Global DMS, a provider of Web-based compliant valuation management software, announced that PrimeLending, a national residential mortgage lender, successfully implemented the GlobalDMS eTrac valuation platform to compliantly automate the lender’s entire appraisal process.
“Global DMS’ eTrac platform has enabled us to streamline the appraisal process for all of our staff members,” said Tim Elkins, EVP and CIO of PrimeLending. “We have our own panel of appraisers, which eTrac allows us to efficiently manage internally. Since the implementation of eTrac, we have realized quicker turn times, greater employee productivity, workflow efficiencies and cost savings.”
eTrac integrates tightly with PrimeLending’s loan origination system (LOS), CoreLogic ChannelMaster. The integration automates manual processes and ensures data consistency throughout the appraisal process. From within the LOS, PrimeLending’s users can seamlessly access eTrac to efficiently order and assign appraisals, check real-time status, and deliver loans to the GSEs via the Uniform Collateral Data Portal (UCDP) in full compliance and without missing data.
“The ability of our solution to effectively handle the type of volume that PrimeLending produces demonstrates the scalability of our platform,” said Vladimir Bien-Aime, president and CEO of Global DMS. “eTrac has a seamless interface to PrimeLending’s ChannelMaster platform, which streamlines their unique workflow and offers them the flexibility to fully control and have transparency over their in-house appraiser panel.”
The modularity of Global DMS’ Web-based eTrac valuation management platform allowed PrimeLending to implement the solution in phases, thus ensuring scheduled go live dates and staff training. Due to the large size of PrimeLending’s mortgage operations, enterprise-wide LOS workflow usage, and management of its own panel of appraisers, being able to implement eTrac in segments was important in order to not disrupt the lender’s existing appraisal process.
eTrac is engineered to help lenders maintain their appraisal compliance with state and federal laws, the Consumer Financial Protection Bureau (CFPB) and the Dodd-Frank Act.