As appraisers urge the nation’s lawmakers to reduce the amount of regulations appraisers are subject to, service providers are helping lenders maintain their own compliance.
In testimony last month before
a subcommittee of the House Financial Services Committee, the Appraisal Institute called on Congress to modernize appraisal regulation.
The trade group said the appraisal regulatory structure should be aligned with the real estate and
mortgage industries and use a model like the National Mortgage Licensing System.
“Appraisers are being choked by rules and regulations in nearly every facet of their business,” Appraisal Institute Director of Government and External Relations Bill Garber said in written testimony. “Appraisers’ professional lives have become extremely complicated, more expensive and less productive due to a dated and archaic regulatory structure.”
This weekend, Fannie Mae plans to implement Collateral Underwriter 4.0. The update is designed
to enhance and simplify the appraisal review process. The secondary lender said it will deliver dynamic functionality and cutting edge analytics.
Global DMS reported on Nov. 28 that it
launched Global Delivery. The new service is an alternative to the traditional way appraisal documents are prepared, packaged and compliantly provided to borrowers.
Instead of using the traditional postal service,
the Global Delivery platform enables lenders to comply with the Consumer Financial Protection Bureau’s hard-copy appraisal requirements through automated distribution.
“Using Global DMS’ eTrac Enterprise platform, users simply click and are done,” the statement said. “The mailing automatically goes out the next business day, with mailing verification permanently logged in eTrac.”
In October, Lansdale, Pennsylvania-based Global DMS — a Mortgage Daily advertiser — said its eTrac platform was integrated with CoreLogic Inc.’s LoanSafe Appraisal Manager.
In Troy, Michigan, Dart Appraisal announced that Tina Manshum has been hired as an account executive to handle Michigan business.
Another recent announcement indicated that a strategic alliance between Dart and
First Lenders Data Inc. will provide home-equity lenders with an expanded number of appraisal vendor options when they order the FirstClose Report.
