SWBC hosted a webinar on October 26th, 2022, on Adaptive Valuation Services – Boosting Consumer Confidence in the Post-Pandemic Lending Market. It was led by a powerhouse of panelists, including ValueLink’s SVP of Operations, Aqil Ahmed.
The webinar kicked off with a brief overview of the economic conditions and their impact on the overall mortgage industry, where appraiser shortage has become a serious concern these days. The current appraiser count is decreasing and there is no addition to the appraiser force.
To overcome the current appraiser force shortage, the GSE stepped up and introduced alternate appraisal processes to improve the borrower experience, so that it becomes more convenient for lenders and AMCs to complete loan requests using the right technology.
In addition, the rates have been an eye-catcher for the entire industry. The inflation rate is at 8.2%, coming down from 8.4%, mortgage rates have been hovering around 7 % and the FED is trying its best to control these rates to save the economy from a recession.
The housing market is also undergoing some changes post-pandemic. There are no bidding wars now; homes are available on the list for weeks. But if compared to the pre-pandemic levels, the prices are still higher on the scale. This is because the housing market depends on demand and supply, the demand has reduced significantly due to the mortgage rates, but home prices haven’t declined at the same pace.
Lenders are trying their best to cope with the current mortgage landscape. Modernizing appraisal processes and leveraging technology are key drivers for competing in today’s market. Increasing efficiency in the appraisal process and improving communication helps a lot. A knowledge base is essential to ensure the customers fully understand the products available to them and how they bring efficiency to the valuation process.
On the other hand, appraisers are trying their best to build relationships with lenders & AMCs, ensuring the reports are free of errors and the calculated values are accurate. They must use the right technology and ensure that the values they give are unbiased. The comps and the data fetched for comparison also needs to be precise and authentic.
ValueLink prioritizes the borrower and client needs. We ensure lenders and AMCs have the best technology that caters to major challenges and simplifies and automates the entire appraisal process at every step. ValueLink modernizes the appraisal process by offering a full spectrum of valuation products, including traditional appraisals, AVMS, Hybrids, ACE+PDR, E-valuations, and Desktop Appraisals.
If you would like to learn more about how ValueLink helps the mortgage industry adapt to the new valuation technology, schedule a meeting with us now.