By Jason Morgan
Reprinted with permission from the July 4, 2011, edition of Valuation Review
Days after CoreLogic announced that it will partner with the Mercury Network, a la mode announced that LSI, a division of Lender Processing Services (LPS), has chosen to connect its appraisal ordering and management services with Mercury Network to receive the native XML appraisal data necessary for error-free Uniform Mortgage Data Program (UMDP) compliance.
“We welcome LSI to Mercury Network,” said Jennifer Miller, executive vice president of products for a la mode’s mortgage solutions division. “LSI is a widely respected collateral valuation leader, and the plug-in with Mercury Network arms its clients with the most streamlined compliance of the GSEs’ [government-sponsored enterprises] UMDP initiative.”
The two companies have developed a custom plug-in that connects LSI with Mercury Network’s vast real estate appraiser panel, which has 100 percent nationwide coverage. The plug-in will run an extensive set of LSI quality control rules against the appraisal report prior to delivery and will create the completed appraisal report in both PDF and native MISMO 2.6 XML formats. Unlike PDF extractions, LSI clients will receive the native XML straight from the appraisers’ desktops to promote error-free submission to the GSEs, per their UMDP mandate.
“This technology is part of our continued commitment to work with industry leaders, such as a la mode, and to develop and deploy meaningful solutions that further promote efficiency and accuracy within the industry.” said Mark Johnson, valuations executive for LSI.
With CoreLogic and now LPS moving to a la mode’s Mercury Network, Valuation Review reached out to Dustin Moore, president of a la mode’s real estate solutions division to understand what XML and the Mercury Network mean to the appraisal industry.
“This is great news for appraisers because it means they will no longer be forced to buy ACI’s Lighthouse product to do business with these two companies,” Moore said. “Instead, they can deliver orders from their XSite. Individual appraisers will save several hundreds of dollars a year as a result. As we add more lenders and appraisal management companies to the Mercury Network roster, others will follow suit. In turn, that means more and more orders will go to appraisers who use our products.”
Moore explained that a la mode believes the GSEs prefer appraisal data in the MISMO 2.6 XML format. They will still accept PDF, Moore said, but there will be a fee for the conversion of the PDF to the XML format.
“The fees are understandably expensive because PDF scraping is notoriously difficult and inevitably creates errors and delays,” he said. “With their new Mercury Network plug-ins, CoreLogic and LPS will be able to submit the native XML directly from the appraisers’ desktops to the GSEs. CoreLogic and LPS will avoid the fees, along with the delays and hassles associated with PDF scraping. Plus, our appraisers won’t be associated with error-prone PDFs.”
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