We’ve never seen so many underwriters scrutinizing reports. They're pushing back about comparable properties, making requests to correct spelling mistakes, and asking for clarification when sentences aren't clear.

I'm not sure if underwriters have more time or if there's been a mandate from management to scrutinize reports. Maybe it's both.

Now’s the time to show why it’s incredibly important to have a professional appraiser in the lender’s corner, and not a computer cranking out automated valuations. Now’s the time to dot the i’s and cross the t’s. 

Opportunities

It’s important to look for opportunities in today's market. Value Connect sees an opportunity for appraisers to show the value they bring to the table through quality reports and the ability to connect with homeowners and listing agents on a personal level. Turnaround time is less meaningful than accuracy for most lenders today.

It’s too early to tell what the long-term impacts of COVID-19 will be on the appraisal industry. One thing is clear - C-19 has accelerated the rate of change in many industries. For example, my 70 year-old aunts told me they'll continue doing their grocery shopping on-line even after social-distancing restrictions are lifted.

Millennials are now the key drivers of how business will get done in the future. Having grown up with computers in their hands it's no wonder they place a lot of value on speed of delivery. We may see large bank lenders make a shift to automated appraisals (AVMs) in the future as a result. Some bankers will argue that it isn't a far stretch to use an AVM when appraisers are relying on interior pictures of properties provided by borrowers and listing agents.

Lenders who focus on mortgages for people with poor credit might double-down on reports done by appraisers. Maybe they’ll want 2 reports instead of one.

Pivotal Moments

Some people talk about pivotal moments in their lives. Thankfully, I look back and see awesome things like choosing to marry a great friend, getting into the business when I did, and starting my own landscaping company when I was 14. I also see breaking my back and being laid-up for 3 months (when I was 22) as a defining moment. 

The vast majority of appraisers that I've spoken to over the years have told me they joined the profession because they wanted to use their skills, deliver high quality reports and be reasonably paid for their efforts. Now’s the time to revisit those values and make sure every part of their business reflects them, including their clients and partners.