Mercury Network's Quality and Valuation Products Release Notes – November 2, 2017 Update

This update contains enhancements in Mercury Network's Quality and Valuation Products (QVP).

RealView

The following AQM rules are now available in RealView:

Sales Comparison

• Approach Verify the appraiser reported all listings on the include comparable sales pages and did not add an Additional Listings page to the report.
• Please verify the appraiser's comments regarding the comparables chosen. He/She should provide a clear reconciliation beyond just "these were the best available comparables"
• . Appraiser may have reported listings on an additional listings page instead of a comparable sales page. Additional listings pages are not checked, and the comparable listings included have not been evaluated.
• Subject property has an industrial or power lines view yet no comps were provided with the same view. Please include a comparable sale with the same view or provide a comment in the appraisal.
• Appraiser has indicated the property contains 5 or more half baths. This is likely a UAD formatting error on the part of the appraiser.
• Contract comparable(s) do not fall within stated price range for properties available for sale in the last 12 months in the subject neighborhood.
• Comparable listing (s) do not fall within stated price range for properties currently available for sale in the neighborhood.

Subject

• Property is vacant or an REO property. Verify if the appraiser commented about whether the utilities were on or off at the time of inspection.
• Review the subject narrative and grid to determine if there is a cost to cure that exceeds investor guidelines.
• The Lender/Client's name and/or address do not match the order form.

Appraiser Credentials

• Please verify the report contains a copy of the appraiser's current license.
• Is the appraiser's E&O included in the report? Please verify it meets the minimum threshold.
• Please check if the appraiser has had any involvement with the subject property within the past 3 years.

Photos

• Verify report contains photos and/or sufficient commentary for significant line item adjustments on the grid.
• Verify report contains the same number of bath photos as number of baths in the report.
• Verify exterior photos of comparables and subject match their design description.
• Verify there are no blank photo, grid, or addenda pages.

Reconciliation

• Please verify the effective date on page 2 matches the inspection date on page 6.

Project Info

• Appraiser did not mark project as one of the following: existing, proposed, or under construction.
• Property is subject to ground rent. Verify it is described and meets lender guidelines.

Miscellaneous

• Verify that the report type "Self-Contained Appraisal Report" is not included anywhere in the report.