Ellie Mae Expands Network of Approved AMCs
Software provider Ellie Mae added appraisal management company, MDA Lending Solutions, to its appraisal services program -- a system that helps industry professionals stay in compliance with the Home Valuation Code of Conduct (HVCC). The HVCC, enacted May 1, drastically altered the appraisal business, essentially requiring that appraisers are selected and assigned to all appraisals on a blind basis via third-party platforms. Ellie Mae's program, Encompass, leverages technology enhancements, partnerships with appraisal management companies and direct connection via its ePASS technology to facilitate HVCC-compliant ordering and delivery of appraisals. By adding to their network of approved appraisal management companies, along with providing direct access, the appraisal services program gives clients the freedom of choice and helps them to ensure they don’t incur the additional costs and difficulties that result from violating HVCC guidelines, says Jonathan Corr, chief technology officer for Ellie Mae. Originators who fail to comply with the HVCC may face penalties, the inability to sell loans or, for brokers, the inability to submit their loan applications to certain wholesale lenders. Write to Kelly Curran.