Global DMS’ SnapVal Delivers Instant Appraisal Price Based on Address

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Global DMS, which offers valuation management software, has rolled out of SnapVal, an automated solution that utilizes the property address to return a guaranteed price on any residential appraisal in the U.S.

The company claims this first-of-its-kind solution increases pull-through rates, prevents closing delays, saves time, reduces costs and ensures TRID compliance for mortgage lenders.

Under the TILA-RESPA Integrated Disclosure (TRID) rule, lenders are bound by the fees represented on the Loan Estimate (LE). Unlike static fees, appraisals are a variable cost that lenders constantly struggle to ensure pricing accuracy.

If there is any change to the appraisal fee, TRID dictates that a revised LE must be issued to the consumer. This requirement, coupled with strong lender motivation to complete deals and close on time, often results in the lender absorbing appraisal fee discrepancies or scrambling to quickly re-issue the LE.

“We identified a need in the marketplace to address a common problem that lenders are regularly challenged with in providing accurate appraisal quotes and then ensuring pricing on the Loan Estimate is consistent and compliant,” says Vladimir Bien-Aime, president and CEO at Global DMS, in a release. “Lenders that have a digital mortgage strategy in place to receive, and in turn disclose accurate appraisal fees on the LE at first issuance will be a step ahead of competitors that haven’t reconciled their workflows in this unforgiving zero-tolerance environment.

“SnapVal is a piece of technology that lenders currently lack from their digital mortgage strategies,” he adds. “By leveraging SnapVal, they will save time and money, as well as increase their pull-through rates while elevating the borrower experience.”

SnapVal integrates seamlessly with loan origination systems (LOS), digital mortgage point-of-sale (POS) systems, borrower-facing web portals and propriety lending or servicing platforms. 

Global DMS provides a configurable RESTful API web service that facilitates swift and cost-effective integrations.

SnapVal allows lenders to automate the insertion of the appraisal fee into the LE, expedite payment, and enable real-time ordering of appraisals from directly from within their software system of choice.

Lenders have several options to configure appraisal pricing including the lowest price provider, percentage allocation, or round-robin distribution. This helps hone pricing accuracy by taking into account key factors including region, appraiser availability, experience, and more. As a result, appraisal pricing guesswork is removed and replaced with automation accuracy.

“Until now, lenders haven’t had a viable option to receive an accurate appraisal cost upfront – before an order is placed,” Bien-Aime says. “SnapVal allows lenders to get a guaranteed quote that will always be correct and will never have to be re-disclosed.”

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