There are 95 Collateral Underwriter messages that affect appraisers, and the majority are the same issues they’ve dealt with for years. So yes, there will be an adjustment period as with any change, but end times are not near.
In our experience with numerous lenders and AMCs, appraisal quality assurance is typically one extreme or the other: too manual or too automated — both leading to inconsistent or ineffective results. If any of these 10 warning signs sound familiar, it’s time to implement a procedural change for compliance and a defensible position that results in better lending decisions.
In the past year, we’ve seen several announcements and compliance deadlines on the same topic: The importance of appraisal quality assurance. In an environment with so many new requirements and market challenges, it’s not surprising many lenders are afraid they’re not keeping up with all the regulations.
Some of our 2016 award winners have worked their way up in traditional mortgage companies, while others started their own businesses. They have made their mark in marketing, technology, economics, compliance, asset management, operations and business development.
According to Harvard University’s Joint Center for Housing Studies, the supply gap in 2015 was 400,000 units. Of course, that leads to price inflation on rental rates for existing units as well as driving developers to build. But today’s construction isn’t necessarily providing for all of tomorrow’s renters.
The solutions that offer so much promise also open up the possibility of 24/7 availability. The mission of many in our industry is satisfying consumer demand, and understandably so. But we should be careful. Sometimes consumers are ridiculous and unreasonable. Sometimes meeting their demands comes at too high a price.