Rodman Schley was selected to become the next president of the Appraisal Institute (AI) beginning Jan. 1, succeeding appraiser Jefferson Sherman, according to the trade organization.
Schley, a senior managing director at BBG in Colorado, served as vice president of the trade group in 2019. He has served on the Appraisal Institute’s board of directors, the strategic planning committee, the governance structure project team and the national nominating committee. He has also served as president of the group’s Colorado chapter.
Schley will lead the national nominating committee in 2022 as well, the company said. In 2002, he founded Commercial Valuation Consultants, Inc., which was acquired by BBG.
Appraisal Institute’s other elected officials for 2021 are President-elect pledger Jody Bishop, Vice President Craig Steinley, and Immediate Past President Jefferson Sherman.
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Bishop serves nationally on the AI’s board of directors and was previously on the audit committee. Steinley also serves on the board of directors as a regional vice chair, and Sherman has served on the finance committee, nominating committee, education committee, international relations committee and strategic planning committee.
It’s a particularly uncertain time for appraisers, who have traditionally physically walked through homes to make their assessments, and are often leery of automation.
Due to the effects of COVID-19, mortgage giants Fannie Mae and Freddie Mac have significantly relaxed appraisal standards. The Federal Housing Finance Agency earlier this year directed the GSEs to begin using both drive-by appraisals and desktop appraisals in certain circumstances to avoid logjams in the mortgage process.
Last week, the FHFA announced a potential move toward hybrid appraisals that allow for a third-party – typically an appraiser trainee, home inspector or real estate agent – to collect the data for a lender and certified appraiser once past the automated underwriting system.
Though appraisers are accustomed to the highs and lows of the mortgage industry, some have struggled with record demands in 2020 and the constraints of coronavirus. Many of the nation’s top lenders have granted appraisal waivers to more than 50% of their borrowers seeking to refinance their mortgages.