Name: Mercury Network evolved: 2025 retrospective and the road ahead
Uploaded: 2026-04-15T19:16:12.795Z
Duration: 1 h 2 min 48 s
Description: Mercury Network evolved: 2025 retrospective and the road ahead

Transcript for "Mercury Network evolved: 2025 retrospective and the road ahead": Hello, everyone. Good afternoon. We are just at the top of the hour. We are going to get things going here in just a minute or two, giving everyone a chance to get dialed in. So if you can just bear with us, we'll get started at about two after the hour. Alright. Looks like we've got quite a few, attendees in the session. So we're gonna go ahead and get started. So with that, good afternoon, everyone, and thank you for joining today's Mercury Network Evolved product update. We're really excited to take this, retrospective look at the strategic evolution of the platform in 2025 and more importantly, to share with you our vision for the road ahead in 2026. You all should be seeing our slides. So I'm gonna move through and pause on our legal notice. So before diving in, just take a moment to review that standard legal notice, including that, the materials presented today are for informational purposes only. Alright. So to kick us off, my name is Kelly Langdon. I'm the primary product manager for the Mercury Network platform. Today, I am also joined by my my colleague, Britney Severhill. She is another key member of Cotality's product leadership team. Britney has been an integral part in driving the design, implementation, and the delivery of Cotality's UAD three dot six readiness. So she's here with me today to share exciting updates that we've made to support all of our Mercury clients and partners, and we are both really excited to dive into today's materials with you. Alright. Before we dive right into the agenda, I wanted to review a few housekeeping items. First off, our session today will be recorded. So following the session, you'll receive an email link to the recording. Next is, q and a. We love questions, and we encourage you to submit those, using the q and a section in the upper right hand corner of the screen. Here in that upper right hand corner, you'll also be able to access documents and materials and view messages that are posted in the chat by our moderators who are helping us to manage, today's webinar on the back end. Then last, throughout the session, we'll, take an opportunity at certain points to gather your thoughts and feedback through the use of some polling questions. So when we get there, you'll be prompted with the question, and we'll have a short period of time to provide a response. Alright. So with those logistics settled and out of the way, let's take a look at what we have planned for today. So today's session is divided into five main parts. First, we have a look at our commitment to the Mercury network platform and our approach for, delivering on that commitment. Next, we've got our comprehensive twenty twenty five year in review. And then we'll move into a, use case spotlight on our key, UAD three dot six features, followed by the road ahead for 2026, UAD 3.6 and beyond. And then finally, we'll move into that live q and a session, for the remaining time. So all of those questions that you put in the q and a, section throughout today's time, we'll hold those, and we'll get through those at the end of the session today. Alright. Let's dive in. So we are gonna get started with our, Mercury approach. So, here on this slide, just a quick overview. Our philosophy is really built on three pillars, securing your foundation, delivering innovation today, and, remaining future driven or focused on the future. So what does that really mean? The transition to UAD three dot six as part of the GSE, UAD forms redesign initiative isn't just a compliance hurdle for us to manage. Excuse me. We have really approached this as an opportunity, to modernize the entire collateral risk offering from how fees and vendors are managed all the way through to order placement, order delivery, and appraisal review. K. To help you understand how we move the platform platform forward here at Mercury, we've organized our strategy into four key pillars. Do we still have our slides up? Sorry. I'm not seeing those here anymore. I'm sending an SOS to those moderators I told you about. Okay. Perfect. We should see those slides up again. So, as I mentioned, we have organized that into our four key pillars, and each of those are designed to ensure that Mercury network remains the most reliable and efficient tool in your appraisal workflow. So first, we've got improving the customer experience, and that's really about investing in the technology to advance our overall capability. A perfect example of this is our new investor submission workspace that Britney will share more details about soon. That next pillar is adapting to industry trends. So our goal here is to help you remain competitive and profitable by staying ahead of what, is going on in the market. So an example of that is our launch of Collateral Investigate, which is our answer to the changing industry. It's a modern review tool that's built specifically for UAD 3. Six formatted appraisals, and it features things like image analytics and proprietary risk scoring. That next pillar is compliance requirements. Nobody likes to talk compliance, but, it it's a necessary evil. Right? So we aim to meet all regulatory demands, so you can avoid any disruption in, generating loans. So a small change that we made with a mighty impact is enhancements around the automated delivery of, reconsideration of value or ROV disclosures within our share receipts appraisal delivery, allowing you guys to demonstrate your compliance with your, GSE appraisal delivery requirements, directly in your order history. So we'll talk a little bit more about those, as we go on. And that last pillar is, customer impact. So we as we approach everything, there's always work to be done, but we prioritize the features that will be most impactful to our entire, customer base. So another example of that is something that Britney will cover a little bit later, and that's our new fees module, which is a direct result of that. So it's a new feature that's gonna allow for a more granular self-service fee calculations based on product geography and specific UAB three dot six data points. So that's really just trying to give you a little bit of insight into how we're approaching our work here. Alright. Moving forward. We are going to take a look at all that we have accomplished in 2025, and there is a lot. So, here's a look at some of our most impactful work in 2025, in addition to all that's been done in support and preparation for UAD three dot six. So you'll notice that we've sort of segmented today's time to spend a great deal of focus on UAD three point six, but we really wanna also, share all of the other amazing work that we're doing, in unison with the UAD three dot six work. So here, I'll review some of these in more detail on the following slides. But, you know, overall, 2025 was a year of strengthening security and streamlining our workflows. So we enhanced password security with changes to session timeouts, stricter password requirements. We made updates to payment processing to make borrower payment collection processing, voiding, issuing refunds, things like that, and receipt of daily settlement reports, a much smoother process for our users. I'm gonna move on to our next slide where we will cover off on those other two remaining items. So while the majority of the work that Mercury did to support the, FHFA and GSE requirements for reconsideration of value disclosures was completed in 2024. We did introduce additional enhancements in 2025 that were a direct result of our lender feedback. So wanted to spend a little bit of time on that. So with an aim of continuous compliance in place, we made enhancements that ensure that the ROV disclosures uploaded to your sure receipt settings are included with every automated appraisal delivery using sure receipts. Previously, and this is why client feedback is so, important to what we do here. But initially, when we have rolled out these features in 2024, that ROV disclosure was only included with the first delivery. So now every delivery includes that ROV disclosure, which ultimately means that the sure receipt certificate, which you see on the right hand side, is always going to include that ROV disclosure delivery date, which is such a key piece in demonstrating compliance, for your investors and your regulators. The other enhancement that we made here also to support, efforts to demonstrate compliance are on updating the order history in our VMP client portal, which also syncs into your loan origination system. So what that means is when we send that appraisal delivery to the borrower using share receipts and that shows up in your order history log. We now include the document details there that specify that not only did we include the appraisal report, but we included the re reconsideration of value disclosure. And that information, again, can be passed down into your LOS, allowing that LOS to remain that primary source of truth when, proving compliance to your investors and your regulators. Okay. Sorry. Moving on to the next slide. We've got a couple of slides here, that are really exciting for me as this year we launched the new Encompass Partner Connect EPC integration, which was a really vital component for our Encompass clients to help them avoid any disruption to their appraisal workflows. As I'm sure many of the folks on the call know, that update was essential as Encompass had announced that they were sunsetting legacy SDK integrations, and that sunset date is still currently targeted for the end of this year on December 31. But beyond just, being able to place your appraisal orders, it really allows us to prepare for the future. So beyond maintaining that connectivity, EPC, allows our Encompass clients to prepare for UAD three dot six, and it really unlocks a significantly higher level of automation and configurability that comes along with EPC. So what you see on the screen here is just a couple of, screenshots of some of the features that are available, such as custom document mapping, which now gives our lenders the power to manage their own custom document mappings within the platform without any dependencies on, further Mercury resources to support that effort, as well as the ability for tailored, field mapping. So through the use of what we call extension fields, Mercury is now able to pass a whole plethora of customized, data fields to encompass, and our encompass clients and lenders are able to take that data and map it to whatever custom fields they choose to create within, the encompass LOS system. So moving forward, this is just another deep dive talking about the use of that extension fields and those, custom field mappings and just kinda how that plays out. So you set up those mappings in the, services management pages, And then you are able to display that within the LOS system, and you're able to customize that however you want to. So this is an example of, a plethora of, custom appraisal data fields that we are sending over to encompass in addition to all of the standard data fields that we patch. Alright. Last but not least on the encompass side before before we pause for a polling question and then, turn it over to Britney. We've got, couple of screenshots of the, order form as well as the order details page that displays once an order is placed. So with EPC, it gives you significantly more power to customize the user experience within your loan origination system. And one of the ways that we're able to do that now is that the Mercury network order form that displays within the LOS, within encompass displays the displays based on your specific order form settings. So the settings that you have in your Mercury account for how fields display on the order form, are they required, are they not required, All of that is used specifically for your order form. And then in addition to that, over on the right, we've got a a screen snippet of what we call the order details page. And just a couple of things to point out here on that order details page now. When users enter the order and they see the actions that are available to them, they those actions are displayed based on your user's permissions. So your user's permissions and the status of the order. So gone are the days in the legacy integration when a user would see an option, go ahead and select it, and then they get an error message that they don't have permission to perform that. So we are now in total alignment there between the Mercury network, web experience, for example, and the experience within the Encompass partner connect integration. And the beautiful thing about that, and it's really nice as we transition, into the next section, is that this was all done with UAD three dot six in mind, meaning that UAD three dot six within Encompass Partner Connect is ready to go when you are ready to go. So, with that, I'm really excited to, stop for a polling question and then turn it over to Britney to help walk us through all of the amazing work that the team has been doing to prepare for three dot six. Alright. Our question here, if you can't, see it, I'm just gonna read it since it's up. Which of the twenty twenty five enhancements that we've discussed so far has had the most significant impact or positive experience for you and your team? Let me turn it over to you. Thank you so much, Kelly, and thank you all, to everyone who is participating in the voting. That feedback is, very interesting and very helpful for us. Alright. Let's dive right into the UAD 3.6 updates in 2025. So in 2025, we spent a significant amount of our effort in updating the Mercury platform to support UAD 3.6 process flow. However, you will not see any of these updates to your platform until you have enabled UAD 3.6 workflow on your platform. So for almost all of you, all of these things that we're talking about, are going to be new. You will not have seen them yet even though the development was done, throughout the year in 2025. So, there's a nice little list here, but I'm gonna go ahead and and move forward in the slides and talk about each of these, individually here. So Kelly has already touched on this a little bit, but one of the things one of the primary things that we had to do to enable support for UAD 3.6 was to update the all the ways in which you can place an order into the Mercury platform to support, creating a UAD three dot six order. So that includes the EPC integration Kelly referenced. It includes many other LOS integrations that we have, Empower. There's a there's a big list of them. It also includes the, individual the or the manual order forms within the Mercury platform itself. So one of the big changes that is coming from this transition to UAD three dot six is that when you place an order for an appraisal, you cannot just place an order for a 10 o four or a ten seventy three. You can't just place an order for for an order form. Those forms do not exist for a UAD 3.6 formatted appraisal. It's a dynamic form and we have to communicate to the appraiser what the scope of work is and what pieces and parts of that dynamic form need to be populated based on the characteristics of the property and the loan. So when you're placing an order for a UAD 3.6 formatted appraisal, you're going to be providing data such as this is a traditional appraisal versus a desktop appraisal, and this is for single family versus multifamily or condo. And, there is one EDU, and the construction method is modular or, you know, the, living unit count is one or two or three for a multifamily. So you're providing a lot of data points around the property and the loan and that is the information that is being collected at the point of order and being used to determine which vendors are eligible, to determine the fee calculation, and to describe the scope of work that needs to be performed ultimately to the the vendor that that is selected and, accepts the assignment. So a lot of work done just on the upfront ordering piece to make sure that you're able to provide that, new data to be able to create these orders for these three dot six formatted appraisals. So moving down the line, that also means that we had to update the vendor profiles. The vendor profiles house all of the information that control eligibility for assignment. So on the appraiser side, that means that we need to create additional eligibility criteria within the profile to be populated so that you can say, yes, I support these types of orders, or I don't. And then on the lender side, the same thing. Right? Being able to see, the types of three dot six orders that vendors are able to support and then, you know, approving those types of orders to be assigned to them. So this is different from what you see with the legacy forms because it's not just a list of of products. There's a list of, Cotality UAD 3.6 products, which is based on the combination of two of the primary fields that you're sending us in create order, which is the evaluation method. That's again, is this a traditional appraisal? Is it a desktop? Is it a hybrid? And the property type, so that would be single family, multifamily, etcetera. So you have a list of of products, but then you also have to layer into that additional eligibility criteria. So there's a new eligibility tab within the vendor's profile that provides information around what types of construction methods do you support. Do you support orders where there's an ADU? You know, what's the living unit count. Right? So all of these different more granular data points around the order, the vendor will be able to select, am I willing to accept orders? Do I perform orders with that particular criteria? So a lot of updates to the vendor profiles. We've also added to the vendor profiles, the ability to run a report. There's a tab, called UAD 3.6 readiness, And you can go to that tab, and you can quickly download a report of all of the vendors on your panel that are either ready for UAD three six or not ready for UAD three six. And that's defined by, do they have at least one u a d three six product enabled in their vendor profile? We've also made updates to the product requirements and the engagement letters within Mercury Network. So in the product requirement section, you'll now see two tabs. You'll see and and you'll see this approach repeated throughout the platform in all of the various areas that we updated. You'll see a tab for residential appraisal legacy forms, which houses the existing, appraisal forms that you see and can configure today, and then there is a new tab called residential appraisal. So you'll see this throughout the product. Residential appraisal is now going to be the, the the new default, the 3.6 format, and anything for, today's appraisal forms will be marked as legacy. So in the residential appraisal tab, you'll see a list of the, Cotality UAD 3.6 products. You'll be able to click into each of those and, configure settings for those products, including the engagement letter that should apply to that particular product. Inside the engagement letter config, configuration, we've made a few updates here. So one of the updates we made is that you have to categorize your engagement letter templates as either legacy forms or UAD 3.6. And the reason for that is because, again, going back to the data that we're collecting on the front end, we are collecting different data points for UAD three six orders versus legacy forms. And so when you are creating a custom engagement letter, there will be different fields available to you to use dynamically within that engagement letter. And then when you're configuring, which engagement letter should be applied to a particular product, you will only be able to select, the 3.6 templates for a 3.6 product and the legacy templates for a legacy product. We have a new feature called product order detail collaboration. One of the things that we expect might might happen, more frequently at first, is that an order may go out and upon inspection, a vendor may come back and say, well, this actually, you know, wasn't this particular, you know, this isn't a pod, for example. Right? Or there is an ADU. Right? And the original order did not indicate that there was an ADU. And that might have, fee impacts. Right? Disclosure impacts. And so this problem exists today. It happens today, but there's not a dedicated process for reporting to, for the vendor to report that discrepancy and to have that really clearly flagged in the system as an exception for someone to look at and quickly resolve. So that's the goal of this feature is to provide a dedicated avenue for the vendor to be able to tell the, the lender or the AMC placing the order, hey. There's a discrepancy in the order that was assigned to me, versus what I'm actually seeing here with the property. Here's that discrepancy, and then, that the lender or the AMC will be able to approve or decline that, that request to update those order details. You can make that decision through the LOS if the LOS supports, those events, or you can make that decision through the user interface, and then the vendor will be alerted of your decision and the appropriate data points within the order will will update to the new values. We have a brand new investor submission workspace. So as part of our work to support UAD 3.6, we built a brand new integration to the new UCDP portal, and we built a new user interface within the Mercury platform for you to manage those UCDP submissions. So as you'll as you can see, the, user interface looks quite quite different. We really wanted to create something that was clear, simple, easy to read, very easy for a user to, at a glance, understand what is going on with their UCDP submissions for both Fannie and Freddie. You can quickly view the appraisal report. You can download the appraisal zip file. You can view the history log, which is specific just to investor submission activities, so you don't have to go back up to the top of the order and look through the larger history log. You can see right there all the activity that has to do with investor submission. If you are configured for manual submission to UCDP, you'll now be able to see really clearly this order is waiting for a user to manually submit. It has this little badge that you'll see here where it says not started, and there's a submit button here. So that's ready for the user with the appropriate submit permissions to manually submit to UCDP. If after submission to UCDP there are fatal findings that come back, the system will automatically create a revision request to the service provider and provide the information about what those fatal findings were. If the system feels confident that the findings coming back require an appraisal revision. If the system does not create an automated revision request, you do have the capability from within that investor submission workplace, workspace to manually create a revision request. And when you do that, as you'll see here, it will automatically populate with the fatal findings, and then you can edit or add whatever additional, details you'd like to, before sending it to the vendor. And once you hit send, it will automatically move the order status to revision correction needed, and they will receive a nice, formatted PDF that tells them exactly what the firings are, what the fatal findings are, what they mean, and any comments that have been provided. This is just an example of a UCDP file that was submitted, and we had a successful submission to Fannie Mae, but a not successful submission to Freddie Mac. And so that's what this will look like. You'll be able to very clearly see right away on the screen what the fatal findings were. You'll be able to view the SSR. And, the whole goal here is just to make this very easy for you to be able to see what's happening with these UCDP submissions. The other exciting thing about this is that you're able to see multiple orders at once. So if you have multiple appraisal orders tied to a loan, for example, a jumbo or, you know, for whatever reason, a loan that's requiring two separate appraisals, you will be able to see both of those appraisals and all of the details around their investor submission status within the same screen. You don't have to click back and forth between, the different the different orders to be able to see and interact with that information. There's a few more features that I'm not going to go through in so much detail, but I do want to make sure to mention them. There are some new statuses that have been added to the system to support some of these new processes. There's new statuses for the product, details collaboration feature. There's some new statuses to, support review workflow to let you know when an order is in review. There's a couple, new substatuses related to UCDP submission. So those were all listed very clearly and defined clearly in the user guides and some of our other documentation. As Kelly mentioned, we have a brand new fees module. We're gonna talk about that in detail in the, use case spotlight, so I won't say too much about that. Another area where there's been a lot of work is, our compliance rule set. So the transition from the current format of the appraisal XML to the 3.6 format of the appraisal XML is is a big deal. Completely different data points, a a different XML dataset. And so we've had to build new rules to be able to, run against the appraisal report to be able to automatically give you rule firings around compliance and risk. So we spent a lot of time on that. On that same topic, something else that is new to Mercury is that we now have rules that are going to run upfront when the appraisal is delivered by the vendor. So the appraisal will be delivered by the vendor. We are gonna run a set of UAD rules, which checks for compliance to make sure that they're not missing anything big. All the photos that are supposed to be in the zip file are there. We have the PDF. We have the appropriately structured XML. So these are basic upfront checks to make sure that we're not accepting a file that when we go to upload it to UCDP is just going to immediately fail because there's something, wrong with the the schema or something like that. So we run those rules upfront. If you are an investigate client, which is our new review tool, all of UAD 3.6 orders, will use our investigate tool for review instead of RealView. If you're a RealView client today, the review tool for u eighty three six is going to be our investigate our investigate platform. And as part of that investigate platform, you have the capability to select, a subset of all of the rules that we run on the appraisal and say, hey. You know what? If this rule fires up front when the appraiser uploads the appraisal, I don't I don't even want it to continue down the process. I want you to immediately reject it back to them and have them fix it. So for example, if they forgot to sign the report, right, just immediately reject it back to them and tell them that they need to fix it. So you'll have the capability to make those configurations, and the Mercury network platform will have the capability to, run those rules upfront and do that sort of automated revision request when those rules that you've configured as fatal, fire. Investigate, as I mentioned, we've put a lot of time and effort into the Investigate tool. We're not going to go into that in detail today. There will be a separate webinar on that. We could spend more than an hour talking about that alone. But it's very exciting. It's a a really fantastic tool that I think is going to make everyone that uses it very happy. There's a lot of control within your hands, a lot of configurations. It's a great new, modernized, easy to use, tool that has all sorts of reports and dashboards, and, it's it's a really great tool that we're really excited to show you. So keep on the lookout for, information about investigate and, more opportunities to review that in detail. One other thing I wanted to mention just as a general comment is that we really tried, as we were going through the system to make updates to support the UAD 3.6 workflow, we really tried wherever possible to make updates while we were under the hood. Right? So to to try to figure out if there are pieces of the process flow that could be made more effective or efficient while we're in here. So we're really trying to improve the overall process flow as we're going through and updating all of these, pieces of the workflow for UAD 3.6. And the fees module is a really great example of that. So I'm going to move through to our use case spotlight, which is around our fee plans. So rather than just sort of updating what we, support today for fee plans, we decided to create a brand new module. And so all of your UAD 3.6 fees and and prices, client prices will be managed through this new fees module. So today, there's many different places all around the system where you can go and and configure things that impact fee calculation. And so we really tried to bring all of those together into one module to make it really easy and clear for you to understand how your fees are being calculated and give you, the ability to self manage those fee plans and update them whenever you need without having to come through us and having us, make updates on your behalf. So there are a few different types of fee plans. There's vendor fees, which is the fees that are offered to paid to your vendor. There are client price plans, which is the fee that is, charged to your customer. And so you're able to manage both of those, within this fees module, and it's located under preferences. There's a brand new fees, menu here, and you'll see here it takes you right to this vendor fee plan. It gives you a list of all of your vendor fee plans, and you can go in here and view them. You can see a history log so that all the changes to the plans are documented, all of that. So when you're creating fee plans, you have a few methods. So speaking to vendor vendor fee plans specifically, you can create a plan and say, hey. For these products in these geographic areas, I just want to use the vendor fees, whatever fees the vendors have set up in their profile, and you can do that. And that's an easy way to create a plan. You can also say, for these products in these geographic areas, I want you to calculate the vendor fee as a percentage of my client price plan. So I'm gonna create a client price plan, and I want you to look at that price plan and calculate the vendor fee as a percentage of whatever the client price is that is calculated for this order. The third option is to create a full robust fee plan yourself. So you'll give us for this for these products in these geographies and for all clients and client groups or just for these specific clients or just for these specific client groups, here is the base fee, and you can have multiple base fees based on the estimated value of the property. And then we take the base fees, and then you create additional fees. If it's a rush, it's an additional $50, for example. If it's a specific construction method type, it's an additional, you know, $25. Right? So you'll set the base fees for each product as well as any of those add on fees. And when we calculate the fee in the platform, we will look at the base fee for that product in that geographic area in that estimated value range, and then we will look to see do any of these other add on fees apply to this order. And if we do, we'll add that to the base fee, and that's how the fee for that the vendor fee for that order is calculated. We also have the concept of a vendor exception plan. So if you have fees that are different for specific vendors, so for example you have contracts with AMC's and those fees are going to be different than your standard fee plan for an appraiser fee panel, you can also create vendor exception plans. And when orders are assigned to specific vendors, if there's a vendor exception plan associated with that vendor, that fee plan will override the standard fee plan. Client price plans work very similarly. You're gonna tell us the product, the geography, which client or client groups it applies to, and then configure those baseline fees and the add on fees, and the calculation works very similarly. But all of this is self serve from within the user interface. This is the value tier management. This is the way in which you can specify how many value tiers you want to support in your fee plans. You can have up to 10, and so you'll customize the the range of estimated values for each of those tiers. The way that these plans are created, for the phase one is through a spreadsheet. So there's a template that you will populate and fill out. You will upload that template into the system. This top screenshot here is what that is a snippet of what that template looks like. You have your products over here. You have your geographic areas. You have a base fee for each of the tiers that you have configured in your platform. And then to the right, it goes on for many many columns to give you an opportunity to apply an add on fee for any other specific characteristics of the order, where you may want to increase the fee by some amount. You'll upload that into the system. And then once it's in the system, you will be able to, from this initial screen, click into the fee plan by clicking view fees, and you'll be able to see, apologize, clicking around. You'll be able to see that particular fee plan from within the UI. You won't have to download a spreadsheet or anything like that. You'll be able to see it from here. So this is all very new, all very different, but it's a it's a very robust way for you to be able to manage these fees and to, manage those fees yourself. So we're really, really excited about this new fees module. Alright. Let's dive into the road ahead for for 2026. So I'm going to continue talking. We have a lot more, on the road map for 2026 as it relates to UAD 3.6. And, again, you will see these features once, you have enabled UAD 3.6 workflow in your platform. Let's see. Moderators, are we are we, sharing another poll question at this point? Oh, I think we need I think we need to wait for this poll until after we go through these next slides. And I apologize, but something was preventing me from sharing sharing my my next slide, and I thought maybe that was it. Apologies for that. Thank you. Alright. So what's coming ahead in 2026? So we have our reporting module. We will be updating the reporting module within the Mercury platform, in a couple of ways. Number one, we're going to be providing a new suite of standard reports that will report on both the 3.6 pipeline as well as the legacy pipeline. Those reports are the result of a lot of analysis that has been done on, many, many custom reports that exist for the legacy pipeline today. So we're using all of that information to create a new set of standard reports, that will be available once you enable that UAD 3.6, feature set. And we've also we're also adding the capability for you to self manage, subscriptions within this module. So you will be able to, on your own within the UI, go in and say, I want this report to run on these days of the month, and I want the report to be sent to, you know, this list of email addresses. So we're really excited about that. We are working on the Alamode plug in, which essentially allows any appraisers who are using the Alamode software to deliver their appraisal directly to the Mercury platform from within their Alamode software. They don't have to, log in to Mercury and upload it, through the user interface. So we're working on that. There's a couple more, LOS integrations that we're working to complete. There's some additional enhancements coming to the fees module, primarily the ability to edit within the user interface an existing fee plan, so that you don't have to reupload the entire spreadsheet if you just need to make one small change. We're adding user email notifications for the new statuses that have been added. We're working on upgrading the integration between the Mercury network platform and the totality appraisal port platform, which is to support AMCs that are receiving appraisal assignments through appraisal port from CMS lenders. We're also working to continue to refine, and support workflow for Mercury lenders who are assigning to, Mercury AMCs who are using the system as a secure user, and then just ongoing refinement. So a lot of our time in 2026 is going to be sent listening to you all and your feedback as customers get on to production and start using these u 83.6 features. We want to hear that feedback and make refinements as as necessary. So that's gonna be a lot of our a lot of our planned work in 2026. And I think I'm now going to pass it on to Kelly to talk about what's happening in 2026 beyond u 83.6 features. Alright. Thank you, Britney, for all of those insights into how we, in the Mercury platform are preparing our clients and our partners for this industry transforming time. As we round things out, I just wanted to touch on a few additional enhancements around EPC, that are really driven directly by our lenders. So I've got a couple of items up here and then a couple of quick slides just looking at the time. Wanna make sure we have time for q and a. So I'm gonna try and run through those quickly. Specifically on this slide, I just wanted to touch on the enhancements around, how we are passing data back in some cases. So, by and large, when we pass data back to encompass, we're taking appraisal data directly from the appraisal report and passing it to a field in encompass. But based on some feedback that we've received regarding some of those fields, we are going to be adding in some logic around the, appraisal expiration date or appraisal validity date where we will be able to customize the number of days that we add to the appraisal effective date based on, the loan type. And then we are also gonna be making some adjustments to how we pass the HOA dues to the loan origination system. So in those cases where the appraisal report indicates an annual HOD h HOA dues amount. We're gonna be able to calculate that into a monthly amount before we pass it to the loan. So those are, enhancements that are scheduled for q two. And then also just on the topic of integrations, we are going to be working to support a new enhanced integration with BYTE. So that's targeted for the end of q two, and that's going to ensure that our lenders that are using the BYTE LOS can also seamlessly place UAD three dot six orders after they, migrate over to BYTE's, enhanced appraisal integration. So I'm gonna move on to a couple of slides just to cover the last few items here. So we are also really excited to announce a new bulk order feature next month that is going to transform how our lenders are able to manage large pipelines with a focus on high level efficiency. So that feature is going to allow lenders who need to place appraisal orders in bulk to simply, drag or drop or browse for a spreadsheet file on their system, upload that to Mercury, and we'll be able to, accept bulk orders, at this point targeted for up to 5,000 orders at a time in a single bulk upload. So, be on the lookout for more details around that with the future, future release notes. And then last but not least, because if we weren't talking about UAD three dot six, I feel like we were talking about EPC, the last hour. So I just wanted to round out with another really exciting enhancement we have for the Encompass partner connect integration, and that is support for automated service ordering or ASO. So we were, incredibly excited to bring that feature to lenders as it provides just another opportunity or avenue to further automate your appraisal workflow. So support for ASO ordering via Encompass is actually in place today, but we're just working on some updates to user guides and tools to help reflect that new capability. So be on the lookout for that. When we have those updates to the user guides made, they'll just be updated to the existing links that I believe we put in the doc section for you, and that, new capability will be represented there. So, with that, we've reached the end of our session. I think we do have that polling question now, and then we can move into q and a. Okay. Polling question is up. As we look ahead to what is planned for Mercury in 2026, what items will be most helpful for your continued success? So I can take a moment to answer that. And while that's going on, we'll Yeah. Let's dive able to help. you with this. Yep. Moderators, is is it okay if we just go ahead and go through these questions here as we answer them as we see them? I'm going to take that as a yes. Alright. Is FHA moving to UAD three dot six still expected to be behind Fannie and Freddie implementation? Yes. FHA has announced that they are moving to, UAD three dot six, but we don't have a specific date deadline yet to my knowledge. So, probably is the answer. Will we continue to receive reports by email that were set up prior to UAD? I will have to check on that for you. I think the answer is going to be yes. Any of those types of, pieces of functionality that we did not need to change for, UAD three six, we didn't, but we can certainly double check on that and follow-up. Let's see. If our AMC has a spreadsheet, are we able to import that? I'm going to assume this is talking about fees. You do have to follow the specific template that we provide, but you would be able to take that spreadsheet and copy and paste the information into our template and then upload that template. A few questions about where you get a copy of the fee templates. A couple of ways, the templates are available within the platform when you go to create a fee plan. Based on the method that you decide you're going to use for creating that fee plan, it will present you with the, appropriate template options. There will also be, links to those templates in our user guides as well as, in our configuration guide that you will receive. If we signed up for a migration wave, when should we receive the information? So when you sign up for migration wave, I think it's it's either one to two weeks before your migration wave, you will receive an email from our client delivery team that has all of the information you need about what to expect during your enablement, or your transition to UAD three dot six. You'll receive a configuration guide that is going to walk you through all of the steps that you need to take in order to configure your platform to be ready to support u eighty three dot six workflow. And it will also explain to you just how we are supporting you during that, enablement project. We have office hours twice a week. So as you work through that configuration guide, if you get stuck or you have questions, you can send us those questions and you can log on to the office hours and there will be a whole team of totality, people there to support you and help, walk you through that question or challenge. Speaking of waves, it is extremely important that you sign up for a wave if you have not already. One of the things that we wanted to make sure that we covered in this presentation and made really clear for everyone is the November 2 deadline for Fannie Mae and Freddie Mac. That November 2 deadline, what that means is that the appraisal has to have been uploaded to UCDP prior to November 2 if it is not a UAD 3.6 formatted appraisal. So what we're really trying to say is that you cannot wait until November to start making this transition because it's not based on application date. It's not based on when the appraisal was ordered date. That that November 2 date is really talking about the last date that you can upload to UCDP a non UAD 3.6 appraisal, and have them purchase that loan. So you need to back into that and make sure that you're signing up for waves. All of our waves our last wave date starts significantly before November 2, and that's the reason for that because we need enough time to configure the system, train your users, do all of the testing. Right? So, really important that if you haven't signed up for a, enablement wave that you do that. There is a link. There's also a link in the docs to the GSE lender readiness guide, which is a really great guide that talks about, you know, we're just one piece of this process. Right? But the the GSE guide talks more about throughout your entire organization. What do you need to make sure that you're doing, preparing, talking through? So we really encourage you to, to look at that readiness guide and see what they have to say about, getting ready for this transition as well. But as far as Mercury is concerned, the primary thing that we want you to do is sign up for a wave and to understand that those that that your process for transitioning needs to start happening, you know, by by September 30, really. Let's see. Will only the admin for our Mercury account have the fees tab? I I I think it's its own permission. I'll have to double check on that, but I think we made it its own permission. But it does require specific permissions to be able to, manage and update those fees to even be able to see the fees module, really. Let's see. If we do RealView now, do we need to do anything to use Investigate? Yes. Investigate is an entirely different tool. It's fantastic, and it offers a lot of flexibility, but you do have to, configure that tool, to get it ready to to use. So, yes, there are configurations that need to be done there, and there there will be a configuration guide for investigate as well. When can we get a demo on the new review program? There are recorded demonstrations of the investigate, platform that you I think you should be able to access from the evaluation modernization, hub, and I believe that link should be in the docs section as well. That has a bunch of information. There's a 60 plus page PDF in there, called the implementation guide that gives you an overview of all of the changes that are happening to Mercury in support of UAD 3.6. So if you've not seen that or read that or reviewed that, that's a great source of material for understanding what's changing, how you're going to need to train your users, all all of that kind of thing. You'll also we also should have within there, and if we don't, we'll put it there shortly, a link to a video that gives an overview of, the Investigate platform. And I'm sure there's more to come on that as well. Kelly, I'm sorry. I'm just breezing through these because most of them are three six related, but feel free to jump. in here. You seem to be doing a better job of navigating the question. So if there's one that you wanna punt to me and just. pull it up, that that also works. Will the UCDP submission still utilize the same credentials as the non UAD 3.6 submissions? Yes. The answer is yes to that. Will the product update collaboration push back to the LOS if a change is approved? Yes. If your LOS supports that, yes. It will. If the change is approved, the data points inside of Mercury will update and that, those order detail updates, will be sent back to your LOS if your LOS supports that functionality. And, Britney, I'm actually gonna, just add some additional updates because I know Linda Asking is an Encompass user. So in the EPC integration, the way that we are supporting the product, collaboration process is through the new feature in EPC that allows a user to launch into the Mercury secure order and provide that response. So what'll happen essentially is that alert will come in for that, product collaboration request. The user will enter the order in EPC. They'll be able to launch into, the Mercury secure order, assuming they have these permissions to do so. And then once they've done that and they've accepted that request, they're going to accept that request. They're going to sync those updates to their client order, and then that, through that information, it will bring, through doing that syncing, it will bring everything into alignment between the Mercury order and the loan origination system. So Awesome. Thank you, Kelly. We've got. two minutes. Let's try to breeze through as many more as we can here. Will the existing engagement letter carry over to the legacy category tab? Yes. And they will all be automatically categorized as legacy on your behalf. Is there a way to look at what appraisers are ready and approved with UAD? Yes. We touched on that briefly, but there is a new tab in the vendor's section called UAD 3.6 ready. And within that tab, you can download a report of either everyone in your panel that is not ready or everyone in your panel that is ready. And that is defined by have they updated their render profile to indicate that they support UAD 3.6 products. There's a few questions in here, Kelly, towards the earlier part of the meeting about EPC. So I'm gonna let you look at those, and. answer. Yeah. I'm just gonna start, at the top. So we've got a couple of questions in here. The first is, the quickest way for getting instructions on setting up EPC. So So we have added the links to the user guides, both the admin user guide and the general user guide into the document section. So those are there for your review. Next, we've got a question around whether or not Mercury is capable of excluding the reconsideration of value disclosure delivery on FHA loans. The short answer is not right now, but that is an enhancement that we are looking at for later in 2026. So that would be something that we would love to be able to do to be able to manage the ROV disclosure delivery based on Mercury product type. Okay. Let's see. Moving up, we've got good contacts to reach out for EPC issues and questions. That is going to be our integration support team. And we can put this, in the chat or in the links, but our integration support team can be reached at integration support dot, v as in Victor, s g at Kotality dot com. Moving on. And I am sorry, moderators. I'm not good at posting the questions, in here. and I know we're getting close to time here. jump in here while we're getting to the next question. I did confirm that the fees management is its own permission. Alright. Great. Just I'm just gonna knock off couple of quick more questions, and then we'll wrap it up here. But, questions about why EPC may not be updating values in encompass such as the appraisal value. We really should be, as part of the default mapping, passing the appraised value back to EPC. So if that's something that you're not seeing happening, I would recommend that you send a, request into the integrations team so that we can take a look at those specific examples. And then I think I'm gonna get through one more because we are over time and just answer the question around, whether or not we are ready for the LOS mortgage bot being updated for uad3.six. And the answer for that is yes. And we've included some, guides in the doc section for, I believe, mortgage bot, mortgage cadence, and EPC, which are all in a position and ready to go to support that uad3.6 ordering. So with that, we're a little over time, but we do wanna thank everybody for joining today. We wanna thank everybody for their participation. This has, really been great. And for those questions that we weren't able to get to, we'll try to, go through those, and we'll try to get, responses out, as needed for those folks as well. But we do really appreciate everybody's time. We'll be looking forward to providing another update next quarter, so be on the lookout for those announcements. And lots more work to be done this year. But thank you. Thank you, everyone, Have joining. a great day.