Global DMS, a provider of Web-based valuation management software, has launched a new tool that matches lenders, servicers and other users of valuation products to the appraisal management company (AMC) that best suits their needs.
The new search tool, AMCmatch.com, only lists AMCs that have a proven track record of compliantly delivering quality appraisals.
‘All too often, organizations select AMCs that fail to produce quality appraisals, operate out of compliance, are financially unstable, aren't licensed in the states they do business in, and may have payment issues with appraisers, among other concerns,’ states Vladimir Bien-Aime, president and CEO of Global DMS, in a release. ‘AMCmatch.com remedies these problems by providing a Web portal that utilizes our enterprise-class appraisal management technology to list well-profiled, qualified AMCs that aid lending organizations in their due diligence and selection process for new AMCs.’
AMCs that are listed on the website are selected for their ability to facilitate online ordering, automated collateral reviews, high-volume production, superior customer service and direct integration to the government-sponsored enterpises' Uniform Collateral Data Portal.
With this search tool, users can view essential information about each AMC, including years in business, location, coverage, licensing and payment acceptance types. Global DMS says it will be continuously updating the information on each AMC, as well as adding new AMCs over time.
‘Doing business with the wrong AMC can result in tens of thousands of dollars in fines, risk investor kickbacks, taint relationships with appraisers and leave lenders with unjust financial responsibilities,’ Bien-Aime adds. ‘Per the Dodd-Frank Act, issues with appraisals almost always come back to the lender whether it is their fault or not. That's why it's so important to choose the right AMCs to do business with the first time.’