a la mode’s Mercury Network makes lenders HVCC compliant

October 20, 2008
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San Francisco – Mercury Network, the system that powers the web based appraisal ordering features for over 30,000 appraisers will soon release version 3.0 of its high volume, lender facing, wholesale ordering interface in response to both the new requirements of HVCC and voluntary policy changes by institutions looking to ensure the integrity of their collateral valuation processes and shield themselves from associated liabilities.

Mercury Network provides a single centrally managed system, with a superb audit trail and the nation’s largest panel of independent fee appraisers behind it. New HVCC-specific features, such as black-box appraisal selection and double-blind communication system, which will be available in the upcoming 3.0 version, shield lenders from risk by prohibiting influence by loan production staff while still allowing for control of the appraisal ordering process.

Mercury’s appraiser selection process, called Intelligent Selection System, or ISS, is a customizable set of criteria that lenders use to determine in general what’s most important to them in ranking and automatically selecting appraisers. Double-blind communication mode locks down loan production staff screens hiding the identity of the assigned appraiser, limiting free-form communication and keeping a history of all activity and communications. Uniform Appraisal Review Rules, or UARR, provide over a thousand quick checks for compliance (across all types of forms) before the report ever leaves the appraiser’s desk. This significantly reduces internal review and chasing operations that would have to be performed by staff members after an appraisal is received. The exact, unaltered industry standard PDF produced by the appraiser, combined with the full XML data of the report along with the results of the non-critical desktop review rules are delivered with every order.

“By using Mercury Network, lenders can demonstrate the “prudent safeguards” required by HVCC by removing the opportunity for their staff to intentionally or unintentionally influence the valuation. Plus, the powerful timesaving workflow features streamline the whole appraisal ordering process freeing lenders’ staff to concentrate on closing loans faster. ” said Scott Kinnaird, CEO of a la mode, inc.

Lenders can get more information and/or be up and running and ordering appraisals though Mercury Network in minutes by visiting www.mercuryvmp.com.

a la mode's Mercury Network has delivered tens of millions of electronic appraisals since its launch in 2002, making it the undisputed leader in paperless real estate transactions. In addition to leading the market with the software-agnostic Mercury Network, a la mode’s WinTOTAL desktop appraisal software is used by more appraisers than all other brands combined.

Press Contact:
Brad Eaton, VP of Mortgage Products
1-800-ALAMODE, 405-359-6587
405-607-0482 (Fax)
brad.eaton@alamode.com

Sales Contact:
Sean Shiplet, Chief Operations Officer
1-800-ALAMODE, 405-359-6587
405-607-0482 (Fax)
sean.shiplet@alamode.com


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About a la mode

Founded in 1985, a la mode develops desktop tools, mobile tools, web sites for real estate professionals, mortgage brokers, and appraisers. a la mode’s flagship product, WinTOTAL form-filling software for appraisers leads the residential appraisal industry. a la mode’s Mercury Network, a vendor management platform for lenders, provides the most experienced local appraisers in an HVCC-compliant, easy-to-use loan ordering and management application. 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.  The company’s state-of-the-art offices are located in Salt Lake City, Oklahoma City, and Washington, DC.  To learn more, visit www.alamode.com.