Oklahoma City-based ""a la mode"":www.alamode.com recently announced that ""Veros Real Estate Solutions"":http://www.veros.com in California, has integrated their VeroSELECT and Valuation Risk Management products with the company's ""Mercury Network"":www.MercuryVMP.com vendor management platform.[IMAGE]
The integration connects Veros' platform clients with one of the industry's largest networks of real estate appraisers and appraisal management companies (AMCs).
According to a la mode, the integration will provide Veros with electronic appraisal submission in full compliance with the Federal Housing Finance Agency's (FHFA) mandated Uniform Collateral Data Portal (UCDP) and the looming January 1 deadline for the GSE's Uniform Mortgage Data Program (UMDP) requirements.[COLUMN_BREAK]
""Fannie Mae"":http://www.fanniemae.com and ""Freddie Mac"":http://www.freddiemac.com are implementing UCDP as part of UMDP to provide sellers and servicers with common requirements for appraisal and data delivery, in an effort to improve loan quality and transparency.
""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,"" said Adam Calvery, a la mode's president of mortgage solutions. ""We're excited about the implications this development has for our respective customers.""
a la mode's product supports 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.
The plug-in between Mercury Network and Veros allows platform users to connect to the appraiser's desktop software as well as place orders directly to AMCs using Mercury Network as their vendor management platform. The plug-in enables appraisal reports to be delivered to the Veros systems using fully compliant MISMO XML, which will allow the report data to flow directly to the UCDP.
""We're delighted to be working with Mercury Network,"" said David Rasmussen, SVP 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.""