A la mode: An Excellent Alternative to AMCs for Lenders
Have you heard of a la mode?
If you haven’t, you might check on the bottom of any real estate-related paperwork you’ve handled recently – you may very well find a la mode’s name on some, or a lot of it.
We use a la mode’s Xsite software (ordering), as well as WinTotal (actual appraisals), Davinci (sketching) and our hands-down favorite line-up in the bunch: the Mercury Network (Appraisal Vendor Management Platform), which is now handling in excess of 10,000 appraisal transactions a day, without the mark-up typical of transactions handled via AMCs. This milestone was announced earlier this week by a la mode and we are thrilled to see their success.
(We have zero affiliation other than very happy customer.)
If you’re a lender reading this, you really really really need to read that press release linked above. If you’re an AMC, you should, too, because you need to know this: although we’re grateful to have your business in a down economy, the fees we receive that are lower than “reasonable and customary” hurt us, badly, both business-wise and personally. More work for less compensation isn’t a sustainable business model when our expenses are running so high.
The Mercury Network is a runaway hit and if AMCs want to keep up, they need to offer a comparable level of service, compliance, reliability and cost to their customers and business partners.
Why Sign Up for the Mercury Network?
In a nutshell, as we’ve blogged before, the Mercury Network lets lenders keep compliant with the myriad of changing appraisal regulations while still keeping control of where their appraisals are routed. Lenders can concentrate on their own business while trusting that the folks at a la mode are on top of the regulatory aspects of appraisal ordering and processing.
If you aren’t convinced, just give it a chance and sign up (it’s free for lenders). If you’re in the Greater Austin Area, add Appraisal IQ (Orlando Masis) to your roster and see how fast you get an exceptional report from us for your client.