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Is anyone familiar with the Mercury Network for appraisal ordering? Essentially, it involves a “double blind” communication between the person ordering the appraisal and the appraiser. So the orderer (our loan processor) would not have any idea whom they are ordering an appraiser from (except for the fact that it would be one of our dozen or so approved appraisers) – and the appraiser would not know who the person at our institution is, whom ordered the appraisal. The appraiser could contact the institution with questions, but it would go to either the loan ops department or compliance department, versus the person who ordered the appraisal.
I am particularly concerned with the fact that a commissioned employee would be involved in the ordering. However, the Mercury Network has articles and information that lead me to believe the “double blind” communication resolves that concern and keeps us in compliance with the independent appraisal ordering requirements.
Any thoughts on this would be greatly appreciated!
Chris
We have used Mercury to order appraisal for a few years. We like using them because of the double-blind feature and they verify the appraiser has a current appraisal license and is current on the National Appraisal Registry. Our back office, loan processors, orders the appraisal and communicates with the appraiser. We feel this helps the bank comply with the regulations on independence concerning appraisals.
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