Appraisal management software provider Global DMS announced CMG Financial will incorporate its appraisal process using the eTrac platform.
By using this platform, the different appraisal management companies used by CMG will now move through a single interface with eTrac.
Therefore, mortgage processors and brokers no longer need to log into each of AMC’s system to place appraisal orders.
They can now order and assign appraisals, track them with real-time status, review appraisals and see when they are delivered to the Uniform Collateral Data Portal in full compliance and without errors or missing data, according to a release from Global DMS.
“CMG runs numerous appraisal orders through our system each month with an elevated level of workflow-driven efficiency,” says Vladimir Bien-Aime, president and CEO of Global DMS in a statement.
CMG operates retail, wholesale and correspondent lending divisions.
“The fact that eTrac effectively centralized CMG’s utilization of multiple AMCs and automated nearly all appraisal functions using our Workflow Engine speaks volumes about the flexibility and scalability of our platform,” said Bien-Aime.
The eTrac platform facilitates compliance functionality to help keep lenders compliant with changing state-based rules, federal laws, the Consumer Financial Protection Bureau and Dodd-Frank.
“After we implemented eTrac, our AMC assignments became automatic and thus it really simplified and sped up our orders,” said Peter Gilbert, chief credit officer at CMG.
“The eTrac Workflow Engine also played a significant role in the implementation by automating notifications and file delivery to the ordering parties and borrowers. eTrac has made our appraisal process very easy and efficient and we always know that we are compliant and have quality appraisals,” added Gilbert.