Responding to recent tornadoes, Mercury Network will waive the transaction fees for disaster reports in all impacted areas. Fees will be waived for 90 days. Mercury Network is a cloud-based vendor management software platform used by over 600 mortgage lenders and appraisal managements companies.
A website has been set up with details on how to place orders for property status reports from the 21 counties so far reporting damage.
The reports, called Catastrophic Disaster Area Inspection Report (CDAIR), can minimize disruption to the local real estate economies by allowing lenders to proceed on closings for unaffected properties and get fast assessments of damaged properties.
"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," said John Farley, president of a la mode's appraisal division.
"The CDAIR lets a qualified appraiser deliver an initial 'boots on the ground' assessment of the damage. Full appraisal or engineering reports should be ordered after reviewing the CDAIR's conclusions," Farley said.
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 firstname.lastname@example.org."