LAKE FOREST, Calif.--(BUSINESS WIRE)--RES.NET ensures lenders using its technology are compliant with Equal Credit Opportunity Act (ECOA) and Electronic Signatures in Global and National Commerce Act (ESIGN Act) requirements when electronically delivering appraisals to borrowers through its Valuation Portal. The company is a provider of software applications connecting real estate professionals and consumers, and a wholly owned subsidiary of USRES, an AMC chartered national provider of valuation services.
Lenders are ultimately responsible for the timely delivery of appraisals to borrowers; while electronic processes create invaluable efficiencies, they require lenders to comply with ECOA and ESIGN. Lenders using RES.NET eliminate this regulatory concern; to initiate delivery of an appraisal to a borrower they simply enter the recipient’s email address into the Valuation Portal. Upon receiving the email, borrowers are directed to a secure page to verify they understand the disclosure and establish their ability to view the appraisal in the required Adobe PDF format. RES.NET’s Valuation Portal also facilitates the customization of the disclosure content.
“With the growing number of compliance requirements for which lenders are accountable, it is important for RES.NET to be not only a technology provider, but a true partner in achieving compliance,” said Keith Guenther, CEO of USRES and RES.NET. “Delivering appraisals is a critical part of a lender’s business, and now in addition to performing the appraisal we are giving them a tool to deliver disclosures electronically, while eliminating all ECOA and ESIGN compliance concerns.”
RES.NET’s Valuation Portal is available to lenders and mortgage servicers for managing and processing valuations and is currently available through USRES' appraisal management company (AMC) operation. RES.NET enables financial institutions to acquire values from its database of vetted appraisers and agents to expedite processes. Additionally, the portal provides managed timelines, cost analysis and valuation variances to ensure consistent and accurate values.
About RES.NET
RES.NET, initially established in 2003 as a subsidiary of USRES, provides an array of portals designed for different aspects of the real estate industry and integrates servicers, brokers, outsourcers, third-party service providers, homeowners and buyers. Through specialized portals, RES.NET users can each access the same system to optimize communication and streamline processes. The portals deliver a customized, automated workflow and centralize data and documentation to create a continuous audit trail. For more information about RES.NET, visit its website at www.res.net.
