From the floor of the Mortgage Bankers Association’s National Mortgage Servicing Conference, a la mode today announced the expansion of the Mercury Network Vendor Management Platform (VMP) to also offer Broker Price Opinions (BPOs). Mercury Network is the premier VMP, allowing the nation’s largest lenders and appraisal management companies to manage appraisals nationwide. The same hugely popular platform will soon connect these same clients to real estate agents and brokers via a one-of-a-kind BPO service.
Just as clients have total control over appraisal quality with Mercury, users of Mercury’s BPO service will be able to select providers based on their own preferences including proximity to subject property, late percentage, average turn-around times, load levels and more. The solution will fully integrate with appraisal ordering, making it easier to manage both processes from one platform. Most important, agents won’t be required to pay to be listed or to receive orders, so they’ll be happy to participate.
“Our BPO service will be radically different than what’s currently on the market, said Jennifer Miller, EVP of Products for a la mode’s Mortgage Solutions Division. “Lenders, AMCs and servicers can just order directly from providers on Mercury Network, so there are no middleman markups, delays, contracts, minimums or hassles. Mercury will be their direct connection to the highest quality, nationwide BPOs and they can just log in and start ordering. Agents will be signing up soon and the solution will be available in the spring of 2011.”
Mercury Network is the foremost online Vendor Management Platform allowing lenders and AMCs to manage their appraisal workflow, and soon BPOs. It is currently used by a lengthy roster of the nation’s largest lenders, credit unions, community banks and appraisal management companies, and more than 10,000 appraisal transactions per day flow through its servers.
For more information on Mercury Network, visit www.MercuryVMP.com.