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Global DMS has announced that it has launched Global Delivery, an alternative to the traditional way appraisal documents are prepared, packaged and compliantly provided to borrowers by way of printed appraisals sent via U.S. mail. The result is the near removal of human involved tasks, operational disruption, a reduction of costs and a more efficient process for mailing appraisals.
“What Global Delivery accomplishes is applying the greatest level of automation possible to alleviate an elderly task of yesteryear,” said Vladimir Bien-Aime, president and chief executive officer of Global DMS. “There is still consumer demand in residential mortgage valuations to receive the fully-packaged appraisal via the U.S. Postal Service, and of course, to receive it in full CFPB compliance. Global Delivery is a perfect blend of technology and service that automates the manual and cumbersome process of printing, folding and mailing appraisals to borrowers.”
The Consumer Financial Protection Bureau (CFPB) issued its Disclosure and Delivery Requirements for Copies of Appraisals and Other Written Valuations under the Equal Credit Opportunity Act (Regulation B) rule, sometimes called the ECOA Valuations Rule. The copies of valuations may be delivered to the borrower either on paper or electronically. Many solutions handle electronic delivery of appraisals; however, unlike Global Delivery, they have not sufficiently addressed the hard-copy delivery of appraisals or other valuations to the borrower via mail.
Global DMS says that having staff spend time on non-revenue producing activities, like packaging and mailing documents, is expensive and can be extremely disruptive. As an example, a staff member can easily spend more than 22 hours a month just managing a meager 250 plus files per month, equating to about 14 percent of their time manually addressing the ECOA Regulation B requirement. The greater the loan volume, the worse the problem becomes.
Global Delivery can process appraisal documents and merge a pre-programmed, lender-branded cover letter that then delivers the hard copy to the borrower’s doorstep. Global Delivery automatically ships appraisals to lenders’ borrowers with one simple click, with no printing, folding and stamps involved for the lender. Using Global DMS’ eTrac Enterprise platform, users simply click and are done. The mailing automatically goes out the next business day, with mailing verification permanently logged in eTrac. This ensures compliance with ECOA and provides the detailed logs in the event of an audit.
Key features of Global Delivery include: Fully automated appraisal delivery to borrower; customized cover letter with company logo; files are mailed within 24 hours; delivered documents are imaged and permanently stored; API for easy integration with external systems; and predictable costs.
In addition to accompanying its eTrac platform, Global Delivery is also available as a stand-alone solution for users that already have an existing platform for appraisal fulfillment.