Global DMS, a leading provider of cloud-based compliant valuation management solutions, and OpenClose, a comprehensive mortgage software solutions provider, jointly announced that they completed a bi-directional interface between Global DMS’ eTrac Enterprise valuation management platform and OpenClose’s LenderAssist loan origination system (LOS).
The new integration eliminates manual touch points, reduces costs and ensures appraisal compliance, the press release stated.
“Directly from within OpenClose’s LenderAssist LOS, this integration allows users to tap key functionality in our eTrac Enterprise platform,” Global DMS president and CEO Vladimir Bien-Aime said in the release. “Unlike appraisal ordering systems that just place orders, Global DMS has a completely workflow-driven, robust valuation management platform that automates all of the intricacies involved in the appraisal process from start to finish, which OpenClose customers can now leverage in a seamless fashion.”
Using the integration, lenders are able to order appraisals, check real-time status, receive appraisal files back into OpenClose’s LOS, and submit them to the Uniform Collateral Data Portal (UCDP) or Electronic Appraisal Delivery (EAD) portal.
This streamlines data exchange and communication between the two platforms and speeds up the process. Global DMS provides OpenClose customers with detailed reports for audit tracking and visibility over their appraisal processes.
“We want our customers to benefit greatly from the integrations we establish, so we are very discerning when selecting new technology vendors to integrate with,” OpenClose CEO/CTO Jason Regalbuto said. “Global DMS’ solution is one of the leading single-source valuation management platforms in the mortgage industry and we are extremely pleased to have them as a new integration partner.”
There are numerous appraisal management companies that already leverage Global DMS’ eTrac platform to support their lender customers. Those lenders can now work with their AMCs via OpenClose’s LOS. Lenders also can manage their appraisal panel in-house.