Warehouse Lending Being Transformed By Cloud-Based Technology
By KIMBERLEY HAAS
Cloud-based technology is transforming warehouse lending by eliminating the need for internal system updates and ensuring new functions are available immediately.
This fall, leaders at SitusAMC announced that their warehouse lending system ProMerit is now accessible through a cloud-hosted, software-as-a-service platform that can install monthly release packages to deliver bug fixes and functional enhancements. This over-the-air delivery benefits clients by reducing costs and reliance on internal resources, they said.
ProMerit has been used by lenders for more than 35 years. Measured by volume, it has a 75% share of the warehouse lending market, company leaders say.
Rich Berg, SitusAMC senior director of warehouse and custodial technology, said in a statement that the updated platform was created and…