MDA Lending Solutions Upgrades ePolicy Workflow Software

Posted by Orb Staff on April 17, 2009 No Comments
Categories : Residential Mortgage

gton, Del.-based MDA Lending Solutions, a provider of settlement services, has rolled out the newest edition of ePolicy, an automated product selection workflow system from MDA MindBox, a division of MDA Lending Solutions. The upgrade adds appraisal management functionality to comply with Home Valuation Code of Conduct (HVCC) regulations and improves the rules management architecture. ePolicy is a configurable software that enables lenders to more effectively manage business rules and credit policy in loan origination, MDA says. With the recent adoption of the HVCC regulations, a managed appraisal portal was added to the workflow software, providing both regulatory compliance and process efficiency. The system enables mortgage banks and wholesale lenders to present a list of approved appraisers to originators based on business rules and filters to screen for cost, availability, location and certification. "HVCC requires that lenders order their appraisals from non-biased, third-party sources," says Bill Richer, president of MDA MindBox. "The challenge lies in quickly identifying those appraisers who are qualified, affordable and eligible.�Lenders can screen and rate appraisers based on business rules, ensuring that originators have access to only the highest-performing options." ePolicy also upgraded its rules management architecture, reducing maintenance requirements and improving the flexibility of the system to adjust to the constantly changing lending environment. The enhancements enable lenders to improve loan application cycle time and to reduce the expenses associated with settlement services. ePolicy standardizes the settlement product selection to match the needs of specific loan requirements and comply with credit policies and risk management guidelines. SOURCE: MDA Lending So

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