LANSDALE, Pa., Oct. 8, 2013 (SEND2PRESS NEWSWIRE) -- Global DMS, the leading provider of Web-based compliant valuation management software, announced that its eTrac Enterprise platform is now integrated with Ellie Mae's loan origination system (LOS), Encompass360®. The integration is seamless and allows the entire appraisal process to be efficiently and compliantly completed directly from within Encompass360.
"As the mortgage industry continues to face ongoing changes to valuation rules as well as the introduction of new rules, it's imperative that lenders stay apace of regulatory changes to avoid running the risk of making errors or being out of compliance," said Vladimir Bien-Aime, president and CEO of Global DMS. "Our new integration with Encompass360 prevents users from having to leave the LOS, which enables the seamless exchange of sensitive valuation data, speeds up the appraisal process, facilitates better communication and establishes much needed transparency."
There are a myriad of appraisal rules that lenders must adhere to in a number of areas such as the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB), GSE compliance requirements and additional federal and state-based regulations. If lending organizations fail to remain in compliance at all times, fines can reach in the tens-of-thousands-of-dollars per day.
Global DMS' eTrac Enterprise valuation management is a single-source solution that is proven to automate the entire appraisal process from vendor management to placing orders, making assignments, tracking status and reviewing appraisals for quality assurance. The completed file is then automatically submitted to the Uniform Collateral Data Portal (UCDP) - 100 percent compliantly and with no errors or missing information.
Ellie Mae is a leading provider of enterprise-level, on-demand automated solutions for the residential mortgage industry. The company's end-to-end Encompass 360 LOS enables clients to efficiently and effectively originate quality loans in full compliance. Encompass360 is a robust Web-based platform that contains components and functionality which allow lenders to complete the entire lending process from origination through underwriting, compliance, processing, closing, funding and secondary marketing.
Both companies deliver their respective solutions via the software-as-as-service (SaaS) model, which keeps costs low and allows for software updates to easily be implemented.
About Global DMS:
Founded in 1999 and headquartered in Lansdale, Pennsylvania, Global DMS is the mortgage industry's preeminent provider of commercial and residential real estate valuation solutions catering to lenders, servicers, AMCs, appraisers and other real estate entities. The company's solution set is cost effectively delivered on a software-as-service (SaaS) transactional basis that ensures compliance adherence, reduces costs, increases efficiencies and expedites the entire real estate appraisal process.
Notable is that Global DMS has retained 100 percent of its lender clients since its inception. The company's solutions include its eTrac valuation management platform, eTrac WebForms, Global Kinex, AVMs and the MISMO Appraisal Review System (MARS). For more information, visit the company's web site at http://www.globaldms.com/ or call (877) 866-2747.
About Ellie Mae:
Ellie Mae, Inc. (NYSE:ELLI) is a leading provider of on-demand automation solutions for the mortgage industry. The company offers an end-to-end solution, delivered using a Software-as-a-Service model that serves as the core operating system for mortgage originators and spans customer relationship management, loan origination and business management. The company also hosts the Ellie Mae Network that allows Encompass® users to electronically conduct business transactions with the lenders and settlement service providers they work with to process and fund loans. The company's offerings include the Encompass, Encompass360® and DataTrac® mortgage management software systems. Ellie Mae was founded in 1997 and is based in Pleasanton, California. To learn more about Ellie Mae, visit http://www.EllieMae.com/ or call 877.355.4362.
(c) 2013 Ellie Mae, Inc. Ellie Mae®, Encompass®, Encompass360®, DataTrac®, Ellie Mae Network, Encompass Compliance Service and the Ellie Mae logo are registered trademarks or trademarks of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.
Profundity Communications, Inc.
NEWS SOURCE: Global DMS :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by Send2Press® Newswire, a service of Neotrope®.