Global DMS introduces AppraisalTransfer.com.

Global DMS, Lansdale, Pennsylvania, a provider of appraisal process management solutions, has launched AppraisalTransfer.com, an online portal that enables lenders to securely transfer and receive HVCC-compliant appraisals cost-free and completely electronically. AppraisalTransfer.com enables a standardized, HVCC-compliant method for transferring any appraisal from one lender to another.

There has been confusion among lenders and brokers about whether or not the HVCC allows the transfer of appraisals from one lender to another. Many correspondent lenders, still confused about the guidelines surrounding appraisal portability, are requiring that borrowers pay for a second appraisal to ensure lender acceptance, which can cost borrowers hundreds of additional dollars.

"Lenders have always determined whether or not they accept transferred appraisals, but with the inception of HVCC, many lenders are now understandably concerned about the risk of accepting an appraisal that was completed without their oversight," said Vladimir Bien-Aime, president of Global DMS. "AppraisalTransfer.com solves this issue by providing lenders a way to ensure the appraisals they didn't oversee were ordered and completed according to HVCC guidelines," he said.

With access to AppraisalTransfer.com's fast, cost-free and HVCC-compliant method of transfer, banks and correspondent lenders can save borrowers the time and costs associated with ordering more than one appraisal, since one appraisal can be used for an alternate choice of lender, the company said. All appraisals transferred through AppraisalTransfer.com are run through an automated review and AVM evaluations, and lenders also receive a score that ranks the overall quality of the appraisal. Transfer fees are paid by the broker initiating the transfer, and cost $25 or less per file.

"We're very pleased to finally have a way to transfer appraisals while still adhering to HVCC guidelines," said beta-tester Adam Hahn, vice president of Stearns Lending Inc. "In this market, everyone is looking to reduce unnecessary costs. AppraisalTransfer.com allows us to avoid having borrowers pay for second appraisals unnecessarily and maintain strong relationships with the lenders we work with."