Mercury Network's Quality and Valuation Products Release Notes – November 16, 2017 Update

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

RealView

To make account reconciliation easier, if a loan number has been provided through an API, it will now be displayed on the printable invoice under the DESCRIPTION section as well as on the detailed report provided by accounting.

The following AQM rules are now available in RealView:
Subject

• The subject has transferred in the last 12 months and appraiser's opinion of value is higher than the sold price of that transfer. Verify the appraiser has provided photos and narrative of renovation.
  

• Property is in a rural location and land use appears to be agricultural or commercial rather than residential.
• Flood data is incomplete.
• Property is in a rural location and site value in the cost approach is 30% or more of the overall value.
  

• Comparables with the same view influence adjust to an indicated value below the appraiser's opinion of value.
• The 1004MC indicates a different marketing time than what the comparables within the report spent on the market.
• Difference between Actual ages of 2 or more comparables and Effective age of the subject is greater than 25 years. Verify difference and ensure it is explained in report.
  

• Less than two of the comparables' adjusted values fully support the appraiser's opinion of value.

Project info

• Warning: Common elements are leased. Verify the lease is described and meets lender requirements.
• The appraiser did not complete project improvements general descriptions.
• Number of project elevators is not listed.
• Appraiser did not describe project information occupancy.

Miscellaneous

• 216 is not included in the report as ordered.
• Verify the appraiser has included the required Operating Income Statement (form 216) as specified in the order assignment.
• Verify the appraiser has included the required Comparable Rent Schedule (form 1007) as specified in the order assignment.
• Verify the appraiser has included the UAD Definition Addendum.
• Verify that the appraiser has not included an invoice as a page in the report.