InHouse Inc. has announced that it has introduced new underwriter queues in its InHouse Connexions appraisal process management platform to improve the quality of appraisal submissions while enhancing lender compliance with government-sponsored enterprise (GSE) and regulatory requirements. The InHouse Connexions cloud-based platform allows lenders to automate the management of appraisals using their own preferred appraisers, AMCs, or any combination of providers they desire—including InHouse Solutions, InHouse Inc.’s own AMC. The new underwriting queues, an enhancement included in the base Connexions platform usage plan, provide essential information and timesaving workflow automation at no additional cost.
With the new work queues, mortgage underwriters can underwrite the appraisal directly in the Connexions platform, significantly reducing the time normally required for the process. They can note and send conditions to appraisers without leaving the platform, and can order and process electronic appraisal reviews from Platinum Data, customized for their specific criteria. Underwriters can also deliver appraisals electronically to borrowers, and obtain verification that borrowers have received and opened the reports.
“These represent major timesaving gains for origination departments,” says InHouse President and CEO Jennifer Creech. “Underwriters can do much more without switching back and forth between applications, and the additional automation brings greater quality to both the process and the appraisals themselves. In addition, underwriters can manage their UCDP appraisal conditions and ‘hard stops’ at any point in the process they choose, helping resolve appraisal issues before formal submission to Freddie Mac and Fannie Mae.”
InHouse has direct access to the Uniform Collateral Data Portal (UCDP), through which lenders submit appraisals for review prior to sending loan files to the GSEs. The agencies provide “findings” on appraisals through UCDP when appraisal values appear excessive or have other issues of concern. Connexions displays GSE findings with independent investor tabs for ease of use and fast action. Fannie Mae’s requirements for findings are already met by InHouse Connexions, and the company is currently ready for Freddie Mac’s implementation testing, expected in early May 2013, according to Creech.