ComputerAided Appraising How New Technology Will Spur Growth
- Slides: 29
Computer-Aided Appraising: How New Technology Will Spur Growth in the Appraisal Industry Jordan Petkovski Vice President, Chief Appraiser
Technology, Friend or Foe? • The way in which technology impacts the residential appraisal industry is up to us. – Embrace it, and make it work for the appraiser. – Reject it, and its use will usurp the residential appraiser’s position within the mortgage lending process. – Adaptability is critical!
Why is change necessary? • Our current methodology isn’t cutting it! – Service level expectations from the lending community have made EFFICENCY and CREDIBILTY a top priority. • The users of appraisal services don’t trust the appraiser. – Relying on three sales and two listings to derive a value opinion isn’t statistically meaningful.
Historical Perspective “Those who fail to learn from history are doomed to repeat it. ” - George Santayana
Think we missed the boat on this one…
LOOKING BACK IN TIME
Appraisal Production Software Before After
Digital Sketching Software Then Now
Color Printers
Digital Cameras
Laser Measuring Devices
The World Wide Web Changed Our Environment
Handheld Devices
Tablet Computers q Remember the Fujitsu Tablet Computer? (circa 1999)
We’ve gone mobile!
Looking Forward • Technological advancements in the residential appraisal space have streamlined the appraisal process, but the real magic is still to come… • Mobility • Standardization • Integration • Analytics
Our “Methods & Techniques” aren’t working in todays mortgage lending environment. • Residential Appraisers will be replaced if we don’t reevaluate the way in which we support the mortgage lending process. • Lenders struggle with disparate value conclusions on the same property, with the same or similar effective dates when two appraisers are engaged. Why is it happening?
An Updated Value Proposition § More objective appraisals, derived via regression of larger pools of data, supplemented and driven by the local subject matter expert, leads to an increased level of credibility.
Appraiser’s Are Attritting… • The industry is aging and few are entering the profession. • Will lenders accept a turn-time of two months for a residential appraisal in a major metropolitan area, or will they find an alternative solution? • Technologically Assisted Appraisals WILL help us in reaching the appraisers of tomorrow, today!
Technology's role in furthering our profession. • Real-time connectivity between supervisory appraiser and trainee during the course of the inspection and write-up. • Working off an i. Pad (instead of a clipboard) is natural for the youth of today. • Singular UI reduces training times.
Say it isn’t so!!! • Line item adjustments aren’t regressed from the market using spreadsheets or HP 12 C’s, they’re being SWAG’d.
Ensuring the Public’s Trust • Technology – including Big Data, Analytics and Algorithms – is no substitute for an appraiser professionals expertise, but its use will help us rebuild confidence in our profession.
Change Takes Consensus • It’s not only about the use of technological enhancements in the appraisal production process by appraisers…. it’s about the drive towards adoption when it comes to the users of appraisal services. • Remember convincing lenders an electronically signed report, delivered via PDF, was acceptable?
We Must…
Mobile Appraising? As it was… As it will be…
Technology Drives Our Future
- Appraising and rewarding performance
- Appraising performance of office employees
- Process of acquiring training appraising and compensating
- Superfluous strengths
- Listening and appraising music
- Tredgold approximation
- Pitch line speed
- Spur vs draw
- Spur terrain feature
- Terrain features on a map
- Spur gear force analysis
- Truncated spur os map
- Lensatic compass diagram
- Truncated spur definition
- Spur spla
- Hook spur fingerprint
- Minor terrain features
- Spur electron ltd
- How did the reformation help spur the scientific revolution
- Cld datei öffnen
- Plant growth definition
- Pith
- Carothers equation
- Primary growth and secondary growth in plants
- Primary growth and secondary growth in plants
- Geometric growth population
- Neoclassical growth theory vs. endogenous growth theory
- Organic growth vs inorganic growth
- New growth theory
- Willis definition of neoplasia