Wipro Limited, a leading global information technology, consulting and business process services company and Mercury Network, now a part of CoreLogic, announced an agreement to jointly offer appraisal management platform systems to customers in the financial services space.
These customers include banks, mortgage/lending companies, credit unions, underwriting and appraisal management companies. As part of the agreement, Mercury Network, one of the industry’s largest appraisal order management platforms, will be integrated with Wipro’s NetOxygen Loan Origination System (LOS) platform, the release said.
Leveraging Mercury Network’s powerful valuation management software and platform, Wipro’s NetOxygen LOS customers now will be able to better manage their loan appraisals. They also will be able to automatically order the appraisal and receive regular status updates on the order, inside their loan folder. This platform eliminates duplicate data entry, and dramatically accelerates the appraisal process while reducing administrative burdens.
As a result of the integrated offering, residential and commercial appraisals can be managed and ordered from more than 300 integrated appraisal management companies and more than 35,000 independent appraisers in the United States.
“Our goal is to enhance lender efficiency, with increased agility, productivity and accuracy,” Scott Dunn, head of product management and compliance, Wipro Gallagher Solutions, said in the release. “Mercury Network is a leading platform with innovative tools that will save our customers’ time on every loan.”
Prior to this integration, according to the release, many NetOxygen customers were managing appraisals from Mercury Network’s web interface, without automatic data integration. The integration will automatically synchronize important appraisal order data, enhancing the accuracy of data and reducing manual effort and the risks of human error by the lender’s operations team.
“The most efficient appraisal process for lenders includes a fully integrated loan file. So, we’re proud to work with NetOxygen to provide easier and faster appraisal management solutions to their broad customer base,” said Devi Mateti, executive, CoreLogic Valuation Technologies.