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Global DMS Launches New Appraisal System

Lansdale, Pennsylvania-headquartered Global DMS, a provider of cloud-based valuation management software, has rolled out SnapVal, an automated solution that utilizes the property address to return a guaranteed price on any residential appraisal in the U.S.

The company said that SnapVal integrates seamlessly with loan origination systems (LOS), digital mortgage point-of-sale (POS) systems, borrower-facing web portals, and propriety lending or servicing platforms. Global DMS provides a configurable RESTful API web service that facilitates swift and cost-effective integrations.

Under the TILA-RESPA Integrated Disclosure (TRID) rule, lenders are bound by the fees represented on the Loan Estimate (LE). Unlike static fees, appraisals are a variable cost that lenders constantly struggle to ensure pricing accuracy. If there is any change to the appraisal fee, TRID dictates that a revised LE must be issued to the consumer. This requirement, coupled with strong lender motivation to complete deals and close on time, often results in the lender absorbing appraisal fee discrepancies or scrambling to quickly re-issue the LE. 

“We identified a need in the marketplace to address a common problem that lenders are regularly challenged with for providing accurate appraisal quotes and then ensuring pricing on the Loan Estimate is consistent and compliant,” said Vladimir Bien-Aime, President and CEO at GlobalDMS. SnapVal is a piece of technology that lenders currently lack from their digital mortgage strategies. By leveraging SnapVal, they will save time and money, as well as increase their pull-through rates while elevating the borrower experience.”

Global DMS said that SnapVal allows lenders to automate the insertion of the appraisal fee into the LE, expedite payment, and enable real-time ordering of appraisals directly from within their software system of choice. 

Lenders have several options to configure appraisal pricing including the lowest price provider, percentage allocation, or round-robin distribution. This helps to hone pricing accuracy by taking into account key factors including region, appraiser availability, experience, and more. As a result, appraisal pricing guesswork is removed and replaced with automation accuracy.

About Author: Radhika Ojha

Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas.
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