Global DMS has announced that its eTrac Enterprise platform is now integrated with Ellie Mae’s loan origination system (LOS), Encompass360. The integration is seamless and allows the entire appraisal process to be efficiently and compliantly completed directly from within Encompass360.
“As the mortgage industry continues to face ongoing changes to valuation rules as well as the introduction of new rules, it’s imperative that lenders stay apace of regulatory changes to avoid running the risk of making errors or being out of compliance,” said Vladimir Bien-Aime, president and CEO of Global DMS. “Our new integration with Encompass360 prevents users from having to leave the LOS, which enables the seamless exchange of sensitive valuation data, speeds up the appraisal process, facilitates better communication and establishes much needed transparency.”
There are a myriad of appraisal rules that lenders must adhere to in a number of areas such as the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB), GSE compliance requirements and additional federal and state-based regulations. If lending organizations fail to remain in compliance at all times, fines can reach in the tens-of-thousands-of-dollars per day.
Global DMS’ eTrac Enterprise valuation management is a single-source solution that is proven to automate the entire appraisal process from vendor management to placing orders, making assignments, tracking status and reviewing appraisals for quality assurance. The completed file is then automatically submitted to the Uniform Collateral Data Portal (UCDP)—100 percent compliantly and with no errors or missing information.