Oasis Software Lands Amcore Bank
- Jan 08, 2008
Thinking of specialized software to handle your valuation processes? Amcore Bank chose the OASIS Bidding System and is happy with the results. The bank, with assets of $5.3 billion, has just completed a year-long implementation of the software system, which manages commercial real estate valuation processes. OASIS is a product of OASIS of Global DMS, a privately-held business based in Lansdale, Penn.“It was a bit bumpy at first, but the vendors were very sensitive to our training needs. And now, using OASIS is much faster than making a bunch of phone calls, and then faxing out an engagement letter” Phil Floor, vice president and commercial appraisal manager at the bank, told CPN. “The bidding system we were using previously was a configuration of a Microsoft database, and was not working. Now, we get all our responses electronically, the system allows us to store the whole chronology of the engagement, and we can do everything online. Its just very smooth in that regard.” The Oasis software came out in 2006 and was developed partly as a result of the subprime market crisis triggering the subsequent increased attention to federal regulations with regards to the appraisal process, explained Oasis President Vladimir Bien-Aime to CPN. “Rules and laws were in place but have become more rigorously enforced.” Web-based Oasis software helps lenders manage the valuation and approvals process with better due diligence, as it can easily track and store all the required documentation, and simultaneously makes it easier for everyone involved in the bidding including the clients. Said Amcore’s Phil Floor, “Oasis cuts down on our phone time with people wondering what’s going on with their deal. They can look it up online and can email us their questions immediately through the system. Our administrative staff can respond right away – it’s slick.” One Oasis Solution selling point is to help companies boost staff productivity. Floor noted that they have lost two employees since installing the new system, and everything is moving along fine just the same. OASIS Solutions is coming up with new systems now to help the appraisers with their end of the process, using E-Tracks to complete the reports, Oasis president Vladimir Bien-Aime told CPN. This will help detect fraud and improve portfolio management.