September 14th, 2010 — Oklahoma City, OK — a la mode announced today that Veros Real Estate Solutions has integrated their VeroSELECT and Valuation Risk Management (VRM) products with Mercury Network’s vendor management platform.
The integration connects Veros’ platform clients with the largest network of real estate appraisers and appraisal management companies. The services will support real-time appraisal order placement, appraisal order payment processing, status updates through the order cycle, and delivery of the completed appraisal report in MISMO 2.6 format, and electronic appraisal submission in full compliance with the Federal Housing Finance Agency’s (FHFA) mandated Uniform Collateral Data Portal (UCDP). UCDP is being implemented by Fannie Mae and Freddie Mac as part of a greater loan quality initiative, the Uniform Mortgage Data Program, in order to provide seller/servicers with common requirements for appraisal and data delivery, ultimately improving loan quality and transparency across the board.
The plug-in between Mercury Network and Veros provides platform users with the ability to connect to the appraiser’s desktop software as well as place orders directly to AMCs using Mercury Network as their vendor management platform. Additionally, the plug-in enables appraisal reports to be delivered to the Veros systems using fully compliant MISMO XML, which in turn, will allow the report data to flow directly to the UCDP.
As a result, this connection will provide users with the ability to streamline compliance and enhance quality assurance. Business and workflow rules (which are executed on the appraiser’s desktop from within the Mercury Network plug-in) preprocess the appraisal report before it is delivered to the Veros system.
Adam Calvery, a la mode’s President of Mortgage Solutions said, “This integration with Veros perfectly positions our two companies to achieve several of our shared priorities, such as forward-thinking compliance, and high-quality finished appraisal reports. We’re excited about the implications this development has for our respective customers.”
Mercury Network is the premiere online Vendor Management Platform, or VMP, allowing lenders and AMCs to manage their entire appraisal workflow. It’s been used by more than 200,000 mortgage professionals since 2002 to completely automate the full “round trip” of tens of millions of appraisals. a la mode and Mercury Network are in a unique position to offer the pre-delivery, customizable quality assurance checks and statusing because a la mode’s WinTOTAL is the leading appraisal desktop formfilling software, used by over half of the nation’s appraisers.
“We’re delighted to be working with Mercury Network,” said David Rasmussen, senior vice president of sales and operations for Veros. “The ability to seamlessly connect with Mercury’s diverse network of appraisers and AMCs all the way through the valuation chain to the secondary market creates an industry efficiency where everyone wins.”
For more information on Mercury Network vendor management platform, visit www.MercuryVMP.com.
Veros’ platforms are designed to intelligently order, receive, review and route appraisals, broker price opinions (BPOs) and automated valuation models (AVMs) as well as other forms of collateral valuations and analytics. For additional information, visit www.veros.com.
About a la mode
Celebrating 25 years as a technology leader, a la mode develops desktop, mobile, and Web tools for the real estate and mortgage industries. a la mode’s mission-critical products are used by hundreds of thousands of appraisers, agents, inspectors, and lending professionals to complete the nation’s real estate transactions. a la mode’s state-of-the-art offices are located in Salt Lake City, Oklahoma City, and Washington, DC. For more information, visit www.alamode.com.
About Veros Real Estate Solutions
Veros Real Estate Solutions uniquely combines the power of predictive technology, data analytics and industry expertise to deliver advanced automated decisioning solutions. Veros products and services are optimizing millions of profitable decisions throughout the mortgage industry, from loan origination through servicing and securitization. Veros provides solutions to control risk and increase profits including automated valuations, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. For additional information, visit www.veros.com.
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