""Weichert Financial Services"":www.weichertfinancial.com/ is investing in technology, with the recent announcement that the company would begin utilizing a platform from ""InHouse Inc."":inhouseusa.com/ to enhance its appraisal processing. Choosing InHouse to facilitate data delivery, Weichert is set to take advantage of fully integrated processing for management of its appraisal-related activities.[IMAGE]
The financial institution is one of the 30 largest mortgage lenders in the U.S., and through using InHouse's systems for integration with the ""Uniform Collateral Data Portal"":https://www.efanniemae.com/sf/lqi/umdp/ (UCDP), Weichert can remain ahead of the national curve in preparation for the future mandate requiring that all appraisal data for loans submitted to the government-sponsored enterprises be conducted via the platform. InHouse's module allows for streamlined connection with the UCDP, simplifying and consolidating documentation delivery, while helping lenders mitigate risks created by the appraisal process.
Nancy Crocetto, Weichert's senior vice president of operations, said of the company's new tech initiative, ""Our success with integrating to the UCDP is due solely to our working with InHouse. We're happy to be one of the earliest adopters to the GSE's new appraisal delivery system. We are using the 90-day[COLUMN_BREAK]
period between September 1 and December 1 to get up and running. ├âÔÇÜ├é┬áCome December 1, we'll be prepared to submit all appraisal data to the UDCP. ├âÔÇÜ├é┬á We are having great success with submitting appraisals to the new portal, thanks to InHouse.""
Through the InHouse Connexions platform, Weichert will submit appraisals to the UCDP directly, with no additional charge and no need to manually upload documentation through the GSE's UCDP Web-based interface. The Connexions program also gives lenders the ability to work with an unlimited number of appraisers and appraisal management companies via a single system of record for all recorded data, increasing efficiency and monitoring efforts when looking at appraiser performance and valuation accuracy.
President and CEO of InHouse, Jennifer Creech, noted of the company's platform for delivery to the UCDP, ""InHouse is one of the first vendors to help lenders connect and deliver appraisals electronically to the portal, ahead of next year's March deadline. After undergoing a smooth transition process, our lender clients are well prepared for the new appraisal requirements.""
Any AMCs and loan originators seeking access to the UCDP directly, can use InHouse's integrated module to connect and electronically submit appraisals to the GSEs, and in a company statement, InHouse mentioned that Connexions can convert all existing appraiser data to the government's required formats, including MISMO XML or first-generation PDFs. Additionally, the Connexions platform can assist in compliance, tracking, and validation for the status of all appraisals delivered.
Continuing her commentary, Creech added, ""Lenders using Connexions are able to quickly and easily see how their appraisers and AMCs are performing. They can compare appraisers to other appraisers, appraisers to AMCs, and AMCs to AMCs.""