One-Stop Service Technology Helps Increase Accuracy
Distressed property valuation compliance is a challenge technology solution providers are tackling head on by "taking an opportunity" with innovative tools.
"Standards in the industry are tightening across the board, so it just makes sense to have regulations that ensure data integrity in the appraisal segment as well," says Vladimir Bien-Aime, CEO of Global DMS LLC, Lansdale, Pa., a provider of appraisal process management solutions that pioneered Web-based appraisal management software.
And that is a challenge for mortgage lenders and servicers.
Catering to market demand for easy access to multifunctional tools that keep track of housing inventory values-both distressed and not distressed-Global DMS has developed OasisOne, a new platform that enables users to run numerous disparate software solutions within a single location.
Lenders, servicers and appraisal management companies will have the ease and convenience of accessing and managing multiple solutions from one browser window.
Bien-Aime describes it "as a program within a program" since users only needs to log in once, "which will be a lot like launching apps on a personal handheld device." Access is as easy as an Internet connection.
The OasisOne platform offers uniform accessibility through a single platform, says Bien-Aime, opening the playing field for software developers to create programs that can run from within that platform.
Easier and more convenient data access is bound to open up "a whole new world of functionality," he says.
The first solution accessible through OasisOne is the Global DMS MISMO Appraisal Review System technology, which extracts data from PDF files and converts it into various XML formats, including the MISMO 2.6 XML, which will be mandated for loans submitted to Fannie Mae by July 2010.
And as the deadline approaches, Global DMS is negotiating new partnerships with mortgage industry software providers interested in providing "app-like" versions of their solutions.
Global DMS recently partnered with Valligent, Roseville, Calif., a provider of collateral valuation and risk management solutions.
The partnership enables Valligent to provide end-to-end valuation service for ordering, managing and delivering a full range of valuation products in MISMO-sanctioned XML data format and in full compliance with the Home Valuation Code of Conduct, FHA's appraisal guidelines, and Fannie Mae and Freddie Mac's Collateral Data Delivery program that goes into effect on July 1.
"It is more than a one-stop service that covers valuation reports for the full spectrum of lender needs," says Jeremy McCarty, CEO and chief valuation strategist of Valligent.
One of its main benefits is that it also is a way for lenders to ensure that their valuation processes are fully compliant with all of the related regulations, including the Collateral Data Delivery requirements set forth by Fannie Mae and Freddie Mac.
Global DMS provides commercial and residential real estate valuation software solutions that allow system users to enhance the efficiency of Valligent's collateral valuation solutions, automated valuation model reports, traditional reviews, and full appraisals.
Five Brothers, Warren, Mich., a nationwide provider of commercial and residential mortgage default management solutions, has been providing a full range of field services, including property preservation, inspections, bank-owned real estate management, property valuation and a nationwide network of customer and field service representatives since 1967.
Joe Bada, CEO of Five Brothers, says the company took an opportunity on what he saw as an immediate market demand by developing the QuickData HUD P260 bid data input service.
Effective April 7, U.S. Housing and Urban Development requires all loan information to be submitted using the new HUD P260 portal, which represents a customer need "to ensure compliance with HUD requirements, without sacrificing efficiency," he says.
"QuickData is a simple solution that eases the strain on client resources resulting from the current uptrend in loan defaults."
Using the HUD P260 portal, mortgage servicers simply accept and submit the pre-entered bid, eliminating workflow buildup. QuickData provides data entry and photo transfers into the new HUD P260 portal.
Notification of completed data input is posted into the company's FiveOnline asset preservation workflow management system, which is Web-based and accessible 24 hours a day, seven days a week.
Users can draw on other services offered by the company such as regulatory-compliant default management and mortgage technology solutions to commercial and residential mortgage servicers nationwide.