Appraisal management software provider Global DMS integrated its Global Kinex platform to the Uniform Collateral Data Portal,
The June 27 launch of the UCDP is for trial use ahead of the mandatory requirement of the government-sponsored enterprises’ Uniform Mortgage Data Program. Lenders and their designated agents (like appraisal management companies) will be required to submit full electronic appraisal reports beginning on March 19, 2012, for loans with application dates on or before Dec. 1, 2011.
Lansdale, Pa.-based Global DMS is offering $1 appraisal deliveries for new customers and free delivery for existing clients using premium versions of Global DMS’ eTrac Enterprise Edition and Oasis valuation management platforms.
The GSEs make the UCDP available for free to lenders via a browser-based portal. Loans have to be manually uploaded to the system and if they are not in the correct XML file format, they will be charged a fee to convert the PDF to the appropriate format.
Global DMS and 19 other firms are building direct integrations to the portal, providing lenders the ability to batch upload appraisals in the correct file format directly from their appraisal ordering software, without the extra step of exporting the files and manually uploading to the browser portal.
“Without a technology like Global Kinex, lenders will be spending up to five to 15 minutes to deliver appraisals, plus there’s a maximum upload limit of 10 files at a time,” said Vladimir Bien-Aime, CEO of Global DMS, in a press statement.
Ahead of the mandatory delivery requirement, appraisers will have to begin creating their reports in compliance with the Uniform Appraisal Dataset beginning Sept. 1. Global DMS will raise its introductory rate to $3 at the same time, but will remain free for premium users. The UAD specification is both a type of XML file, as well as a standard format for the responses appraisers provide on the GSEs’ appraisal forms.
Global Kinex is a data delivery portal that integrates with loan origination systems, as well as Global DMS’ two valuation management platforms, eTrac and Oasis.
