SitusAMC announced that its warehouse lending system ProMerit is now accessible through a cloud-hosted, software-as-a-service (SaaS) platform.
Leaders said the new functionality significantly enhances client security, eliminates the need for internal system updates and ensures all new functions and integrations are available immediately.
ProMerit has been used by lenders for more than 35 years and comprises a 75 percent share of the warehouse lending market.
“Our updated ProMerit technology platform represents a highly secure and compliant solution, created and managed by experts who truly understand the ins and outs of our product,” SitusAMC Senior Director of Warehouse and Custodial Technology Rich Berg said in a release. “For warehouse lenders mired in on-premise solutions, SaaS is a beacon of modernization, relieving them of cumbersome infrastructure costs, audits and updates. Data security is of paramount importance to us and our clients.”
The cloud-hosted environment supports multi-factor authentication (MFA) and Security Assertion Markup Language (SAML) compatibility while integrating with Okta for authentication. It is optimized to work with Amazon RDS and Elastic Beanstalk for scalable infrastructure costs, according to SitusAMC.
Recent ProMerit enhancements include:
• The introduction of generic API endpoints for all searches, tasks and extracts within the application. This enables integration with third-party and internal services, such as corporate finance and accounting, as well as wire disbursement and pricing engines. With generic API, lenders have the capability to re-engineer existing integrations for a more sustainable and cost-effective setup.
• The addition of eNote/EV compatibility that allows for generic integration with primary eVault providers and support for standard eNote workflows, including eDelivery reconciliation, transfer of control and transfer of location. With this feature, lenders can track eVault locations, organization IDs and MERS registration status. The eNote/EV compatibility feature also enables lenders to verify interest, release interest and confirm secured party designation with MERS.
• The integration of ProMerit with shipping carriers for label creation and tracking. Users can generate bailee packages, including manifests and shipping labels, and track through receipt at the destination for the full life cycle of the shipment.