Lenders using our EVF platform to place appraisal orders with AMCs can now request an appraisal fee quote to include in your Loan Estimate. The quote can then be converted into an order when you're ready. This is an important strategy for TRID compliance, allowing you to quote more accurate appraisal fees and avoid eating costly overages. More information on this is below.
Soon, we'll also be releasing a new End User License Agreement. We made a change to the information rights section of the EULA that will allow us to aggregate appraisal fee information to help you with TRID compliance, so keep an eye out for that. Click here to see the updated "Information Rights" section you will see next week.
Click here to read the full release notes from today's update, and the highlights are below.
EVF Lenders: Get appraisal fee quotes from your AMCs
In your order form, you will be able to choose "Quote Request". Just complete the form as usual, and your AMC will submit an appraisal fee quote for you to include in disclosures.
In your folders, you will see a new folder for "Appraisal Fee Quotes", with all your quotes.
Click the "View Quote" button, and you'll see the fee from your AMC.
For now, this tool is only available to our lender clients using Mercury Network to place orders with AMCs. It's a direct result of feedback from our valuable customers, so please keep your feedback coming to info@MercuryVMP.com.
Are you using Mercury Network to place orders with appraisers? We can help with your TRID compliance there, too. Click here for news on the latest features for TRID compliance.