Global DMS, a provider of web-based compliant valuation management software, recently announced that CMG Financial (CMG), has streamlined the management of its appraisal process from start to finish using Global DMS’ eTrac platform.
CMG will now be able to work with Global DMS' AMC providers that have disparate systems through a single interface with eTrac. As a result, processors and brokers no longer have to log into each AMC's system to place appraisal orders.
CMG users can order and assign appraisals, track them with real-time status, review appraisals, and they are then automatically delivered to the Uniform Collateral Data Portal (UCDP) in full compliance and without errors or missing data from within eTrac.
“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.”
Global DMS’ Workflow Engine eliminates manual intervention, automatically handling many intricate and disparate tasks in CMG’s unique appraisal process. Custom business rules were applied to tailor CMG’s appraisal management workflow to their preferences and specific internal procedures.
The platform, eTrac, facilitates far-reaching compliance functionality that is proven to automatically keep lenders compliant with changing state-based rules, federal laws, the Consumer Financial Protection Bureau (CFPB) and the Dodd-Frank Act.
“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. “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.”