has announced the official rollout of SnapVal, an automated solution that utilizes the property address to return a guaranteed price on any residential appraisal in the U.S.
“We identified a need in the marketplace to address a common problem that lenders are regularly challenged with in providing accurate appraisal quotes and then ensuring pricing on the Loan Estimate is consistent and compliant,” said Vladimir Bien-Aime, president and CEO at Global DMS. “Lenders that have a digital mortgage strategy in place to receive, and in turn disclose accurate appraisal fees on the LE at first issuance will be a step ahead of competitors that haven’t reconciled their workflows in this unforgiving zero-tolerance environment. SnapVal is a piece of technology that lenders currently lack from their digital mortgage strategies. By leveraging SnapVal, they will save time and money, as well as increase their pull-through rates while elevating the borrower experience.”
SnapVal integrates seamlessly with loan origination systems (LOS), digital mortgage point-of-sale (POS) systems, borrower-facing Web portals and propriety lending or servicing platforms. Global DMS provides a configurable RESTful API Web service that facilitates swift and cost-effective integrations.
SnapVal allows lenders to easily automate the insertion of the appraisal fee into the LE, expedite payment, and enable real-time ordering of appraisals from directly from within their software system of choice. Lenders have several options to configure appraisal pricing including the lowest price provider, percentage allocation, or round-robin distribution. This helps hone pricing accuracy by taking into account key factors including region, appraiser availability, experience, and more. As a result, appraisal pricing guesswork is removed and replaced with automation accuracy.