Global DMS announced that Nationwide Property & Appraisal Services has integrated its Global Kinex appraisal review and delivery technology as the foundation of its proprietary software to ensure full compliance with the Uniform Collateral Data Portal (UCDP) program.
Starting on March 19, 2012, for any loan originated on or after Dec. 1, the GSEs will require that appraisal reports be submitted in a specific GSE-approved format, through their Uniform Collateral Data Portal.
Nationwide Property & Appraisal Services has used Global Kinex as its UCDP-compliant appraisal review and delivery solution since November 2011. By establishing a fully compliant appraisal delivery program months prior to the UCDP utilization deadline, Nationwide Property & Appraisal Services had sufficient time to research options and select the solution that best met their needs.
"We saved more than $10,000 in the long run, plus we get service levels that are head and shoulders above the other vendors we considered integrating with — that's a big win for us and a big win for our customers," said Ryan Hernberg, president of Nationwide Property & Appraisal Services. "We make a habit of implementing compliance solutions far before deadlines. Preparation, combined with sufficient time to find the most cost-efficient option, gives us a competitive edge when it comes to quality, service levels, speed and pricing. We don't have to worry, and neither do our lender clients."
Global Kinex is a comprehensive, UCDP-compliant appraisal review and delivery solution. The technology extracts and converts data from a PDF-formatted appraisal, converts the data into a GSE-approved format, reviews appraisal data for errors, inaccuracies or other violations, provides a score based on the review findings and submits appraisal reports to the UCDP, all in full compliance with UCDP guidelines, in just a matter of moments. The system can be set up to manually control each step or to function automatically.
It takes only a couple of days to implement Global Kinex, but companies must also register with the GSEs before they can compliantly deliver loans through the UCDP.
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