They always say that bigger is better. Well, not anymore. There is no reason why the large lenders should have access to superior technology. With all the new rules, everyone needs to comply. And I’m not alone in feeling this way. One appraisal software vendor agrees and is opening up its technology in a very interesting way. Here’s what I was told:
a la mode has made a big change to Mercury Network in that the company has removed the transaction fees for any lenders or AMCs wanting to use the platform. Transaction fees range from $5 to $13.75, depending on the type of appraisal product ordered, and those used to be assessed based on the fee the AMC or lender was offering the appraiser. If a lender or AMC was offering an assignment fee that was less than the median fee for that county or the appraiser’s published fee, the lender had to pay the Mercury Network transaction fee.
But not anymore. Now, the Mercury Network user is in total control of who pays the transaction fee. They can pass all transaction fees to the appraisal vendor, they can choose to pay them, they can choose to pay transaction fees for specific appraisal vendors, or they can even decide what they want to do on a per-order basis.
This is substantial news because it essentially means the lender or AMC will always have full control over transaction fees and they can choose to use Mercury Network without paying a la mode a dime. They can leverage the compliance and efficiency tools used by over 600 lenders and AMCs, without any investment or per-order fee. We all know there’s safety in numbers, so with today’s regulatory uncertainty and the recent heightened scrutiny of third party oversight, any lender or AMC can now choose to use the same safeguards as the big companies – without any cost barriers.
Now that’s innovative thinking! The most recent update of the Mercury Network also includes ECOA Valuation Rule compliance. The steps needed to comply are now automated within the Mercury Network for worry-free compliance.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.