MReport August 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 39 FEATURE data together into a credible valuation. Using these advancements does not have to sacrifice accuracy. In fact, specifically with Class Valuation's technology, after more than 15,000 transactions, statistics show significantly reduced un- derwriter revision rates (by more than 70%). And perhaps more impressive is the reduction in ap- praisal turn times. To date, we're seeing an average of two days saved in the process nationwide, and in some particularly complex markets, we are seeing turn-times cut in half. Appraisers and AMCs (Appraisal Management Companies) who want to max- imize the efficiency of Desktop Appraisals, while minimizing errors and revisions, should ask their partners to provide these advanced technologies or should seek out those who do. A Brighter Outlook 3 D property scanning technol- ogy takes Desktop to a whole new level. But along with facts and statistics, there are several less tangible benefits that are just as important. First, finding solutions to allow valuation professionals to spend more time analyzing data and opining on the value or real property, rather than driving to properties, measuring the improvements, and acting as a photographer. As appraisers spend more time in the office, the Desktop and Hybrid process- es will streamline the mortgage timeline even more, benefitting both lenders and consumers. More streamlining could take effect as the market adapts. Over time, it stands to reason that the use of these technologies would make more data on more properties available at the time of list. This would mean appraisers could have all the data required to complete an appraisal at the time it is ordered and immedi- ately begin the valuation pro- cess—rather than waiting for data collection to be done. Desktops also allow appraisers to leverage the use of an appren- tice in a more meaningful way, where they can excel in more advanced responsibilities, such as the selection of comparables and authoring well-crafted reports that support a valuation. Finally, modernization will expand the industry and attract new entrants into the profession. Young professionals are more likely to enter a career with a more streamlined apprentice program where they can leverage the latest technologies, rather than an elongated training process still reliant on antiquated technologies and processes. So, while Desktop Appraisals may not be the end-all-be-all solution for the future of the industry, it is most certainly a strong step forward to make way for a brighter future for everyone in the appraisal space. JOHN DINGEMAN, a Certified Residential Appraiser in 11 states, is Chief Appraiser at Class Valuation. Dingeman is Past President of the National Association of Appraisers and the Coalition of Arizona Appraisers. He has also served on several boards, including the Arizona Board of Manufactured Housing, Phoenix Village Planning Committee, Homeowners Association, and a charitable organization supporting foster children in Arizona called Arizona Helping Hands. DS News is the only publication in the country solely dedicated to providing default servicing professionals with news and content focused on their industry. SUBSCRIBE NOW! Connect with us online at SUBSCRIBE TO THE LEADER IN DEFAULT SERVICING NEWS THEFIVESTARINSTITUTE

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