NMP - September 2016 - 18

✒ Using the Right Technology to Effectively Manage Appraiser Vendors Yields Key Benefits By Vladimir Bien-Aimé T SEPTEMBER 2016 n National Mortgage Professional Magazine n NationalMortgageProfessional.com 18 here are multiple benefits that can be gained from using various types of appraisal software, but one that is of particular significance is a vendor management component. Having the technology tools and functionality to effectively manage numerous vendors is extremely important to efficiently complete the appraisal process without issues. Much of this comes in the form of effective communication with vendors. Things like automating the communication of assignments, setting reminders, setting tasks and providing status are essential. Some appraisal software systems allow lenders and appraisal management companies (AMCs) to handle portions of this, but they lack in the ability to empower users to easily configure how vendors are managed using a workflow-driven process. Setting up reminders throughout the workflow is extremely helpful and confirms that appraisers are notified in a timely fashion. This saves huge amounts of time and ensures nothing is missed. Another important part of managing vendors is scoring them for appraisal quality, which can also be a very time consuming undertaking if you don't have a tool to manage it, and many times it simply goes undone. Just because an appraiser in a certain area is the closest or offers better pricing, is that really the best choice? Are they in good standing and properly licensed? Automated vendor management keeps you informed. For instance, appraiser turn times can be automatically tracked, stored and reviewed as needed. Communication scores can also be tracked when an appraiser updates the status of orders. Things like appraiser licensing, turn times, communication levels and much more can all be automatically analyzed and scored using a valuation management platform that includes vendor management tools. Without the right technology, however, this would be very time consuming, and costly to complete. If you don't manage your appraiser vendors through a valuation management platform in a proactive manner, then how do you do it? Where do you store the data? How do you prove that you stay on top of your appraiser errors and omissions (E&O) if/when you get audited? How do you know when someone's data needs to be updated and exactly when it is updated? Using technology to automate the vendor management function enables you to be completely proactive with all of this. It saves you inordinate amounts of time while staying on top of your vendor data. Centralization, communication, transparency, tracking, scoring and reporting is the way to do it. But you need the right technology to do it. Vladimir Bien-Aimé is president and CEO of Global DMS. Since founding the company, BienAime' has grown Global DMS to capture a leading share of the valuation management segment. He may be reached by phone at (877) 866-2747, email Vlad@GlobalDMS.com or visit GlobalDMS.com. SPONSORED EDITORIAL new to market continued from page 13 Homebuyer Privileges program to include discounts for nearly 300,000 retailers nationwide, including Target, Costco, Sears Commercial and ADT, among others. The program allows homebuyers to save up to $7,500 through a variety of retailer coupons. Loan officers can extend these savings to homebuyers regardless of whether or not their loan includes private mortgage insurance from Genworth Mortgage Insurance. Homebuyers have up to 12 months to enroll in the program, and up to 12 months after enrolling to utilize the discounts. "Our research shows that down payments are still the biggest obstacle to homeownership for many consumers," said Rohit Gupta, president and CEO of Genworth Mortgage Insurance. "By expanding our Homebuyer Privileges program, our customers can offer even more savings that might allow prospective homebuyers to better control their costs and achieve their homeownership dreams sooner." IDS Adds Fulfillment Dashboard to Doc Prep System Mortgage document preparation vendor International Document Services Inc. (IDS) has announced that it has introduced a fulfillment dashboard to its flagship mortgage document preparation system, idsDoc. Through the dashboard, users will have the ability to view, track and manage all document fulfillment requests to IDS through a single location. "With the strict disclosure delivery timing requirements imposed by TRID, it is more critical than ever for lenders to be able to quickly and easily keep track of the status of loan documents," said Mark Mackey, vice president of IDS. "Keeping our clients compliant with TRID has been at the top of IDS's priority list, and we continue to refine our system to meet lenders' needs." The dashboard was designed to track the status of document packages that have been submitted to IDS for fulfillment and provide users with a historical record of all previously fulfilled document packages. Under the "Active Packages" tab, users can view each document package and see what method was used to deliver the documents. Users can also drill down to the individual document level to determine what documents have been signed and completed for that loan package. In addition, the dashboard also tracks the borrower's progress in completing the loan package. For example, when documents are delivered electronically and are to be executed via E-Sign, the dashboard will let the user know when the initial notification was sent, when the electronic consent received and whether the borrower has completed the ESign process. The system also includes a separate "Wet Sign" tab to manage documents that cannot be signed electronically. From this tab, users can also easily review, add or remove documents for wet signature using the document name as listed in the document list from the PDF package file. Snapdocs Launches New Suite of Administrative Tools Snapdocs Inc. has announced the rollout of Snapdocs Enterprise, a new suite of tools that further reduces redundant back-office administrative tasks related to the mortgage process, particularly out-of-office mortgage loan closings. Snapdocs Enterprise was developed to meet the demands of dozens of large-scale national title and settlement companies joining Snapdocs this year, to provide a unifying layer of control and compliance during critical steps of the closing process. "Lenders have come to expect a level of service and compliance that companies can't deliver without the right technology," said Snapdocs CEO Aaron King. "Facilitating more than 40,000 mortgage closings every month makes Snapdocs uniquely positioned to put interesting workflow data into the hands of a talented engineering team tasked with building a new standard in modern closing technology." Snapdocs' signing agent verification feature gives mortgage lenders and title continued on page 60 http://www.NationalMortgageProfessional.com http://www.GlobalDMS.com

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