ValuFinders survey reveals appraiser ordering processes varyMortgagePress.comValuFinders, appraisal technology, valuation services, AMCs,
More appraisers are using technology to fulfill appraisal
orders, according to a recent survey conducted by ValuFinders Inc.,
a provider of valuation services to national lenders, brokers and
government agencies. The survey also revealed a limited use of
appraisal management companies (AMCs).
"These surveys give us an opportunity to hear from appraisers
and appraisal services," said Joe Williams, president and CEO of
ValuFinders. "Findings from a previous ValuFinders survey pointed
to the need to establish appraiser independence because appraisers
were often being inundated with requests from lenders to overvalue
homes. This survey was aimed at discovering the methods appraisers
want to use to relieve some of that pressure, such as technology.
Complete appraiser independence will be achieved only after
lenders, brokers and appraisers accept that technology will help in
achieving true independence."
According to survey findings:
• 58 percent of appraisers stated that they use e-mail as
the main delivery method of obtaining and delivering appraisal
orders. From the remaining appraisers, 18 percent use an online
service;
• 40 percent responded that only one-fourth of their
clients employ an online ordering system, while 32 percent answered
that between one-half and three-fourths of their clients use
them;
• 56 percent of appraisers surveyed use AMCs for
one-fourth or less of their business. Notably, 52 percent of all
those surveyed do not foresee that percentage increasing in the
future; and
82 percent said they would consider being part of an online
network where they could receive appraisal orders.
"A common misconception is that technology will eliminate
brokers altogether. Instead, systems such as ValuFinders' Appraisal
CONCIERGE provide them continuous access to the entire process
while allowing brokers to concentrate more on their core business,
originating loans," Williams explained. Appraisal CONCIERGE is a
national outsourcing database that places appraisal orders via the
Web and creates a pool of qualified appraisers before randomly
selecting one to fulfill the order.
ValuFinders, in support of the Home Valuation Protection Code
and the Housing and Economic Recovery Act, works to educate the
mortgage industry on the benefits of using technology in selecting
appraisers. The company additionally presents the ordering party
with a certificate of independent appraiser selection to
acknowledge that they have used Appraisal CONCIERGE to ensure
third-party participation in the appraisal process.
Williams added, "Legislative changes are requiring originators
to incorporate technology, and much of it is already available.
Adopting the technology now will only help them be more competitive
today and better prepared for the future."
For more information, visit www.valufinders.com.
