An integration has been finalized that will allow users of Global DMS’ eTrac Enterprise platform to have immediate access to Ellie Mae’s loan origination system Encompass 360.
This partnership allows lenders, servicers, asset management companies, appraisers and other real estate entities who utilize either of the firm’s technology solutions to now be able to efficiently execute compliant appraisal transactions.
“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,” said Vladimir Bien-Aime, president and CEO of Global DMS.
The eTrac Enterprise solution provides the mortgage industry with a tool that manages the collateral valuation process. The single-source solution automates the entire appraisal process from vendor management to placing orders, making assignments, tracking status and reviewing appraisal for quality assurance. Then, the completed file is automatically submitted to the Uniform Collateral Data Portal with no errors or missing information, said the Lansdale, Pa.-based technology firm.
Meanwhile, Pleasanton, Calif.-based Ellie Mae’s Encompass 360 is a web-based platform that contains components and functionality which allow lenders to complete the entire lending process from origination through underwriting, compliance, processing, closing, funding and secondary marketing.
Both companies offer their respective solutions via the software-as-a-service model, which keeps costs low and allows for software updates to easily be implemented.
Federal and state-based regulators, such as the Dodd-Frank Act, the Consumer Financial Protection Bureau, and GSE compliance requirements, have recently come out with several appraisal rules that lenders must adhere to. If lending organizations fail to remain in compliance at all times, fines can be substantial every day.
“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,” Bien-Aime added.