Editor’s note: This story was updated on Friday, Oct. 15 to include significant additional discussion points from the Sept. 27 panel and to better contextualize statements made about appraisal management companies. The headline was also updated to reflect the array of issues that were discussed during the panel.
After a pandemic period that saw the increased use of appraisal waivers and hybrid appraisals, experts at the HW Annual event on Sept. 27 discussed the future of the rapidly changing valuation industry.
Driving much of that change is a mountain of property and market data that is now available to lenders, investors and homeowners, and new technology that can help standardize and make sense of that data.
“Whereas previously, the appraiser was the trusted professional, kind of implicit in that is you couldn’t really challenge your appraiser,” said Lyle Radke, director of collateral policy at Fannie Mae. “Now, with all the data, lenders are able to see essentially the same kind of market information that the appraiser has, and that means that they are a lot more open to discussion about the interpretation of the data. And that changes the relationship and the role of the appraiser.”