ECOA Valuations Rule effective January 18th: Mercury Network automates compliance
Naples, FL — The ECOA Valuations Rule is effective January 18th, and it mandates that all borrowers confirm statements prior to receiving an electronic copy of any appraisal report. Mercury Network has launched automated compliance for lenders and AMCs, and also creates a full audit trail to prove compliance with the new regulation.
The new ECOA Valuations Rule essentially requires that the lender or AMC notify all borrowers of several key issues before electronically delivering any appraisal report. Mercury Network’s secure borrower delivery tool now automatically notifies the borrower in accordance with ECOA, prior to the secure electronic delivery of the appraisal report.
Some lenders and AMCs are still delivering appraisal reports as simple attachments in unencrypted email messages. This practice is a violation of the Gramm-Leach-Bliley Act, and can have serious consequences. Many lenders and AMCs have already eliminated those risks by using an appraisal delivery tool offered by appraisal management software platforms, but many of those platforms have yet to address the new ECOA requirements.
“More than 600 lenders and AMCs use Mercury Network to manage their collateral valuation pipelines, so we have to be innovative and on the forefront of compliance,” noted Jennifer Miller, president of a la mode’s Mortgage Solutions Division. “These automated safeguards provide tremendous time savings and risk mitigation for our clients, while also allowing them to deliver far better service to their borrowers.”
About a la mode
Celebrating 28 years as a mission-critical workflow technology leader in the real estate and mortgage industries, a la mode’s products are used by hundreds of thousands of appraisers, salespeople, inspectors, and lending professionals to power more than 50% of all residential real estate transactions in the US each year. a la mode's flagship product for the lending industry is its Mercury Network, the nation's premiere valuation Vendor Management Platform with over 20,000 transactions a day. In the appraisal sector, its TOTAL desktop software line is dominant, used by more appraisers than all other brands combined. And in the agent market, a la mode’s Broker Reciprocity and Analytics products enjoy top-tier direct access to MLS listings and sales data via integration contracts with local boards serving more than 500,000 licensed salespeople nationwide.
a la mode is headquartered in Naples, FL, with additional offices and approximately 200 employees located in Oklahoma City, Salt Lake City, and Washington, DC. For more information about the company, visit www.alamode.com.
Mortgage Solutions Division
a la mode, inc.