In response to recent tornadoes, Mercury Network will waive transaction fees for disaster reports in all impacted areas for ninety days. Mercury Network is a cloud-based vendor management software platform, used by over 600 mortgage lenders and appraisal management companies to power 20,000 appraisal orders a day.
A website, www.mercuryvmp.com/relief, has details on how to place orders for property status reports from over 350 appraisers who are local experts in the 21 counties so far reporting damage. The reports, called “Catastrophic Disaster Area Inspection Report”, or “CDAIR”, can minimize disruptions to the local real estate economies by allowing lenders to proceed on closings for unaffected properties and get fast assessments of damaged properties.
John Farley, president of a la mode’s Appraisal Division, gave advice to lenders and appraisers as to how to proceed: “The CDAIR is a triage tool so lenders can get a fast status check on properties in an impacted area. In a disaster, we know appraisers are working under abnormal conditions, so turn times for traditional appraisals with the full URAR scope of work will stretch to several weeks or months. The CDAIR lets a qualified appraiser deliver an initial ‘boots on the ground’ assessment of the damage. Full appraisals or engineering reports should be ordered after reviewing the CDAIR’s conclusions.”
Jennifer Miller, president of a la mode’s Mortgage Solutions Division added, “Our operations center is in Oklahoma City, so we know the destruction tornadoes bring. If you or your family has been directly affected, reach out to email@example.com. We’re happy to help impacted real estate appraisers, agents, mortgage pros, and other industry colleagues. We can provide supplies, direct financial relief, software, and more.”
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 firstname.lastname@example.org.