The appraisal industry has seen numerous difficulties and developments in the last two years. As a result, many mortgage and appraisal professionals have turned to appraisal technology solutions to deal with the tough mix of record-breaking volume and a scarcity of appraisers. In an interview with the Chief Innovation Officer at Class Valuation, Scot Rose, to discuss the impact of appraisal technology in improving both the speed and accuracy of the appraisal process for lenders; he mentioned that several new means of approaching the appraisal process have been tested and piloted over the last two years and lenders must understand that the implementation of this technology is a requirement and not a benefit for their businesses.
There has been a huge improvement in performance metrics with the right implementation of these technologies to solutions in the lending space. For instance, looking into more of the outlying markets, a huge decrease in cycle time has been recorded, up to 50%.
In 2022, Rose predicts that some of the appraisal hurdles that have plagued the market in recent years will be removed. For example, with mortgage rates expected to rise, refinance traffic will likely drop, freeing up appraiser capacity. Rose also noted a higher appetite for new technology solutions, such as those offered by Class Valuation. Although many in the business agree that the human touch will always be required for evaluations, technology has helped alleviate the difficulties that have followed labor shortages. To read more on this, click here.
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