Global DMS, a Lansdale, Pa.-based appraisal technology company, used the Mortgage Bankers Association’s annual convention in Chicago to launch and promote its Global Unity Project, an initiative that seeks to create seamless integrations with all of the major loan origination systems.
So far, those LOS providers include Calyx, Ellie Mae, FICS, FIS, LendingQB, MortgageFlex and Mortgage Machine. The company said that while there have been integrations created between systems, nothing has been attempted before on this scale.
“Technology is supposed to make things easier for companies, with the different systems going out there, when you’re trying to stay up with compliance and everything that is where the issues come with not having these systems talk to each other,” said Matt McHale, Global DMS’ chief revenue officer.
The way the industry is changing, especially in terms of compliance, it has become “more and more necessary” to accomplish that compliance. One of the problems is that these systems do not “seamlessly talk to each other, have this information carried over from one to another.
“So the whole focus for Global Unity is to have all the integrations done with the LOS providers, so our system—which is the management platform—takes the information with a push of a button right from an LOS directly into our system,” added the needed information and provide communication back to the lender, he said.
So any updates or status changes goes effortlessly back to the lender; those changes reside in both systems so lenders can keep track of it and do not have to keep reentering it into either system and avoiding errors, McHale said.
What makes this effort different is the universality of it, because it seeks to connect with all of the different LOS platforms under the Global Unity umbrella. This will be Global DMS’ focal point for the rest of this year as well as 2013 and even beyond, he said.
Its platform includes hundreds of appraisal management companies and thousands of appraisers. It also provides access to automated valuation products.
“The lender can manage the process of ordering the appraisal, making sure from a compliance standpoint everything is there,” and they are able to deliver the information to the Uniform Data Collection Portal if needed, he said. And of course, using the Global DMS platform helps lenders to comply with appraisal ordering rules set up by the secondary market.
The goal is to provide better service to the end user, but making sure they are able to keep compliant with all of the rules and regulations. It will also include a full audit trail of communications which can be stored indefinitely. There is an also unlimited document storage capability, so reports can be kept for seven years or even longer.
Global DMS is not only working with the LOS technology providers on this project, McHale said, but with the lending community as well, especially to make sure Global Unity meets their needs. He told of one lender who came to Global DMS seeking to have the interface built with its LOS provider and so that lender made the connection between the two parties.
Lenders want this type of integration to make their lives easier, he continued.