a la mode has announced the launch of Mercury Network’s new Appraisal Quality Management system (AQM). The AQM service, available only on Mercury Network, guides underwriters to the issues in each appraisal with actionable recommendations, and produces investor-ready loan files with the goal of dramatically reducing repurchase risk.
AQM is the result of lengthy collaboration between a la mode and MasterServ Financial and AXIS Appraisal Management Solutions. The system automates first-level quality analysis on appraisal reports, provides intelligent underwriting recommendations, deploys a powerful automated revision request system for communicating with appraisers, and automatically packages associated due diligence documents with the loan file for use by investors or auditors. With AQM, risk assessment and investor preparation is transparently integrated with standard collateral valuation workflow.
Essential results are returned along with an overall Appraisal Quality Index (AQI) score compiled from analysis of five intelligently weighted risk categories in the appraisal report, consisting of property risk, market issues, completeness of the appraisal report, accuracy of the findings, and the risk associated with the collateral value. Clients also have clear guidance and individual AQI scores for each of the five factors separately.
AQM leverages the expertise of human underwriters and compliance officers, along with the appraisers themselves, instead of hopelessly attempting to automate the review process without them or burying everyone in productivity-killing checklists. It’s a holistic system that recognizes that the communications and revisions process linking vendors and staff together is as critical as any analytical capability in the complex report/review/revise cycle.
"We’re thrilled to have AQM at the core of our Mercury Network service”, said Jennifer Miller, president of the Mortgage Solutions Division at a la mode inc. “The industry has lacked this sort of efficient skill-multiplying service for underwriters and compliance departments for too long. Since AQM was designed and deployed by seasoned industry experts, it focuses on reducing staff load, pinpointing issues quickly without creating distractions, and integrating cleanly with current operations workflow. It supplies a clear advantage for underwriters by providing testimony in buyback requests, and documenting due diligence to investors and auditors by keeping everything in the loan file.”