SitusAMC’s ProMerit Warehouse Lending System Now in the Cloud

SaaS deployment enhances security and efficiency and ensures new integrations with the robust platform are instantly available

NEW YORK, NY (September 25, 2023) – SitusAMC, the leading provider of innovative, trusted solutions supporting the complete life cycle of real estate finance, announces that its warehouse lending system ProMerit™ is now accessible through a cloud-hosted, software-as-a-service (SaaS) platform. 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 is the industry’s leading warehouse lending technology and has been used by lenders for over 35 years. It comprises a 75% 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 & Custodial Technology Rich Berg said. “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 Soc-2-compliant ProMerit solution has been fortified with core features essential for warehouse lenders' efficiency, data security and overall success. The cloud-hosted environment supports multi-factor authentication (MFA) and Security Assertion Markup Language (SAML) compatibility while integrating seamlessly with Okta for authentication. It is optimized to work efficiently with Amazon RDS and Elastic Beanstalk for scalable infrastructure costs.

ProMerit’s SaaS platform installs monthly release packages to quickly and efficiently deliver bug fixes and functional enhancements. This over-the-air delivery reduces costs and minimizes reliance on internal resources to take ProMerit offline, install updates and restart the platform. Recent enhancements include:

• The introduction of generic API endpoints for all searches, tasks and extracts within the application. This enables seamlessly 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 easily 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.

The ProMerit SaaS platform is available to all warehouse lenders and existing clients immediately. For more information, visit SitusAMC.com/ProMerit or contact Rich Berg at richardberg@situsamc.com.

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About SitusAMC

SitusAMC is a leading independent provider of technology, strategic outsourcing, talent and advisory solutions to the commercial and residential real estate finance industries. The company helps clients identify and capture opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness, and improve market agility across the entire lifecycle of their global real estate activity. For more information visit www.SitusAMC.com.

Press Contact
Drew Norman
Director, Marketing, Residential Real Estate Solutions
andrewnorman@situsamc.com