OKLAHOMA CITY, Feb. 16, 2012 (GLOBE NEWSWIRE) -- a la mode announced today that its DataCourier service, powered by Mercury Network, has already been used to deliver more than one million appraisal reports since the new UAD requirements went into effect on Sept 1, 2011.
DataCourier is a free, automated "formfiller agnostic" electronic UAD packaging and delivery service. When the appraiser is ready to deliver a final report, DataCourier automatically checks for UAD (Uniform Appraisal Dataset) compliance errors, preventing needless re-submissions. If the report passes the extensive rules checking, DataCourier then uploads the PDF and required XML to a secure server for client download. The client is notified of the report availability via a professional e-mail, and can download the report and view salient property details at the secure website powered by Mercury Network. The appraiser is then notified when their client has picked up the file.
Links in the delivery portal also allow the client to download and install the optional but highly recommended UAD Reader application as well. With UAD Reader, the XML file can be examined, printed, reviewed, and managed in native XML format. UAD Reader includes many client-specific features integrated seamlessly with DataCourier, and is in use on thousands of underwriter and AMC desktops nationwide.
Jennifer Miller, president of a la mode's Mortgage Solutions Division, noted that "Mercury Network handled over 3.7 million appraisals in the last year, and with DataCourier's volume surpassing our expectations at nearly 100,000 transactions each week right now and still growing rapidly, it's quite possible that Mercury's volume could double this year. DataCourier is a great example of how we can leverage the quality of our innovation and the reliability of our technology to solve massively scaled problems at both ends of the transaction. It's easy to claim you can transform an industry with technology, but our dominant market share allows us to make good on that promise, and quickly."
a la mode will release additional features for the free DataCourier service in the coming weeks. Lenders and AMCs receiving reports via DataCourier can submit them to the GSEs' UCDP free of charge, via Mercury Network's direct integration with the GSE portal. From within DataCourier, all users will have seamless access to all of the Mercury Network software, including Mercury's full suite of compliant appraisal ordering tools, robust appraiser selection, customizable quality control tools, and end-to-end audit trails for satisfying regulatory compliance exams.
Lenders and AMCs will also be able to send a secure copy of the appraisal to the borrower from DataCourier, and receive confirmation when the borrower has viewed the appraisal. Since the appraisal data contains non-public personal data from the borrower, the entire end-to-end process is conducted inside a GLBA-compliant secure server environment, instead of violating federal law with traditional email attachment delivery.
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. It's 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.
Molly Dowdy
EVP, Marketing for a la mode's Mortgage Solutions Division
a la mode
(405) 359-6587 x 339
molly.dowdy@alamode.com
About a la mode
Celebrating 26 years as a technology leader, a la mode develops desktop, mobile, and Web tools for the real estate and mortgage industries. 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. a la mode's state-of-the-art offices are located in Salt Lake City, Oklahoma City, and Washington, DC. For more information, visit www.alamode.com.
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The following files are available for download:
| wkr0001.pdf | PDF of release |