CoreLogic recently announced that the Columbia Institute (TCI) and Mortgage Bankers Association (MBA) Education, the training arm of the MBA, have joined forces to deliver a group of comprehensive courses specifically designed for lenders. The initial course will contain four parts and is designed to further the education of underwriters, processors, loan officers and any other recipient and user of appraisal products and services.
When it comes to signing off on an appraisal report by the underwriter, CoreLogic said underwriters use appraisals to determine overall risk exposure and risk appetite for a given property. Lenders know risk cannot be completely eliminated, but they need the ability to understand and measure the level of risk in a transaction.
The overall goal, then, becomes a solid opinion of value based on property facts and competitive analysis. The course will illustrate how lenders may gain an understanding of the potential underwriting risk related to a transaction by carefully reviewing an appraisal report, CoreLogic announced in a press release.
“It is important to understand that the appraiser does not make underwriting decisions, only facilitates the decision by providing the necessary information for the lending institute to evaluate the loan,” CoreLogic said. “It is up to the underwriter to determine whether or not to proceed with the loan, decline the loan, or add other stipulations to the loan.”
The company also stated that the appraiser’s goal is to provide an opinion of value in addition to providing the necessary supporting information so that lenders can make those decisions quickly and accurately. By diving into a diverse set of influencers of valuation such as the various physical, market, governmental and social risk factors that can adversely impact collateral risk, attendees can learn some of the typical GSE property eligibility and appraisal requirements.
“TCI is a nationwide provider of appraiser education and is an expert at delivering content for appraiser education needs,” David Upbin, MBA’s vice president of education operations and programming and MBA strategy, said in the release. “The MBA is the voice of the mortgage industry and provides a tremendous amount of quality content and education. There is a lot of potential in our working together to create content to enable our lenders’ valuation needs.”
TCI Managing Director Laura Kelly spoke to the significance and impact the partnership will have.
“The potential impact of these two industry powerhouses is meaningful. We look forward to our working with MBA Education and know it will be positive for the industry,” Kelly said.