This update adds new loan purposes, removes the cap on the number of Mercury Network users in your account, and fixes an error some vendors saw when saving changes to their profile. We also made more progress toward Mercury Network’s ability to archive historical orders. Check the release notes for details and read on for the highlights.
New loan purposes
To simplify your workflow, we've added two new loan purposes: Home Equity and Estimate of Value. In the past, you many have used a loan purpose of Other for these orders, but you let us know that caused unnecessary revision requests. Now, because you can specify these purposes, your orders will be more accurate and streamlined.
Unlimited Mercury Network users
As more lenders are scaling up operations to accommodate high transaction volumes, we're making it easier for you to manage a larger number of Mercury Network users. Specifically, you can now have an unlimited number of users in your Mercury Network account.
More progress toward archiving
As we get closer to Mercury Network's ability to archive historical orders, we want to let you know about an upcoming change to the way the platform calculates vendor statistics and ratings.
To ensure you have the most accurate data when calculating ratings and stats, we are updating our logic to only take into account orders placed in the last 18 months. The goals of this change include better efficiency when performing these calculations, plus the fact that the data included will be more relevant rather than using information from all historical orders — possibly many years old. This is our last task before we begin the archiving process, and we expect it to be finished next month.