Magazine article Mortgage Banking

Xerox Mortgage Services Chooses a la Mode's Mercury Network

Magazine article Mortgage Banking

Xerox Mortgage Services Chooses a la Mode's Mercury Network

Article excerpt

lpharetta, Georgia-based Xerox Mortgage Services will now use Oklahoma City-based a la mode Inc.'s Mercury Network's DataCourier service to add a new appraisal-management service to Xerox Mortgage Service's BlitzDocs[R] intelligent collaborative network. Xerox Mortgage Services' clients will be able to receive and store appraisals in the BlitzDocs electronic loan folder[TM] (eFolder), submit appraisals to the government-sponsored enterprises (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 extensible markup language (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 Portal (UCDP).

Results and all documents returned from the GSEs, including the Submission Summary Report and Doc File ID, will be automatically stored in the BlitzDocs eFolder for easy, integrated investor delivery per investor requirements, according to a la mode. …

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