Market Analysis: It’s Time To ENGAGE

*It’s Time To ENGAGE*
**By Tony Garritano**

***After much planning, ENGAGE 2011 was a big success. PROGRESS in Lending Association held ENGAGE 2011 on October 9 to provide a forum for industry participants to share ideas. And sharing ideas is exactly what happened. Opinions of all shapes and sizes flew about. It was a real lively exchange. And after all, that’s why we started ENGAGE 2011. Here are some highlights:

****We heard breaking news from Larry Huff at Optimal Blue as he discussed why his company acquired Sollen. Industry consolidation is certainly a product of a very tense market.  In addition, new partnerships were announced. a la mode announced that Xerox Mortgage Services will use Mercury Network’s DataCourier service  to add a new appraisal management service to the BlitzDocs® intelligent collaborative network.  Xerox Mortgage Services’ clients will now be able to receive and store appraisals in the BlitzDocs electronic loan folder™ (eFolder), submit appraisals to the GSEs in compliance with the Uniform Appraisal Dataset (UAD), and also send the appraisal and all related documents to investors.

****Mercury Network will allow BlitzDocs users to manage the newly required “UAD” MISMO 2.6 Errata 1 GSE Extended format  appraisals inside their eFolder, and receive Native XML directly from the largest panel of appraisers in the country.  The Native XML eliminates the need for error-prone PDF conversion and the fees and possible delays associated with sending PDFs to the GSEs.  In addition, Mercury Network runs an extensive set of quality control and compliance rules on the appraisal so users can correct any compliance issues before submitting it to the GSEs’ Uniform Collateral Data PortalSM (UCDPSM).

****By the end of the event the room was buzzing with news and new ideas. It was at this point that PROGRESS in Lending Association announced its own new. We have launched an industry app for the iPad that will truly bring about more industry advancement. This app is unique in that it doesn’t just display content from our company, it displays content from all industry participants as well. The app is currently following three different industry Twitter accounts, it includes 11 industry white paper, videos from lenders like the Provident Bank, and all the latest news and analysis from our company as well.

****Our goal was to bring together different forms of content in a variety of different media all in one place. We are now giving thought leaders and visionaries a platform to express their ideas in an increasingly mobile world. We encourage you to download this free app on iTunes today. What an event. We want to thank all of our sponsors, speakers and attendees for their support! In the end though, ENGAGE 2011 doesn’t have to be a single-day event, the spirit goes on every day in this new app and everything that PROGRESS in Lending does.

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at