In this update, we completed several of the tools that will enable lenders to automatically pay appraisers via direct deposit. Though these features are still behind the scenes, there are things appraisers and lenders can do today so you’re ready for automated direct deposit (and related workflow-boosting tools) on day one. There are more improvements in this release, so read on for highlights and see more details in the release notes.
Appraisers: Enroll for direct deposit ASAP
Appraisers, we appreciate you and know that you’re very busy, so we want to streamline your adoption of this time-saving feature. Here are a couple of things to consider:
When lenders start paying appraisal fees via direct deposit, they’ll still be able to assign orders to you even if you haven’t enrolled. In that case, you’ll be prompted to enroll before accepting the order (otherwise you’ll need to decline). In most cases, enrollment is very fast. But there are times when further ID verification is required, and that can take more time. By enrolling now, you’ll avoid delays when accepting orders from your clients.
Your lender clients can see if you’re enrolled for direct deposit. Going forward, we’ll encourage lenders who intend to pay using direct deposit to contact their non-enrolled appraisers asking them to sign up. If you enroll now, this simply eliminates back-and-forth emails for you and your clients.
Keep in mind, there’s more to this feature than streamlining your accounts receivable and reducing payment headaches. We’ll also make sure the tax ID info you’ve entered in your Mercury Network profile matches the IRS database—reducing tax season-related tasks. Plus, we’ll continue to expand these capabilities to increase your workflow efficiency so you can take advantage of our industry’s incredible growth.
If you’ve already enrolled (almost 6,000 appraisers have), thank you! We recommend ensuring that your ID was verified… click here and we’ll walk you through that.
Lenders: Let us know you’re interested
Visit this page to learn more and let us know you’re interested. We’ll reach out to get you started right away. Here are some ways this will improve your workflow:
Confirm your appraisers’ tax ID information matches the IRS database
Ensure the amount you’re paying the appraiser is the agreed-upon fee
Eliminate paper checks, payment-status phone calls, and back-and-forth emails
Improve your relationship with appraisers based on timely, consistent payments
Keep a digital record of all historical transactions to make accounting and tax season easier than ever
Although these features aren’t available yet, we can help you get ready today so you can use them immediately when they’re available.
For you DIY types who want to get started now, click here and we’ll walk you through contacting appraisers on your Fee Panel who aren’t yet enrolled for direct deposit. By making sure your appraisers are ready, you’ll avoid delays after the feature is released.
We’re beyond excited to bring this feature to you! It’s just one among many initiatives that support our goal of providing an end-to-end collateral valuation solution that simplifies, orchestrates, and streamlines your workflow. Subscribe to this blog (upper-right corner) and watch for announcements when it becomes available soon.