Mercury Network is an appraisal marketplace, or “vendor management platform” that gives lenders a way to work directly with their existing appraiser vendors despite the compliance concerns raised by the HVCC. Since lenders can tailor it to meet their compliance needs and workflow, it gives them a way to gain the efficiency and compliance “safe harbor” that AMC’s offer but without severing ties with their high-quality appraisers or forcing their appraisers to accept the fee cut associated with an AMC. And since a lot of lenders are also looking for additional appraisers to work with now that HVCC-compliance is in the spotlight, Mercury Network also gives them a way to find other appraisers that are qualified and available to do the work they need.
In the past every major change to the lending process has eventually had its impact on appraisers and the changes brought about by the HVCC are no different. Mercury Network helps you, as an appraiser, bridge that gap without completely overturning the way you’ve always done business. As an appraiser, it’s important to understand both the reasons why lenders use Mercury Network and just how they use it so you can stay competitive even in the aftermath of the HVCC.
For this reason, I have recorded a video of both HOW Mercury Network is used by lenders, and also how YOU as the appraiser are expected to interact with the system.
You may also want to use our Support Doc that gives you step-by-step instructions for all appraiser interactions with Mercury Network. Just select your formfilling software and then print that page for future reference.
Of course, the point of using Mercury Network is to get listed on lenders' fee panels, so when you talk to your lenders, get them to do this while you're on the phone with them.
To walk a lender through the process of adding you to their feel panel, tell them to…
- Log into their Mercury Network account and click the Fee Panel button at the top of the screen.
- Click Add Appraiser to Fee Panel in the upper left corner.
- Type in your e-mail address or phone number to search for your profile and click Next.
- Check the box beside your Mercury Network profile and click Add.
You will, of course, want to make sure that your own Mercury Network profile is completely filled out, including E&O info, license info, coverage, and services with fees. Leaving any of these out of your profile could dramatically decrease the likelihood that you'll be found in Mercury Network, let alone be assigned orders.
To update your Mercury Network profile, log into your XSite's admin and click on User Management in the upper left corner. Scroll down in y our user information and you'll find the Mercury Network section.