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Global DMS has announced that CMG Financial has streamlined the management of its appraisal process from start to finish using Global DMS’ eTrac platform. This has enabled CMG to work with its AMC providers that have disparate systems through a single interface with eTrac. As a result, processors and brokers no longer have to log into each AMC's system to place appraisal orders. From within eTrac, CMG users can order and assign appraisals, track them with real-time status, review appraisals, and they are then automatically delivered to the Uniform Collateral Data Portal (UCDP) in full compliance and without errors or missing data.
“After we implemented eTrac, our AMC assignments became automatic and thus it really simplified and sped up our orders,” said Peter Gilbert, chief credit officer at CMG. “The eTrac Workflow Engine also played a significant role in the implementation by automating notifications and file delivery to the ordering parties and borrowers. eTrac has made our appraisal process very easy and efficient and we always know that we are compliant and have quality appraisals.”
Global DMS’ Workflow Engine eliminates manual intervention, automatically handling many intricate and disparate tasks in CMG’s unique appraisal process. Custom business rules were applied to tailor CMG’s appraisal management workflow to their preferences and specific internal procedures.
“CMG runs numerous appraisal orders through our system each month with an elevated level of workflow-driven efficiency,” said Vladimir Bien-Aime, president and CEO of Global DMS. “The fact that eTrac effectively centralized CMG’s utilization of multiple AMCs and automated nearly all appraisal functions using our Workflow Engine speaks volumes about the flexibility and scalability of our platform.”
eTrac facilitates far-reaching compliance functionality that is proven to automatically keep lenders compliant with changing state-based rules, federal laws, the Consumer Financial Protection Bureau (CFPB) and the Dodd-Frank Act.