March 2016 - RIP Dodd Frank

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4 | TH E M R EP O RT MTECH Global DMS' Global Kinex Integrates with FHA's EAD Portal THE NEW GLOBAL DMS GLOBAL KINEX APPLICATION ALLOWS MORTGAGEES TO SUBMIT APPRAISAL DATA ELECTRONICALLY THROUGH THE FHA'S EAD PORTAL, A PROCESS THAT WILL BECOME MANDATORY LATER THIS YEAR. G lobal DMS recently announced it officially integrated its Global Kinex application with the Fed - eral Housing Administration's (FHA) new Electronic Appraisal Delivery (EAD) portal. This integration is intended to provide Global DMS clients with direct access to the administration's new appraisal submission tool. The new EAD portal, an - nounced by the FHA in 2015, is a free web-based technology system that enables mortgagees, or their designated third-party service providers, to electronically transmit appraisal data and reports to the FHA prior to loan endorsement. This process will become manda- tory on June 27, 2016, when lenders will be required to use this new portal to submit all their FHA origination appraisals. The EAD portal will allow up to 10 appraisal files per submis- sion and also allows the submis- sion of up to three appraisal files per loan. Appraisals submitted through the EAD are always subject to an FHA compliance review, and the new portal will return both overridable and nonoverridable hard stop messages when appraisal data falls outside FHA requirements. "Global Kinex's direct integra- tion with the new EAD portal allows users to manage their EAD credentials, upload up to three appraisal files at a time, and manage the EAD submission process to address hard-stops in real time–offering automatic hard-stop overrides when available," Global DMS said. "All EAD submissions through Global Kinex are searchable, and the app will also upload the EAD SSR file as an attachment to the appraisal order when applicable. In addition, EAD submission automation is available via eTrac's Workflow Engine app to help streamline the process even further." Accepted Forms/Data Types include: Mismo 2.6 GSE Extended format: • Uniform Residential Appraisal Report (FNMA Form 1004; FRE Form 70) • Individual Condominium Unit Appraisal Report (FNMA Form 1073; FRE Form 465) Mismo 2.6 Errata 1: • Small Residential Income Property Appraisal Report (FNMA Form 1025; FRE Form 72) • Manufactured Home Appraisal Report (FNMA Form 1004C; FRE Form 70B) • Appraisal Update or Completion Report (FNMA Form 1004D; FRE Form 442) Incenter to Acquire Interactive Mortgage Advisors AFTER THE ACQUISITION, INTERACTIVE MORTGAGE ADVISORS WILL CONTINUE TO FOCUS ON MORTGAGE SERVICING AND INDEPENDENT ASSET VALUATION. I ncenter LLC, a Blackstone portfolio company headquar- tered in Saint Paul, Minnesota, recently announced it signed a definitive agreement, subject to customary closing conditions, to acquire the assets of Interactive Mortgage Advisors, LLC (IMA). According to a press release from Incenter, the acquisition is expected to close by March 31, 2016. "The union with Incenter is a game changer for our clients as it allows them to benefit from a broader array of service and product offerings, including additional secondary markets services, world class analytics and access to capital," said Thomas M. Piercy, Managing Director for Interactive Mortgage Advisors. Incenter employs more than 300 professionals worldwide to Technology Targets Compliance MANY OF THE LATEST TECHNOLOGICAL ADVANCEMENTS IN THE INDUSTRY ARE AIMED AT COMPLIANCE AND HEIGHTENED REGULATION.

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