CoreLogic Chief Appraiser Shawn Telford, regarding some of the technological advances his company has made to assist appraisers, noted valuation is a core component of the company’s mission to help families find, buy, and protect their homes.  

Telford cited a few examples including AppraisalPort, which is the portal used by tens of thousands of appraisers and the nation's largest lenders, servicers and AMCs, is always being updated and enhanced to support appraiser and lender needs.  Appraisers can easily manage orders from multiple clients in one system.  Additionally, appraisers can set easily self-manage to set their communication preferences in their profile to receive texts and email alerts and to indicate their willingness to join a lenders or AMC panel, simplifying the engagement and communication process through websites that work with any device or the mobile app, Telford said. 

“Many appraisers don’t realize the Property Data Snapshot product is included with each order on AppraisalPort providing unique data and information to the appraiser to help with the decision to accept an assignment as well as data to help complete the assignment,” he added.

The arrival of COVID-19 has certainly caused specific business practices to change. The chief appraiser outlined his company’s implemented practices to keep appraisers relevant and supported.

CoreLogic is firmly committed to protecting the health of its employees. 

“For our Platinum staff appraisers, we have provided them with PPE as well as making sure they have the latest information and updates affecting how they work in their respective local areas.  We work closely with clients to address any issue that comes up,” Telford said. “We also work closely with our great AMC fee panel who have successfully acclimated and adapted to these different circumstances.  We want our panel to be safe and to continue to operate their businesses successfully.”

Telford emphasized that CoreLogic’s office of the chief economist combined with its industry leading Home Price Index provides the entire mortgage and financial industry with reliable forecasts, economic data and most importantly analysis on the state of the mortgage lending market.  This data and analysis provide the industry with a macroeconomic view of the mortgage industry that is unparalleled.

But still, the appraisal profession was severely impacted by the pandemic.

“The importance of collateral valuation is evident.  Housing has been a spectacular bright spot for the past nine months,” Telford said. “I think we all realize now, maybe more than we did in March, how much technology, existing data sources and tools can work to make this process better and simpler without creating more systemic risk.  Conversely, we also can see where technology does not meet the needs of the industry.

“Initially, there was a more significant impact.  Uncertainty on what to do and how to proceed was prevalent.  Quickly appraisers adapted, getting creative and learning how to be personally safe and to work safely with home occupants to get inspections done when needed,” he added. “Fannie, Freddie FHA and VA quickly responded and made changes giving lenders and appraisers flexibility.  This allowed the market to continue moving forward despite the effects of the pandemic, which was key for the country’s economic success.  Appraisers learned how to take advantage of the flexibilities and to educate and work with lenders.  Appraisers are as busy as they have been in the past 10 years, according to GSE UCDP submission data.  The flexibilities were used, but sensibly as appraisers found a way to get things done, coordinating with other interested parties, in a safe manner.”

The veteran appraiser also suggested that the demand for mortgages has been at record levels driving the demand and need for appraisals.  This high demand coupled with COVID impact, he said, has created a unique environment for innovation.  This has opened the doors for new tools and processes, hybrid products, borrower/occupant data collection apps, and more exterior and desktop valuation assignments, according to Telford. Even tools like FaceTime have allowed appraisers new ways to get the physical characteristics needed for an appraisal analysis.

While the COVID-19 experience has caused many hardships, many have pointed out that it has also opened the door of opportunity, innovation, and creativity.

“The inability to move freely and the uncertainty regarding spreading the virus created the opportunity to use tools and processes, previously not allowed, that do not require the appraiser to physically inspect a property. Tools providing a safe, contactless way to get property information from the homeowner or occupant to an appraisers workfile have been launched by CoreLogic and other vendors bringing tools to market successfully meeting a pressing need.

“The increased reliance on public records, MLS and other private data sources highlighted the data available from public and commercial products such as SmartExchange, RealQuest and RealView met the needs of appraisers and lenders in credibly completing appraisals and underwriting the collateral.  Also, gaps and opportunities to aggregate the data and make it easier for an appraiser and lenders to find and use where underscored,” Telford added.