Magazine article Mortgage Banking

Three Lenders Choose InHouse Connexions Platform

Magazine article Mortgage Banking

Three Lenders Choose InHouse Connexions Platform

Article excerpt

InHouse Inc., Orange, California, an appraisal solutions company, announced that three mortgage lenders--Bank of Manhattan NA, El Segundo, California; Terrace Mortgage, Atlanta; and Wintrust Mortgage, Oakbrook, Illinois--have joined the company's Connexions software platform. The platform gives lenders the ability to manage their entire appraisal workflow and access any appraisal vendor on one centralized platform.

Through Connexions, these lenders gain the agility to work with any appraisers and appraisal management companies (AMCs) of choice anywhere in the country, according to InHouse. It also empowers them to lower the cost of monitoring appraisers, thereby enabling lenders to pay the higher appraisal fees required in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"In light of new stricter appraiser-independence standards included in the Dodd-Frank financial reform law that [took] effect in ... October, mortgage lenders such as Bank of Manhattan, Terrace Mortgage and Wintrust Mortgage have been seeking the best means for managing the ordering of appraisals," said Jennifer Creech, president of InHouse. "Lenders who want to make sure that they are in compliance with the new appraisal rule have found Connexions to be a great option. It not only helps them avoid costly fines, it also helps them lower the cost of managing appraisers and enables them to compare the performance of different appraisers."

For example, after using InHouse Solutions as its AMC, Wintrust Mortgage has moved all of its appraisal business onto the Connexions centralized platform. …

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