May 3, 2015 – Chicago, IL — From the 99th Annual Mortgage Bankers Association Annual Convention, a la mode announced today the launch of Mercury Network’s new Appraisal Quality Management system (AQM). The AQM service, available only on Mercury Network, guides underwriters to the issues in each appraisal with actionable recommendations, and produces investor-ready loan files with the goal of dramatically reducing repurchase risk.
AQM is the result of lengthy collaboration between a la mode and industry leaders MasterServ Financial and AXIS Appraisal Management Solutions. The system automates first level quality analysis on appraisal reports, provides intelligent underwriting recommendations, deploys a powerful automated revision request system for communicating with appraisers, and automatically packages associated due diligence documents with the loan file for use by investors or auditors. With AQM, risk assessment and investor preparation is transparently integrated with standard collateral valuation workflow.
Essential results are returned along with an overall Appraisal Quality Index (AQI) score compiled from analysis of five intelligently weighted risk categories in the appraisal report, consisting of property risk, market issues, completeness of the appraisal report, accuracy of the findings, and the risk associated with the collateral value. Clients also have clear guidance and individual AQI scores for each of the five factors separately.
AQM leverages the expertise of human underwriters and compliance officers, along with the appraisers themselves, instead of hopelessly attempting to automate the review process without them or burying everyone in productivity-killing checklists. It’s a holistic system that recognizes that the communications and revisions process linking vendors and staff together is as critical as any analytical capability in the complex report/review/revise cycle.
“We’re thrilled to have AQM at the core of our Mercury Network service”, said Jennifer Miller, President of a la mode’s Mortgage Solutions Division. “The industry has lacked this sort of efficient skill-multiplying service for underwriters and compliance departments for too long. Since AQM was designed and deployed by seasoned industry experts, it focuses on reducing staff load, pinpointing issues quickly without creating distractions, and integrating cleanly with current operations workflow. It supplies a clear advantage for underwriters by providing testimony in buyback requests, and documenting due diligence to investors and auditors by keeping everything in the loan file.”
a la mode’s Mercury Network is the nation’s premiere Vendor Management Platform in the appraisal and BPO industries, offering both interfaceless “black box” MercuryDirect services and APIs, as well as “turn key” MercuryManaged Web front ends for use by loan officers and compliance staff. Mercury has been used in both capacities by a lengthy roster of the nation’s largest lenders and AMCs, as well as by numerous community banks, credit unions, wholesale and correspondent lenders, and mortgage brokers, simplifying full compliance with appraisal independence standards and banking security regulations. It’s been used by more than 200,000 mortgage professionals since 2002 to automate the full “round trip” of tens of millions of appraisals. For more information, visit www.MercuryVMP.com.
About MasterServ Financial, Inc.
MasterServ is a small business with extensive experience in the real estate finance industry in both the public and private sectors. MasterServ’s core capabilities are focused on bringing new Cloud-based Software as a Service (SaaS) tools to assist clients with credit and operational risk, compliance and performance management over the entire lending life cycle, including loan origination, servicing, loss mitigation, default management and REO Asset management. MasterServ’s flagship product, ActioNsight.net is dedicated to originators, servicers, investors and guarantors in the financial services industry, providing actionable insights into loan business processes, and credit risk that enhance transparency, mitigate losses, improve performance and strengthen financial institutions operations and financial conditions. For more information, visit www.MasterServFinancial.com.
About AXIS Appraisal Management Solutions
AXIS is a nationwide appraisal management solution in which the very best and local appraisers within each market are compensated at a significantly higher rate than is typically found in the AMC marketplace. Axis Affiliates provide quality appraisal products and service to Axis clients throughout the United States. Axis’ high level of customer service, quality, and complete UCDP readiness has catapulted it into a rapid growth AMC and an excellent solution for lenders looking for a company with small town customer service yet a large scale vision and footprint. For more information, visit www.AXIS-AMC.com.
About a la mode
Celebrating 27 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.
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