I received a lot of positive and constructive feedback about the video, blog and emails published in the past week. I’ve learned there is a fine line between being succinct and providing all the facts, and hope to clarify what Value Connect is experiencing. Each section can be read on its own, so please feel free to jump to the section addressed to you if time is at a premium.

Appraisers

It’s important to share why Value Connect was started because you’ll have a better understand on our supportive position for appraisers:

I was a successful mortgage broker, ranking in the top 10 in Canada on more than one occasion. My greatest frustration was dealing with AMCs. I hated the constant fee-change requests, missed deadlines, and out-of-town appraisers doing reports for my customers. After doing some research, I learned appraisers had the same problems, but from the other side of the coin: you hate being offered too little income for an assignment, hate being given assignments that are missing information needed to get your work done, and take issue with out-of-town appraisers coming into your market without local knowledge. Value Connect understands those pain points and works diligently with appraisers to constantly improve our system and process.

Rest assured, the safety of our appraiser partners and borrowers is our priority. Value Connect wants any appraiser who’s still completing on-site interior inspections to take precautions, ask questions, and decline assignments whenever they have concerns. Simply notify us and we’ll take the appropriate actions. We don’t want anyone to be at risk.

It’s important for me to clarify that Modified Full-Inspection (ModFI) reports are a good alternative. Some appraisers have told me appraisals done without on-site interior inspections are more challenging, but that is the environment we find ourselves in. One well-respected appraiser covered this during a recent presentation to mortgage brokers in late March. Watch the full presentation – CLICK HERE. 

Value Connect recognizes that a ModFI assignment may have challenges, especially when the homeowner or listing agent isn’t tech savvy. And we can’t overlook the impact that COVID-19 is having on real estate markets.

There are fewer showings and transactions, which puts downward pressure on prices. This is a reality all stakeholders need to adjust to.

Mortgage Reps.

Mortgage reps probably wonder what to do – order a full appraisal or go with a Modified Full-Inspection report?

Value Connect believes the first step is setting the right expectations for your customers. If you feel that a Full appraisal with on-site interior inspection is the best course of action, be sure to let your customer know that turnaround times are 6-10 business days. (By the time you read this they may no longer be available in your region.) Let them know real estate showings and transactions have decreased in the past 2 weeks, which may put downward pressure on prices.

Call us if you need help deciding which type of report to order or recommend to your lender. Full, Modified Full-Inspection, Drive-by, or Desktop: they’re all valid reports completed by accredited appraisers. 1-844-383-2473 option 1

Lenders

We believe it’s better to communicate with stakeholders than not. Best practices include releasing information through blogs, websites and email on a regular schedule. You may, for example, choose to email your partners at the same time, the same two days a week, until the crisis blows over.

In terms of appraisals, Value Connect is offering Full, Modified Full-Inspection (ModFi), Drive-by and Desktop reports in most markets across Canada. We also offer AVMs in Canada and the U.S. as a means of supplementing reports provided by professional appraisers.

Turnaround times for full reports are 6-10 business days depending on where the subject property is located. Call if you’d like to add Value Connect Inc. as an approved supplier for your firm.

Borrowers

Thank you for being patient. Your safety, and that of our appraiser partners, is our priority.

While turnaround times may be longer than normal, or you may be asked to complete on-line video chats and supply pictures to appraisers, please know the industry is working hard and innovating in order to keep things moving. 

Thanks for reading. Let’s keep the lines of communication open.

Please contact me if you’d to talk or pass along information to share with others.  When COVID-19 is behind us we'll all be a little stronger & smarter, and better prepared to tackle the next challenge.

Chris Bisson, CEO (1-844-383-2473 x4250)