""Global DMS"":http://www.globaldms.com has enhanced its appraisal management technologies to comply with new appraisal requirements of the Federal Housing Administration (FHA), which went into effect on Monday.[IMAGE]
Global DMS claims to have pioneered web-based appraisal management software. The Lansdale, Pennsylvania-based company offers real estate valuation software for both the commercial and residential markets.
All lenders submitting loans to FHA are now required to comply with the agency's new guidelines, which have some similarities and several differences to the Home Valuation Code of Conduct (HVCC) already adopted by the GSEs.
""Complying with two disparate sets of guidelines can be very stressful and confusing for lenders, especially if they don't have an automated solution that specifically addresses these issues,"" said Vladimir Bien-Aime, CEO of Global DMS. ""There are some striking differences between FHA and HVCC that lenders need to accommodate.""[COLUMN_BREAK]
First off, Bien-Aime says FHA addresses the appraiser's geographic competency, but HVCC does not. Also, unlike HVCC, FHA requires that case numbers be secured prior to ordering an appraisal. He added that on top of the dual guidelines, there's also the issue of ensuring objectivity, an initiative that's pretty much universal throughout the industry, whether mandated or not.
Global DMS says its solutions automatically address all of FHA's new guidelines. In addition to using firewalls that help ensure appraisals are ordered only by appropriate personnel, the software also facilitates FHA guideline compliance by allowing users to specify a geographic range for appraisers, automating FHA case number transfer and appraisal reviews, and detailing management and appraisal fees separately, the company explained.
Global DMS' solutions are available in two versions: Oasis, the solution for lenders, and eTrac, which is customized for appraisal management companies (AMCs). Both solutions address HVCC and FHA guidelines. eTrac also includes enterprise-level vendor management, a built-in appraiser network, and a rules-based review system.
""It takes a lot more than ensuring objectivity in appraisals to stay compliant with FHA and HVCC guidelines-there are a lot of other intricacies where lenders can risk noncompliance,"" added Bien-Aime. ""Our initiative to address FHA-specific guidelines has been in the works for months. Our customers expect us to provide the tools to protect their interests, and we're happy to keep fulfilling their expectations.""