Wipro announced over the weekend that along with Mercury Network, now a part of CoreLogic, have signed a joint agreement to offer appraisal management platform systems to customers in the financial services space. These 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. Leveraging Mercury Network's powerful valuation management software and platform, Wipro's NetOxygen LOS customers will now be able to better manage their loan appraisals. They will also 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 over 300 integrated appraisal management companies and over 35,000 independent appraisers in the United States.
The market is apparently happy with this news and the stock price hit a new high today at Rs.335.90; it has come off the high but remains in the green at Rs.334 levels.