Loan-Score Integrates its Broker Portal with Global DMS' HVCC Platform
IRVINE, CA and LANSDALE, PA, January 27, 2010 - Loan-Score Decisioning Systems, an enterprise-class pricing and automated underwriting provider, and Global DMS, a leader in appraisal process management solutions, announced that they have integrated their systems, thus enhancing the appraisal ordering process for Loan-Score's broker users. The integration ensures that brokers using Loan-Score are precluded from interfacing directly with appraisers-a protective measure that helps ensure adherence to the GSEs' Home Valuation Code of Contact (HVCC), as well as to FHA's impending appraisal guidelines. "It's a huge time and money saver for us to have a one-day, seamless process for uploading loans, getting an instant approval, and ordering and paying for the brokers' appraisal-all in one centralized application within our broker portal," says Kevin Marconi, chief operations officer for Loan-Score customer United Fidelity Funding. "The benefits are numerous-this integration takes HVCC compliance to the next level and eliminates the unneeded use of paper, plus we immediately established a tighter relationship with our appraisers, who now see us as the customer, not the broker. Our brokers really like the control and flexibility of the electronic ordering and status checking system that is integrated with their loan file." Loan-Score's integration with Global DMS works by automating best practice processes, and limiting access to certain actions and information according to the staff member's job function. Once a loan is submitted from within Loan-Score's broker portals, it is filtered through Global DMS' HVCC guidelines. At that point, Global DMS' integrated system returns relevant data back to the lender, which gets detailed findings that include a process for risk resolution. All actions are fully transparent, auditable and traceable and status updates can be accessed through a single click from the Loan-Score portal. Global DMS' OASIS platform-which is designed specifically for lenders to better and more compliantly manage the appraisal process-evaluates and scores collateral in a similar fashion to the way that credit is decisioned. The review works by capturing and extracting all key data points off a PDF or scanned appraisal report, then translating the data to XML, storing it to a database, and running the information against a rules engine. The engine stores customer-specific risk tolerance guidelines as well as a library of logic verification, both of which are used to flag risks. The system also provides explanations behind each issue. As a result, users are able to immediately identify a detailed process for risk resolution and informed decisioning. "Whether or not there's a formal edict for the way appraisals are handled, lenders, investors and guarantors are taking more and more precautions to ensure integrity throughout the appraisal process," says David P. Colwell, EVP at Loan-Score. "Part of Loan-Score's mission is to provide its customers with the tools they need to transact more, better and safer loans. By integrating with Global DMS, we're offering our users all the tools they need to ensure they're adhering to the highest possible standards, and complying with all relevant appraisal guidelines." "These rules and guidelines can be tricky to understand and manage. Now more than ever, lenders need a cost-effective way to ensure they're reducing the risk of compliance violations," says Vladimir Bien-Aime, president of Global DMS. "In addition to HVCC, there's also the FHA's updated appraisal standards, and there could be additional big changes as the result of Congress' pending financial and mortgage industry reform bill. Global DMS is proud to be partnering with Loan-Score to address the industry's needs and provide a true end-to-end solution that addresses not only HVCC and FHA guidelines, but also the best practices that serve as the foundation for other pending regulations." Both Loan-Score and Global DMS received award commendations by Mortgage Technology magazine for their annual Fix It award, and now the two solutions are integrated. About Loan-Score Decisioning Systems
Founded in 2000 and headquartered in Irvine, California, Loan-Score Decisioning Systems offers clients a full suite of decisioning solutions to satisfy their individual needs from small, medium and large production and servicing organizations. The modular suite includes a product & pricing engine (PPE), automated underwriting system (AUS), portfolio analysis engine (PAE), channel focused point-of-sale (POS) Web portals, a system-to-system integration bridge and more. Loan-Score maintains a comprehensive, up-to-date library of investor guidelines and pricing to ensure eligibility is met and market conditions are adjusted to deliver precision-based underwriting that results in fundable and saleable loans. Our solutions are engineered to deliver swift, cost-effective implementations that integrate with existing LOSs. Clients can choose between software-as-a-service (SaaS) and self-hosted technology models. For more information, visit www.loan-score.com or call 949-450-0102.
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CONTACTS:
Jeri Yoshida
Strategic Vantage
310.396.8813
Joe Bowerbank
Loan-Score Decisioning Systems
949.450.0102