Integration with Mercury Network will provide PCLender.com clients with enhanced access to local market real estate appraisal expertise on a nationwide basis while ensuring HVCC-compliant appraiser independence.
San Diego, CA — From the floor of the Mortgage Bankers Association’s 96th Annual Convention and Expo, a la mode, the nation’s dominant mortgage and appraisal technology company, announced that PCLender.com, the industry’s leading enterprise web-based mortgage lending platform, has chosen Mercury Network as its appraisal workflow and management solution.
With tens of thousands of appraisers covering every county of every state, plus the ability to add any lender's own appraisal panel, Mercury Network's web-centric Vendor Management Platform (VMP) streamlines appraisal ordering and management and is fully compliant with new appraisal regulations. Since 2002, Mercury Network has been used by more than 200,000 mortgage professionals in the production of tens of millions of appraisals.
PCLender.com is the leading provider of enterprise web-based mortgage software and mortgage lending technology solutions for mortgage companies, credit unions, and community banks. Its loan origination system (LOS) will be fully integrated with Mercury Network's back end engine, eliminating redundant data entry by originators as well as providing ongoing instant status updates as the appraisal assignment progresses. PCLender.com will also utilize Mercury Network’s custom review rules, which run on the appraiser’s desktop prior to final transmission. The rules virtually eliminate delays due to oversights, which improves turn times for PCLender.com customers.
When the appraisal is complete and has passed the review checks, it is delivered as a GLBA-compliant package containing the original PDF as well as XML data, and is automatically placed directly into the PCLender.com loan file. The XML format will also assist PCLender.com clients in complying with Fannie Mae’s recent announcement that it will soon require all appraisal reports be submitted in the MISMO Appraisal XML format.
“Mercury Network was the clear choice for our clients because it provides lenders the most flexibility to continue to use their local appraisers while implementing HVCC compliance. We believe our implementation of Mercury Network will provide unique advantages for our users,” said Lionel Urban, president and chief executive officer for PCLender.com.
The Home Value Code of Conduct (HVCC) has caused mortgage lenders grappling with appraiser independence regulations to often turn to traditional appraisal management companies, who have often utilized low-bid appraisers lacking local market experience, which in turn has caused many deals to fall through. Mercury Network enables any mortgage lender to utilize their existing panel of appraisers, or augment it with anyone from Mercury's extensive national database, while still providing loan officers with full HVCC-compliance. There is no need for any lender to outsource appraisals to a third party, hire additional staff, or sever solid relationships with existing appraisers.
“Integrating with PCLender.com was an easy decision for us”, said Scott Kinnaird, chief executive officer for a la mode. “We serve the same set of community banks and credit unions, and our companies share the same philosophy that it’s crucial for both lenders and appraisers to continually increase productivity while achieving the utmost level of compliance.”
PCLender.com is the industry's leading enterprise web-based mortgage lending platform. The company's suite of SaaS applications, including its award-winning loan origination system, available at www.PCLender.com/PCLender.php, has revolutionized the ways that mortgage companies, banks and credit unions manage the complete life-cycle of the mortgage loan process, and ensure higher levels of compliance for closed loans. PCLender.com is dedicated to providing mortgage lenders with exceptional service, and a streamlined mortgage loan platform that maximizes lending efficiencies and increases profitability. For more information please visit www.PCLender.com, or call 877.536.6886.
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.
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