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Special Reports
In this section of BrokerUniverse we examine a subject of key importance
for mortgage originators every month, based on special reports that run in our sister publication, Origination News.
Appraisals/AVMS
Judging The Value
Like judges at a cooking contest, appraisers are hired to determine the relative
value of one thing as compared to another.
But the cake tasting process has remained (and in all likelihood will remain)
a manual process with a high amount of human touch.
In contrast, technology has increasingly entered into the appraisal process.
The appraisal profession has embraced some of these technology gains. Others,
such as the introduction of automated valuation models, have been met in some quarters with outright hostility.
Another difference is that, in cooking competitions, there may be few if any accusations
of one of the chef's applying undue influence towards a judge.
However, when it comes to judging home values, appraisal industry trade groups
have definitely been making an effort in legislative and regulatory arenas to make officials aware of what they
feel are efforts by lenders to influence their decisions.
In this Special Report, read about how one company, ACE, uses its systems and
procedures in an effort to stop lender pressure.
Also learn more about new products available from providers such as eAppraiseIT
and Elliott & Co. and how Farmer Mac has started an appraisal pilot program, while Fannie Mae has approved
N.A.D.A. to provide an appraisal guide for manufactured housing properties.
In addition, learn more about the market for Canadian properties, which also need
to have an appraisal before a mortgage is originated. An appraisal provider from north of the border is using Mercury
Network from a la mode, according to one story in this Special Report.
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