Mercury Network Waives Report Fees for Tornado-Ravaged Areas

In response to recent catastrophic weather conditions in Arkansas and other parts of the Midwest and South, a la mode’s Mercury Network will waive transaction fees for all disaster reports in impacted areas for 90 days, the technology vendor announced.

“Our operations center is in Oklahoma City, so we know the destruction tornadoes bring,” said Jennifer Miller, president of a la mode’s Mortgage Solutions Division. “We’re happy to help impacted real estate appraisers, agents, mortgage pros, and other industry colleagues. We can provide supplies, direct financial relief, software, and more.”

The company has also provided a website with details on how to place orders for Catastrophic Disaster Area Inspection Reports (CDAIRs), which are designed to help lenders proceed on closings for unaffected properties in disaster areas and get quick assessments of damaged properties, minimizing disruption to local real estate.

John Farley, president of a la mode’s Appraisal Division, described the CDAIR as a “triage tool.”

“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,” Farley said. “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,” he added.