Global DMS, a valuation software provider, has enhanced its appraisal process management technologies to comply with the Federal Housing Administration's (FHA) new appraisal requirements.
As of Feb. 15, 2010, all lenders submitting loans to the FHA are required to comply with the government-sponsored enterprises' new guidelines, which have some similarities and several differences to the Home Valuation Code of Conduct (HVCC).
‘There are some striking differences between FHA and HVCC that lenders need to accommodate,’ says Vladimir Bien-Aime, CEO of Global DMS. "FHA addresses the appraiser's geographic competency, but HVCC does not. Also, unlike HVCC, FHA requires that case numbers be secured prior to ordering an appraisal."
Global DMS says its solutions are fully customizable and automatically address all of FHA's new guidelines. In addition to using firewalls that help ensure appraisals are ordered only by appropriate personnel, the software also facilitates FHA guideline compliance by allowing users to specify a geographic range for appraisers, automating FHA case number transfer and appraisal reviews, and detailing management and appraisal fees separately, in addition to numerous other FHA-specific functions.Â
The solutions are available in two versions: Oasis, which is designed for lenders; and eTrac, which is customized for appraisal management companies and includes enterprise-level vendor management, a built-in appraiser network and an automated rules-based review system.
SOURCE: Global DMS