In order to accomplish our goal of closing loans, each player must accept that they are part of a larger team and acknowledge the other players and allow them to perform their jobs. Rather than the listing agent loading the appraiser up with 20 potential “comps” at the time of the inspection, or the loan officer continually calling the appraiser to see when the report will be completed, why not trust that they are competent in their area of expertise and let them perform their job without interference or pressure?
The appraisal industry is in the midst of huge disruption as automated valuation models and hybrid appraisal products gain favor with regulators and investors. What does the future hold for appraisers and appraisal companies as they adjust to the new realities of automation?
As Millennials grapple with paying off student loans, their opportunity to buy a home gets pushed further and further into the future. That delay has consequences far beyond individual students — the growing student debt crisis impacts every part of the economy.
There has been a conscious and rapid shift to broaden the use of alternative valuation products for origination. Not every decision needs a $500, full-blown 1004 interior appraisal. And in some markets where appraisers are short in number, the turn times can stretch from days to weeks. What these new alternative — some would say disruptive — valuation products do is enable lenders and servicers to better match the product to the risk by harnessing big data and technology.