Mortgage Direct Services
A UCDP Ready Company
For Mortgage Lenders in all 50 States & US Territories
We enable lenders and appraisers to work together and self-manage their processes. Get more control. Reduce costs. Increase the speed of production. And, comply with all appraisal regulations. In today's highly regulated mortgage markerplace, lenders are aware of the risk of noncompliance and costly penalties that has grown significantly. The last thing a lender wants is for regulators to come in and find compliance issues. It is within these market conditions that technology can be a great enabler. In order to more effectively comply with these constantly changing rules and regulations, Mortgage Documents Solutions (MDS), provider of secure online technology solutions for the mortgage lending and settlement services industries, MDS is UCDP and EAD Ready. MDS provides a direct connection to UCDP and to EAD and can submit appraisals on behalf of lenders. Our UCDP and EAD solutions means less time bouncing from one technology system to the other, and no need to learn a new system or implement a new process. Everything relating to appraisals can be done within Appraisal Firewall, and best of all - you comply with investor and GSE requirements. The system is a secure, web-based solution and provides a safe harbor for lenders by establishing a firewall between the appraisal function and loan production.The system offers all of the "Appraiser Independence Requirements" (AIR) compliance features that a lender needs to fit into their process.
What sets MDS apart is that it is focused on the lender’s trusted appraisal relationships and not the lowest-cost appraisal provider. Lenders get the highest quality appraisal because they bring their established appraiser panel to the platform and put them in a rotation based on preference, turn times, and coverage to make their relationship compliant. Appraisers do business with their same lenders for full fee valuations, and in being on the platform, they get exposure with other lenders for addition to their panels, or for out-of-area needs. Lenders reduce their cost and hassle of appraiser rotation management and can submit their appraisal directly to UCDPand EAD. Signup is free for lenders and appraisers, and there are no membership fees. "Lenders can signup with MDS and we will send online invitations to their current appraisers, who can then register in and be placed in the lender's established relationship they have in place today adding compliance now required by all regulators through an automated, blind appraiser panel rotation. MDS platform delivers valuation reports for home refinance and purchase transactions in compliance with the Truth In Lending Act (TILA) Section 129H and the USPAP. With the lenders and appraisers need to be in compliance with these regulations, MDS seeks to avoid disruptions in lender-appraiser business by letting them keep their local relationship by routing, managing, auditing and validating the transaction while all maintaining the required level of separation requested by the Appraisal Independence Requirements.
Dodd-Frank Wall Street Reform and Consumer Protection Act; please see the document here. Please refer to TILA Section 129H (Title XIV, Subtitle F - Appraisal Activities). AF takes an appraisal order and places it within that lender’s preferred or screened appraiser panel. The appraiser selected to work on an appraisal can be chosen either by AF technology, or an assigned Rotation Manager can assign the appraiser to the order manually. AF’s automated order assignment utilizes vicinity to subject property, products offered by appraiser, historical appraiser quality, and other pertinent appraiser selection criteria. The system offers blind fee negotiations, dispute, review management tools, printable conversation log and audit tracking between the Appraiser and the Lender's Production Team. All these features provides the tools that lenders need to certify themselves and each appraisal as Appraisal Independence Requirements and Dodd-Frank Act Compliant.
MDS: (888) 539-4542; Fax (800) 637-0594; email: info@mdspr.com