Oklahoma's ""a la mode"":http://www.alamode.com/ announced this week that a second major technology provider has selected its Mercury Network to ensure compliance with Fannie Mae and Freddie Mac's ""Uniform Mortgage Data Program"":http://www.efanniemae.com/sf/lqi/umdp/index.jsp (UMDP).
[IMAGE] Lender Processing Services' ""LSI division"":http://www.lsi-lps.com is the latest to sign on to a la mode's system. Last week, the company said ""CoreLogic"":http://www.corelogic.com has also chosen Mercury Network for appraisal management that meets the GSEs' requirements.LSI will connect its appraisal ordering and management services with ""Mercury Network"":http://www.MercuryVMP.com to receive the native XML appraisal data necessary for UMDP compliance.
LSI and a la mode have developed a custom plug-in that connects LSI with Mercury Network's real estate appraiser panel, which has 100 percent nationwide coverage.
The plug-in will run a customized set of LSI quality control rules against the appraisal report prior to delivery and
[COLUMN_BREAK]will create the completed appraisal report in both PDF and native MISMO 2.6 XML formats.
Unlike PDF extractions, LSI clients will receive the native XML straight from the appraisers' desktops to promote error-free submission to the GSEs, per their UMDP mandate, a la mode explained.
""LSI is a widely respected collateral valuation leader, and the plug-in with Mercury Network arms their clients with the most streamlined compliance of the GSEs' UMDP initiative. It's yet another example of LSI looking out for their customers,"" said Jennifer Miller, EVP of products for a la mode's mortgage solutions division.
""This technology is a part of our continued commitment to work with industry leaders, such as a la mode, to develop and deploy meaningful solutions that further promote efficiency and accuracy within the industry,"" added Mark Johnson, valuations executive for LSI.
LSI provides appraisal, title, and closing services to first mortgage and home equity lenders, as well as to mortgage servicers and investors. The LPS unit performs property valuations and settlement services in all 50 states, and the District of Columbia. LSI has relationships with the nation's top 25 mortgage lenders.
a la mode's Mercury Network is an online vendor management platform, allowing lenders and appraisal management companies (AMCs) to manage their entire appraisal workflow. The system has been used by more than 200,000 mortgage professionals since 2002 to automate tens of millions of appraisals.