Mercury Network powers VA drive to recruit more appraisers for VA-backed mortgages

OKLAHOMA CITY, OK — a la mode’s Mercury Network is doing its part to serve America’s veterans as they take advantage of the Department of Veterans Affairs (VA) home mortgage loan program.  The Mercury Network now makes it easier for qualified real estate appraisers to become eligible to appraise homes for VA-backed mortgage loans.

The VA announced this summer it will add as many as 2,000 real estate appraisers to its list of approved professionals to appraise VA-guaranteed homes for veterans by January 31, 2004. When the VA guarantees a mortgage for a veteran, lowering his or her interest rate and up-front costs, the property must be appraised by a VA-approved private appraiser.

For years, only about 5,000 appraisers out of some 70,000-plus in the United States had been on the VA-approved list.  The VA, in kind with many mortgage lenders, agencies and MBS investors, has been wrangling with the problem of appraisal turnaround times.  It has determined, with input from major appraisal trade associations, that adding to the number of VA-approved appraisers will be a productive way to ensure VA loan appraisals are done more quickly without sacrificing quality and professionalism.

a la mode, the largest appraisal software and workflow management technology company in the U.S., is leveraging its Mercury Network to make it easier for appraisers to promote themselves to the VA for inclusion on the agency’s approved list.  This new function is a natural for the Mercury Network, which connects appraisers with lenders, agencies and management companies that need them and streamlines the workflow process.

“Now, appraisers utilizing the Mercury Network to promote their services, manage their clients and workflow and receive and fulfill appraisal orders can complete all the required paperwork for consideration for the VA approved list from one central interface,” Brad Eaton, Mercury Product Manager for a la mode, said. “The VA requires a number of different forms and materials, all available from the agency but frankly difficult to decipher, find, complete and get to the right VA office.”

Mercury-enabled appraisers simply go to the “My Clients” section of their Mercury Network profile, click on the VA logo, and all the required forms (plus some the appraiser might have needed to create from scratch) are bundled and completed “checklist” fashion.  Then, the stack is faxed to a Mercury toll-free fax number.  On the Mercury server end, the fax is converted to an Adobe PDF document and sent to the appropriate VA office – determined based on the appraiser’s coverage area.

Appraisers have long wanted to do VA work but been precluded if they were not already on the 5,000-some appraiser approved list.  Appraisers are therefore excited about the new opportunity as well.

“So far, hundreds of appraisers have taken advantage of the new feature, meaning the VA and America’s veterans will have a high-quality pool of appraisers to choose from when considering new professionals for the VA approved list,” Eaton said.

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About a la mode

Founded in 1985, a la mode develops desktop tools, mobile tools, web sites for real estate professionals, mortgage brokers, and appraisers. a la mode’s flagship product, WinTOTAL form-filling software for appraisers leads the residential appraisal industry.  a la mode’s Mercury Network, a vendor management platform for lenders, provides the most experienced local appraisers in an HVCC-compliant, easy-to-use loan ordering and management application. a la mode’s mission-critical products are used by hundreds of thousands of appraisers, agents, inspectors, and lending professionals to complete the nation’s real estate transactions.  The company’s state-of-the-art offices are located in Salt Lake City, Oklahoma City, and Washington, DC.  To learn more, visit www.alamode.com.