Frequently Asked Questions

General

Your Mercury Network Profile

Appraiser Independence Regulations

Payment Questions

For Non-WinTOTAL Users

 

 

 

General

  • Is there a fee for Mercury Network?
    Lenders and AMCs
    There will be no transaction fees charged to lenders and AMCs placing orders through Mercury Network as long as the appraisal fee is either above or equal to the appraiser's published price or above or equal to the median fee for the appraisal product in that county. If the fee to the appraiser is lower than median and lower than the appraiser's published fee, then the lender or AMC will be responsible for the $13.75 transaction fee. Lenders and AMCs also have the option to cover all transaction fee costs for all orders regardless of the appraisal fee.

    Appraisers
    There is $13.75 transaction fee per accepted appraisal order if the fee for the appraisal assignment is above or equal to the county's median fee, or your published price for the product they order from you.
     
  • How is Mercury Network different than an appraiser directory?
    Mercury Network is a cloud-based software platform that allows lenders, AMC's, and brokers to order appraisals in a compliant manner. Clients can order appraisals, build custom panels using their own approved appraisers, monitor status, and even require completeness and UAD rule sets to run before the finished appraisal is delivered. Best of all, appraisers set their own fees rather than having their fees set for them.
     
  • How can I help get my lenders signed up on Mercury Network?
    First, tell them about it. You can send them to http://www.MercuryVMP.com to sign up for a free account or have them contact our Mercury Network team at 1-800-434-7260.
     
  • How long has Mercury been around?
    Mercury Network has powered tens of millions of transactions since 2002. Since then, it's been revamped to provide lenders and appraisers with a compliant solution without severing relationships. By virtue of our market share and robust technology platform, lenders get the coverage they need without significantly cutting into your fees like some AMCs can.
     
  • How do I file a complaint against a client on Mercury Network?
    If there is a software issue and you think it warrants immediate attention, call our Mercury Client Relations department at 1-1-888-794-0455. Mercury Network does not provide management oversight or control any clients' process. We also do not handle payment issues, and those will have to be taken up with the specific lender.
     
  • Is Mercury Network an AMC?
    No. Mercury Network is software. It doesn't produce any appraisals, hire any appraisers, receive or deliver appraisal orders, or provide management oversight or control any of the process. In a nutshell, it's the "plumbing" that powers the real estate transaction, and is used by many of the largest AMCs and lenders in the world.
     
  • Do you have step-by-step instructions for using my formfilling software with Mercury Network?
    Yes, visit http://help.alamode.com/docs/mercury/.
     
  • When lenders use Mercury Network to place orders, what do they see, and how do they actually place orders?
    Click here for a short video titled, "An Inside Look at Mercury (For Curious Appraisers),".
     

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Your Mercury Network Profile

  • I don't want to put my appraisal license number in my profile. Is it needed?
    Yes, this is needed to assure the client that they are ordering an appraisal from a licensed appraiser.
     
  • I'm not getting any orders. Why?
    First, make sure your Mercury Network profile is completely filled out by logging into it here. Make sure you've added the counties you cover and that you've added fees for all the products you offer. Make sure your license and E&O show as valid. You will not receive orders unless this information is complete. If your information is up to date and you're still not receiving orders, then it could be anything from clients using other appraisers with different qualifications to not having the work to assign out.
     
  • How do I know if I'm on any lender's fee panels?
    Each time a lender adds an appraiser to their panel, the appraiser receives an e-mail notification.
     
  • I'm getting e-mails saying that I need to update my profile, but it seems complete. What's the problem?
    The e-mail you received should have contained specific information concerning the issue with your profile. You can log into your profile here and review your information.
     
  • Why should I fill out every field in my profile?
    Perhaps the most important reason is that when lenders search for an appraiser with which to place an order, they search on the items in your Mercury Network profile. So having an incomplete profile means you're more likely not to show up in a lender's search, and therefore more likely to not get the order.

    Another important reason for filling out your complete profile: Some lenders will want to get in touch with you to present new appraisal orders and find out if you will accept them. Also, if the lender requests a status update or provides information critical to you, having valid phone, fax and mobile numbers in addition to e-mail allows Mercury Network's clients to contact you.
     

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Appraiser Independence Regulations (AIR)

  • Why are AMCs using Mercury Network?
    Appraisal Management Companies need a technology platform to manage appraisal orders. Mercury Network works well for them. To protect appraisers from working for less than full fee, we've configured Mercury Network so that the AMC has to pay your transaction fee if the fee they're paying is below the median for your area or below your published fee.
     
  • How can I keep working with my clients if they can no longer choose their appraisers?
    Get your clients to start using Mercury Network. Mercury's platform has the tools to meet every lender's compliance standards.
     
  • How are appraisers chosen by clients in Mercury Network?
    Mercury Network has settings that let lenders configure how appraisers will be selected, and the selection is completely up to the lender. Lenders search for appraisers based on the information in their profiles, so make sure to log in to your profile and verify that it's complete. Click here to log in to your profile.
     

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Payment Questions

  • Is there a fee for Mercury Network?
    Lenders and AMCs
    There will be no transaction fees charged to lenders and AMCs placing orders through Mercury Network as long as the appraisal fee is either above or equal to the appraiser's published price or above or equal to the median fee for the appraisal product in that county. If the fee to the appraiser is lower than median and lower than the appraiser's published fee, then the lender or AMC will be responsible for the $13.75 transaction fee. Lenders and AMCs also have the option to cover all transaction fee costs for all orders regardless of the appraisal fee.

    Appraisers
    There is $13.75 transaction fee per accepted appraisal order if the fee for the appraisal assignment is above or equal to the county's median fee, or your published price for the product they order from you.
     
  • How much of my fee will Mercury Network take?
    The maximum you will pay for a Mercury Network order is $13.75. In our conversations with appraisers at conventions and seminars around the country, that small fee gets universal applause. And, since you're in control of your fee, we encourage you to bump up your Mercury Network fee schedule by $15 or so to cover the cost completely. It's also a good idea to add a refund policy to your Mercury Network product fee notes to cover the transaction fee in case an order is cancelled.

    If your lender chooses to dictate an appraisal fee which is below the median fee in a given region (usually calculated on a county-wide basis) and below your published fee for the product, the AMC or lender will be required to pay the fee and the appraiser will pay nothing.
     
  • Do I have control over what the lender/mortgage broker/AMC pays?
    Appraisers set their own fees on Mercury Network. In cases where the client chooses a lower fee, you have the option to decline the order or propose a different fee that would be acceptable to you. If the client decides on a fee lower than the median fee for appraisers in that area and lower than your published fee, they will be responsible for paying the $13.75 order fee. If you negotiate a higher fee, you could be subject to a transaction fee. So make sure your negotiations take that into account.
     
  • What if I ever have an issue collecting payment from a lender or AMC?
    Your client is responsible for paying the fee for the assignment. However, it’s very important to us that the companies using Mercury Network pay appraisers in a timely manner, and we never ignore a complaint.

    The first recommendation we make is to update the order with a message informing the client that you haven’t been paid for the assignment. If you have a copy of your invoice, attach it to the order as a document. It’s also a good idea to contact the client via a phone call to make sure they’re aware of the issue. If those fail, let our Client Relations team know immediately by calling 1-888-794-0455. We will contact the client on your behalf to make them aware of the issue. We encourage you to follow up with Client Relations after a promised resolution from the client if you still are having difficulties.
     
  • How are the median fees calculated?
    The median fee is specific to the location of the subject property and the appraisal product. It is calculated based on the full fees collected by appraisers in those areas.
     
  • How will I know if the order is above or below the median fee?
    When you receive the order, we will let you know if there is a transaction fee associated with that order. If the fee is below the median and below your published fee, we will let you know there is no charge. In those cases the lender pays the transaction fee.
     
  • What if my published fee is below the median?
    As long as the lender or AMC doesn't propose a fee lower than your published fee, we will consider your published fee a full fee, and you will be charged the transaction fee. If the lender or AMC proposes a fee that's below your fee and below the median fee, and you accept the order, the lender or AMC will pay the transaction fee.
     
  • What if the order is canceled after I've accepted it?
    Transaction fees will be refunded within 72 hours if an order is canceled.
     
  • What if the product is a supplement product like an update or a completion? What is the transaction fee for these orders that aren't full fee assignments?
    The transaction fee is $13.75 regardless of the product ordered. Mercury Network is the same as any other assignment pipeline in that over time you'll have assignments that pay less and others that pay more. It tends to balance out.
     

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For Non-WinTOTAL Users

  • Is WinTOTAL required to send or receive orders through Mercury Network?
    Mercury Network supports all appraisal software platforms – not just WinTOTAL. Regardless of the software you use, you can accept orders, send status and deliver completed reports.
     
  • Will ACI software work with Mercury Network?
    Yes. See the previous question.
     
  • I have ACI's eServices. Is this similar to Mercury Network?
    No. Mercury Network is a technology platform that a lender or AMC can use to find appraisers, order and receive appraisals in full regulatory compliance, manage their orders and even manage their fee panel if they wish. And, appraisers use Mercury Network to list their business, be found by clients, and receive and deliver orders, all at a full fee.

    eServices is a system used to receive and deliver orders from clients and AMCs, and have more in common with the delivery plugin component of our marketing and workflow tool, Appraiser XSites.
     
  • Do you have any training available?
    Yes. From webinars, short videos, interactive manuals and eBooks, you can get up to speed quickly. We cover everything from WinTOTAL basics to advanced marketing with Appraiser XSites, and more. There's something for every experience level. Go to www.alamode.com/training to access the library.
     

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