Where appraisal tech is concerned, ‘It’s not a benefit, it’s a requirement’

The appraisal space has seen its share of challenges and changes in the past two years. Facing the difficult combination of record-breaking volume and a shortage of appraisers, many mortgage and appraisal professionals have turned to appraisal technology solutions.

HousingWire Editor-in-Chief Sarah Wheeler had the opportunity to catch up with Class Valuation Chief Innovation Officer Scot Rose to discuss how appraisal technology be leveraged to improve both the speed and accuracy of the overall process.

“We’ve been testing and piloting new ways of approaching the appraisal process for the last two to three years,” Rose explained. “And it’s really important to understand how the use of technology is not a benefit, it’s a requirement. When you apply the right technologies to these solutions, we’re seeing a huge improvement in performance metrics…when we get into some of the more outlying markets, we’re seeing a huge decrease in cycle time up to 50%.”

When looking ahead at 2022’s market environment, Rose said he anticipates an elimination of some of the appraisal roadblocks that have been prominent in the past few years. For example, with mortgage rates predicted to rise, it’s likely that the refinance volume will reduce, opening up some capacity with appraisers. Rose also said he’s seen a greater appetite for new technology solutions, like the ones Class Valuation has to offer. 

“The role that Class Valuation plays and has played is bringing advanced technologies into these modernization initiatives, and really driving to improve our profession,” Rose said. “…And so our goal all along has been to invest in the right technologies to try to give everybody a better experience around the appraisal process.”