TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/134983
take 5 Valuing Valuation Asset Valuation & Marketing prez Tami Rund talks trends, diversity, and taking her team to the next level. M // On a national level, what housing market trends, both positive and negative, are you observing in the current real estate climate? Rund // Real estate data, both internal and external, is suggesting the national real estate market is in a slow but steady recovery, with certain metropolitan markets improving quite dramatically. In certain major metro areas, such as New York City, Phoenix, and Los Angeles, we are seeing housing prices rise, coupled with increasing consumer demand. Our real estate agents have said that some of these metro areas are seeing recently listed properties get multiple offers within a week at prices above the initial list price. To go along with this rise in demand and housing prices is lower unemployment rates, shrinking inventory, and continued institutional investor activity. On the cautious side of the housing view, some economists are still questioning the stability of the current positive turn in values. There is always the risk of overconfidence and prices being pushed too high. Some metro areas are seeing dwindling amounts of inventory, which may create a false sense of "greatly increased demand" when the fact of the matter is that housing starts and new home construction are still at all-time lows. From a microeconomic perspective, our analysts are 14 | The M Report still seeing areas heavily saturated with REOs and short sale properties as struggling markets. These properties most always have negative pricing effects on the properties surrounding them, and neighborhoods and local markets consequently suffer. The market where we are mostly seeing this type of activity is in New Jersey. M // As a woman leader in this industry, how does diversity play into your efforts to set your company apart from the competition? Rund // One of the true business strengths America has to offer is its ability to recognize and support diversity. Being a certified woman-owned business provides our clients with the ability to support and stand behind their commitment to bring diversity to their vendor supplier list. Asset Valuation & Marketing promotes diversity within our company by encouraging fair hiring practices, original thought processes, and varying ideas. Many times, solutions to problems are a combination of ideas from differing viewpoints. By promoting the idea of "brainstorming," we allow all individual ideas from within the company, and our partner relationships, to be heard. Our goal is to exceed our clients' expectations every day—the fact that we are a diverse company is just one of many reasons to use us. BPO quality is highly dependent on the quality of the broker completing the report, which is why we have spent more than 18 years developing and perfecting our vendor pool. We treat our Realtor partners with the respect they deserve; this has allowed us to develop deep and longstanding relationships with highly experienced Realtors—more than 2,000 agents have been with us for more than a decade. We see ourselves as problem solvers. When we meet with our clients, we want to know what their challenges are and how we can help eliminate them. We offer customizable solutions, so we work closely with our clients to develop the product, form, and instructions that are the best fit with their business model. M // As the industry works to correct itself, what areas of the marketplace will face the greatest challenges near-term? Rund // The mortgage servicing industry is becoming more transparent as regulations are forcing significant changes to the way everyone operates. Valuation companies specifically must be proactive and adapt to make sure their valuation products and By working with the National Association of BPO Professionals, AVM has been able to create products that follow the guidelines of what meets a valid valuation and also create products that comply with the Interagency Appraisal and Evaluation Guidelines. Our clients have the confidence they need to make crucial decisions based on the values we provide, and clients need that support and confidence in today's stringent business environment. M // You have an extensive background in developing BPO/valuation solutions for consumers and businesses. What emerging trends are on the horizon for the BPO/valuation space? Rund // Hybrid valuation products, such as conditionadjusted automated valuations or desktop appraisal-type products, are growing in popularity. Lenders, servicers, and investors are able to make educated decisions on their portfolios and assets based on valuations provided from products other than BPOs and appraisals. With the enormous amount "I think where the woman-owned aspect of our company is an advantage is in customer service; we are driven by customer satisfaction, not our bottom line." services are meeting the needs of the clients. The final delivery of a valuation product must contain quantitative and robust data to support the findings of the valuation information. The continued acceptance of the valuation product must be supported through implementing and adhering to well-tested methods, sourcing accurate and creditable data, and following meticulous policies and procedures. of data that valuation companies have access to, the amount of products and services that can be created are endless. The key is making sure these products are useful to the end user. Our clients need to make important business decisions based on the information we provide them, and making sure that we provide that information to them in the clearest and best way possible is extremely important to us.