraisal pricing solution, eTrac WebForms, Global Kinex®, AVMs, the MISMO Appraisal Review System (MARS®), ATOM (Appraisal Tracking on Mobile). For more information, visit www.globaldms.com or call (877) 866-2747.