Automated Direct Deposit in Mercury Network: Lender FAQ

Question:

How does automated direct deposit work?

Answer:

This service will allow you to pay your appraisers for completed work by directly depositing funds into their bank account. It's intended to help you streamline your accounting workflow by eliminating paper checks and back-and-forth emails or phone calls about payment status.

Because payments to the appraiser will be triggered based on order status, this service eliminates the need for you to manually "cut a check", reducing friction in the process. Plus, you'll be able to view historical payment details directly in Mercury Network so your accounting workflow will be more transparent.

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Question:

When will this service be available?

Answer:

We look forward to introducing this service just a little later this year. For now, we're preparing for the complete rollout of this service by getting appraisers and other vendors on board so they're ready to receive direct payments as soon as the features are launched. Next, we'll begin onboarding lenders before the full suite of features is launched.

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Question:

Who pays for this service?

Answer:

It will be handled just like the Mercury Network transaction fee, so you'll decide whether or not to pay the fee.

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Question:

What if my appraisers don't want to be paid this way?

Answer:

Appraisers are not required to use the service to receive Mercury Network orders. You'll have the option of assigning orders only to appraisers who are prepared to receive direct payments, so we recommend you discuss this with your fee panel before the service launches.

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Question:

What happens if my appraiser isn't signed up for this service?

Answer:

Appraisers who don't support these payments will be given the option to enroll before accepting an order. Enrollment is usually quite fast, but there are cases when further ID verification steps are required, so this could cause a delay. With that in mind, we recommend that you ask your appraisers to enroll right away to avoid delays when the feature becomes available. There's an easy way to do this in Mercury Network, and you can click here for a quick walkthrough.

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Question:

Will this work with my integrated LOS?

Answer:

Yes. Once your Mercury Network account is configured to pay your vendors this way, you and your loan officers, staff, etc. can use the same workflow you use now.

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Question:

What order status triggers the payment deposit into the appraiser’s bank account?

Answer:

This is configurable for your workflow. Typically, the payment will be triggered when the report is delivered by the appraiser, or marked Complete after a quality review by the client.

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Question:

Who can my appraisers and I contact with issues?

Answer:

Client Relations team will support you and your appraisers with questions or issues with the service.

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Question:

How quickly will the funds reach the appraiser?

Answer:

The typical time from the initial notification to begin the direct deposit until funds are available in the bank is between five and seven days, depending on the day of the week when the process is initiated and the individual bank’s policies.

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