HVCC

1. Why are AMCs using Mercury Network?
2. How can I keep working with my clients if they can no longer choose their appraisers?
3. How are appraisers chosen by clients in Mercury Network?
4. What if my lender still doesn't know anything about the HVCC?
5. It can't be true that my loan officers won't be able to talk to me under the HVCC. How will they order appraisals?
6. I've heard mortgage brokers can't order appraisals anymore. That's good, isn't it?

General

1. How is this different than other appraiser directories?
2. How can I help get my lenders signed up on Mercury Network?
3. How long has Mercury been around?
4. How do I file a complaint against a client on Mercury Network?
5. Is Mercury Network an AMC?
6. Do you have step-by-step instructions for using my formfilling software with Mercury Network?
7. [Video] When lenders use Mercury Network to place orders, what do they see, and how do they actually place orders?

Your Mercury Network Profile

1. I don't want to put my appraisal license number in my profile. Is it needed?
2. I'm not getting any orders. Why?
3. How do I know if I'm on any lender's fee panels?
4. I'm getting e-mails saying that I need to update my profile, but it seems complete. What's the problem?
5. Why should I fill out my complete profile?

Payment Questions

1. Is there a fee for Mercury Network?
2. How much of my fee will Mercury Network take?
3. Do I have control over what the lender/mortgage broker/AMC pays?
4. How do I file a complaint for non-payment?
5. How are the median fees calculated?
6. How will I know if the order is above or below the median fee?
7. What if my published fee is below the median?
8. What if the order is canceled after I've accepted it?
9. 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?

For Non-WinTOTAL Users

1. Is WinTOTAL required to send orders through Mercury Network?
2. Will ACI software work with Mercury Network?
3. Why is an XSite required to be listed on Mercury Network?
4. I have ACI’s eServices. Is this similar to Mercury Network?
5. What do you offer to help with me with the learning curve for your products?

HVCC

1. Why are AMCs using Mercury Network?
Appraisal Management Companies need a 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.

2. 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 has the capability to meet every lenders' definition of HVCC compliance, and we have lenders using it every day that continue to work with the same fee panel they've kept for years.

3. How are appraisers chosen by clients in Mercury Network?
Mercury Network comes with a host of features that let lenders configure how appraisers will be selected, and the selection is completely up to the lender.  This is perhaps the most important reason that appraisers should have their Mercury Network profile completely updated.  Lenders search for appraisers based on the information in their profiles, so make sure to log in to your XSite, go to User Management, and fill out the Mercury Network profile information at the bottom of your user information.

4. What if my lender still doesn’t know anything about the HVCC?
It might be because the loan officer you talk to hasn’t been brought up to speed by the people within their organization who are concerned with compliance.  It could also be because your particular client has decided the HVCC doesn’t apply to them.  You have an opportunity in this situation to present yourself as their appraisal expert and provide them with Mercury Network as a new method they can use to order appraisals from you and ensure they remain compliant regardless of any current or future policy changes that might come their way.  It’s also more efficient than sending you orders via phone, email, or fax.

5. It can’t be true that my loan officers won’t be able to talk to me under the HVCC. How will they order appraisals?
The HVCC mandates that mortgage lenders separate anyone on the origination side of the business from appraisers, or they put in place "prudent safeguards" to ensure that a commissioned employee can’t influence an appraiser. Lenders will choose various methods to achieve this “firewall” between their loan originators and appraisers.  Mercury Network is the most flexible and appraiser-friendly method they can choose because even if they allow loan originators to talk to appraisers, they’ll want an audit trail of all the communications, to be able to prove there was no coercion.  Mercury Network provides that audit trail for them. It’s a solution to their needs no matter what level of separation they decide is prudent.

6. I’ve heard mortgage brokers can’t order appraisals anymore.  That’s good, isn’t it?
It depends on your perspective. It’s easy to blame mortgage brokers, and indeed there were bad ones who pressured appraisers. (But let’s not forget that the HVCC sprang up from a lawsuit filed by the NY Attorney General against WaMu and eAppraiseIT for pressuring appraisers, where mortgage brokers were not involved at all with the appraisal process.) Nevertheless, under the HVCC, mortgage brokers are banned from controlling the appraisal process. But since mortgage brokers rarely used AMCs, all those appraisals that used to come from brokers directly are at risk of coming from an AMC at steeply reduced fees. We are confident Mercury Network is a perfect alternative for mortgage lenders who might otherwise use an AMC.  Also, using Mercury Network, the mortgage broker can still order an appraisal with permission from their lender, while still maintaining the independence of the appraiser and legally complying with the HVCC. With Mercury Network’s "double blind" feature, lenders, appraisers, and mortgage brokers are all protected.

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General

1. How is this different than other appraiser directories?
More than just a directory, Mercury Network is an HVCC compliant ordering system that allows lenders, AMC’s, and brokers to order appraisals in an HVCC compliant manner. With coverage in every state, these clients can order appraisals, build custom panels, track status, and even require rule sets to be ran before the finished appraisal is delivered. Best of all, appraisers set their own fees rather than having their fees set for them.

2. 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.

3. How long has Mercury been around?
Mercury Network has powered tens of millions of transactions since 2003. Since then, it’s been revamped to provide lenders and appraisers with an HVCC 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 a typical AMC can.

4. How do I file a complaint against a client on Mercury Network?
If there is a serious issue and you think it warrants immediate attention, you can call our Mercury sales department at 1-800-434-7260. We do not however handle payment issues as those will have to be taken up with the specific lender.

5. Is Mercury Network an AMC?
No, Mercury is actually a "VMP", which stands for "Vendor Management Platform" (hence the website, http://www.MercuryVMP.com). We provide a technology foundation — web interfaces, plus desktop and server-side software — on top of which the complex real-time stream of orders, status updates, communications, and documents flow between lenders and appraisers. We address many of the labor-intensive aspects of ordering, managing, reviewing, and tracking appraisals using advanced technology and our unique understanding of the mortgage transaction workflow.  AMCs tend to be less technology-centric, and wind up bulking up on manual labor to track down appraisers and review reports, which drives up their costs. Appraisers pay for it by handing over larger fee splits to the AMC than would otherwise be necessary if their lender clients used Mercury Network instead.

6. Do you have step-by-step instructions for using my formfilling software with Mercury Network?
Yes, Depending on the appraisal formfilling software that you use, the process for accepting and delivering an appraisal order through the Mercury Network is different.  We've put together a help document that explains the exact process of accepting and delivering an appraisal order through the Mercury Network for the various formfilling programs.  Please visit http://help.alamode.com/docs/mercury/.

7. [Video] 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)," showing what lenders see when they login to their Mercury Network account to find appraisers, place orders, manage search criteria, and more.

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Your Mercury Network Profile

1. 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. This information is validated from the Appraisal Subcommittee website at http://www.ASC.gov .

2. I'm not getting any orders. Why?
First, make sure your Mercury Network profile is completely filled out by logging into your XSite. 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.

3. 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.

4. I'm getting e-mails saying that I need to update my profile, but it seems complete What's the problem?
Log into your XSite, then go to User Management under My Office. Look for any red text in the fields below Mercury Network. Make sure that your License Information is up to date and verified with www.ASC.gov. If you’re still not sure, contact our Mercury Support team at 1-800-211-4514.

5. Why should I fill out my complete 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 specifically requests a status update or provides additional information critical to you, having valid phone, fax and mobile numbers in addition to e-mail allows Mercury Network's advanced automated status systems to contact you.

The Mercury Network is designed to provide as many of the features and benefits of a full service AMC, but without the cost. The fastest way to reduce costs is to automate workflow.  Since most lenders will insist that you have a valid active license and E&O, a person would have to call you to get your complete profile. This manual effort defeats the purpose of automation and cost-cutting.

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Payment Questions

1. Is there a fee for Mercury Network?
Appraisers
There will be a $13.75 transaction fee per accepted appraisal order if the fee for the appraisal assignment is above or equal to the median fee, or your published price for the product they order from you.

Lenders
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.  If the fee to the appraiser is lower than either of these fees, then the lender or AMC will be responsible for the $13.75 transaction fee.

2. 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 non-AMC fee in a given region (usually calculated on a county-wide basis) and below your published fee for the product, the lender will be required to pay the fee and the appraiser will pay nothing. There will be cases where AMCs will also order appraisals through Mercury Network (it provides them access to a larger pool of appraisers who use better technology), and if they pay below the median, the order will be flagged as a "free" order to the appraiser.  If your fee is being cut, we don’t expect you to pay for the order.

3. 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. 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.

4. How do I file a complaint for non-payment?
If there is a serious issue and you think it warrants immediate attention you can call our Mercury sales department at 1-800-434-7260. We do not however handle payment issues as those will have to be taken up with the specific lender.

5. 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 over the last 12 months.  Our median fees are updated monthly.

6. 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 because the lender will pay the transaction fee.

7. What if my published fee is below the median?
As long as the lender 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.

8. What if the order is canceled after I've accepted it?
Transaction fees will be refunded in the event that an order is canceled.

9. 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?
First, please keep in mind if the fee being offered for the assignment is below the median fee for the product in your area or below your published fee, you will not be responsible for the transaction fee. Secondly, the transaction fee will always be $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 always balance out. For that reason, regardless of the assignment, the transaction fee will always be the same.

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For Non-WinTOTAL Users

1. Is WinTOTAL required to send 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. The only exception to this is if you run ACI software, you do not have the capability of running the Universal Appraisal Review Rules (UARR) rules. Lenders selecting ACI appraisers will be made aware of this limitation.

Appraisers do not have to utilize a particular appraisal formfilling program, as long as the appraiser has an XSite (either Standard or Enterprise, click here to learn more about Appraiser XSites.). The XSite is used at the appraiser's end to manage orders and status updates, as well as to manage the plugin process. In addition, our new XSites Desktop system is used to proactively notify appraisers of pending action items.

2. Will ACI software work with Mercury Network?
Yes. See the previous question

3. Why is an XSite required to be listed on Mercury Network?
Mercury Network requires the appraiser to have the XSite technology which includes the management of the appraiser’s profile and order management capability, and the Mercury Network plugin which runs the Universal Appraisal Review Rules.

4. I have ACI’s eServices. Is this similar to Mercury Network?
No. Mercury Network is a technology platform that a lender can use to find appraisers, order and receive appraisals in full HVCC-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.

5. What do you offer to help with me with the learning curve for your products?
We offer a number of different free training options for our customers. From webinars, short videos, interactive manuals and eBooks, you can get up to speed quickly. We cover everything from WinTOTAL basics to advanced web techniques with Appraiser XSites, and more. There's something for every experience level. Go to www.alamode.com/training to learn more.

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