Global DMS launched a new compliance guarantee program for those that utilize its EVO appraisal management platform. The program covers all fines in the event that a client is found out of compliance, but is using the software’s Best Practice Configuration, the company announced in a press release.
Those that utilize EVO to manage their valuation operations will be protected by Global DMS’ compliance guarantee program as it pertains to appraisal independence requirements, appraiser licensing, borrow receipt of the appraisal, and report and delivery to both Fannie Mae and Freddie Mac, the company said.
Global DMS’ new program allows institutions concerned with appraisal compliance to effectively remove appraisal risk from the equation.
“All EVO users will be eligible for this new program, provided they’re following Global DMS’ Best Practice Configuration within the system, which promotes appraisal compliance through automation – such as automated license validation, vendor assignment, appraisal reviews, UCDP and EAD submissions, and more,” the company said. “Implementing an automated valuation process through the use of status-driven triggers ensures compliance by eliminating manual touch-points that lead to human error and oversight.”
With EVO, the release said, this automation is 100 percent configurable.
“The appraisal industry is always in flux, and it’s imperative for all participants to quickly adapt to the drastic changes introduced by federal regulation, state legislation, public policy, and lending guidelines,” Global DMS Chief Operating Officer Jody Collup said in the release. “The key to being compliant and efficient is having an all-encompassing platform that supports dynamic change, as well as an intuitive interface that doesn’t require expensive, time-consuming custom development work.”