Introduction
2023 has had its ups and downs, filled with unforeseen challenges and unexpected opportunities. Yet, despite the uncertainties, we at ValueLink are proud to share that our steadfast commitment to adapting and enhancing our products has allowed us to weather the storm and make the most of every situation.
Industry Outlook During 2023
The housing market cooled down significantly in 2023. After two years of red-hot growth, home sales fell sharply, and prices began to soften. This was due to a number of factors, including rising interest rates, which made mortgages more expensive. Inflation also eroded consumer confidence, making people less likely to take on large debts like mortgages.
Despite these challenges, there were still some positive signs in the housing market. The job market remained strong, and wages continued to rise. This helped support demand for housing, particularly among first-time buyers. Additionally, the inventory of homes for sale eventually increased, which put downward pressure on prices and made it more affordable for buyers to enter the market.
To get glimpse of what ValueLink was up to during the year, keep reading.
Product Updates
Our teams were hard at work optimizing our products to ensure ValueLink stays cutting edge and provides the latest features to Lenders, AMCs, and Appraisers. Here are some notable product updates from the year:
• Integrations: 2023 saw a significant expansion of our integration capabilities, now encompassing leading Loan Origination Systems (LOS), Ordering Platforms, and service providers offering modern valuation products. Explore our integrations here.
• Automation: Our Automated Workflow Management module allows users to create rules based on order status, products, and lenders. This streamlines the creation of secondary orders once specified conditions are met, expediting the entire valuation process.
• Appraisal Modernization: We enhanced our workflow solution to fully support the GSEs’ appraisal modernization efforts by implementing integrations with vendors that offer Freddie’s ACE+ PDR and Fannie’s Value Acceptance + Property Data products.
• Appraisal Bias Handling: In our commitment to eliminate bias in the valuation process, we enhanced our automated review tool to identify bias keywords and highlight them to reviewers, ensuring that the reports reflect genuine intent, mitigating any predisposed opinions that could impact property assessments.
• Vendor Panel Management: We transformed our vendor panel management experience with a comprehensive dashboard redesign, empowering our clients to monitor vendor performance, and manage vendors efficiently.
Awards & Recognitions
We’re thrilled to share two major recognitions that highlight our commitment to innovation and leadership in the mortgage industry:
Events Exhibition
We had a busy year attending industry events in 2023. We exhibited at the HousingWire Annual, MBA Annual, Appraisal Summit, Valuation Expo, TMBA Annual, and ICE Experience. These events gave us an opportunity to connect with our clients and partners, and to learn about the latest trends in the industry. Here’s an overview of the events we exhibited at this year:
Outlook for the Future
We are excited about what the future holds for ValueLink. We are committed to continue investing in our technology and people, and to provide our clients with the best possible service. We believe that the mortgage industry is poised for a rebound in 2024, and we are confident that ValueLink will be well-positioned to take advantage of this growth.
We would like to thank our clients, partners, and employees for their support in 2023. We look forward to another year of success in 2024!
