Mercury Network and Rels Valuation completed an integration with Mercury’s Enterprise Vendor Framework (EVF). EVF is an advanced integration framework designed for lenders who currently use multiple appraisal management companies (AMCs). With a single connection between the lender and EVF, Rels Valuation can instantly be added to the lender’s slate of redundant vendors, making compliance with OCC and CFPB third-party oversight risk requirements a much simpler task. Here’s how it works:
“Our focus for 2015 is strategic growth and partnership with clients in need of a robust, national residential valuation solution. The Mercury Network integration will go a long way in providing additional visibility for Rels Valuation as a premier appraisal product and service provider,” states Rels’ Director of Client Management, Bronson Mallett. “We are very excited about another opportunity to meet the needs of our existing and future clients.”
“Regulators have mandated that lenders perform extensive oversight on their third party service providers, along with the flexibility to choose new providers when needed,” stated Jennifer Miller, president of Mercury Network. “With EVF, lenders have dramatically fewer due diligence burdens for easier compliance with the CFPB, OCC, and FDIC requirements, as well as investor demands. We’re proud to welcome Rels to the roster of AMCs eligible to receive appraisal orders via our Enterprise Vendor Framework.”
Lenders using Mercury Network’s Enterprise Vendor Framework can log in via a secure web portal or integrate to their existing systems via Mercury Network’s open API for a single platform to manage all collateral valuations, with the centralized control and flexibility mandated by the third-party oversight requirements.
The integration gives Rels Valuation streamlined communications with lenders, since EVF automatically passes status and documents from the lender or AMCS platforms to Mercury Network without modifying their workflow.
About The Author
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 email@example.com.