A software platform that helps lenders and appraisal management companies (AMCs) review and monitor mortgage loan originators and appraisers has been recognized for promoting mortgage industry innovation.
Comergence, a provider of vendor management software-as-a-service (SaaS) platforms for the mortgage industry, announced yesterday that the Progress in Lending Association gave an Innovations Award to the company’s REALM software suite.
REALM for Third Party Originators continuously aggregates data that lenders need to manage their relationships with third-party originators. REALM for Appraisers gives appraisers an online profile that can be shared with VMCs and lenders, saving them the time and cost of having to submit themselves to verification every time they want to work with a new partner.
The Progress in Lending Association Innovations Awards recognize solutions that were introduced into the mortgage industry during 2014 that “changed the industry for the better.” Nominations were scored on a weighted scale based on the innovation’s overall industry significance, originality, positive change, hard cost, time savings and intangible efficiencies.
Comergence President Greg Schroeder said the award “is proof that our vendor management platforms … provide the mortgage industry with due diligence solutions that make sense, simplifying the process for lenders, originators, appraisers and AMCs.”
The Progress in Lending Association presented the award at the Mortgage Bankers Association’s National Technology in Mortgage Banking conference in Orlando.
Comergence offers a full suite of automated services for screening and compliance monitoring, and has compiled a database of more than 400,000 records on every licensed mortgage originator, as well as more than 100,000 licensed and active appraisers in the country.