Recently, Stewart Appraisals Management, Inc., a subsidiary of Stewart Information Services Corp. acquired Pro-Teck Services Ltd. (Pro Teck Valuation Intelligence), which is a real estate valuation company that provides its origination, servicing and capital market customers with a number of valuation choices, including field, desktop and bifurcated appraisals, Broker Price Opinions, evaluations and a number of hybrid solutions.

“One of the ways we meet the needs of appraisers is that we work with clients at all stages of the loan’s lifecycle, giving appraisers access to more customers/products than a shop that only does origination appraisals,” Pro Teck Valuation Intelligence CEO Tom O’Grady told Valuation Review.

 “The two most significant technologies to assist appraisers have been Intelligent Quality Control (IQC) and Integrated Market Data (IMD). IQC is a QC check prior to delivery, reducing revision cycles and decreasing dispute rates by 40 percent,” O’Grady added.

The company CEO emphasized that IMD brings needed MLS and public record data into Pro Teck’s form platform, saving appraisers valuable time and money.  IMD eliminates the need to use multiple platforms for market research and automates the rekeying of data into the appraisal form, he said. 

In the end, this technology will save appraisers valuable time, allowing more time for analysis.

Since the arrival of COVID-19, many businesses have implemented specific practices to remain relevant and thriving. O’Grady stressed the health and safety of his employees, partners, clients and consumers is paramount, and talked about changes made since COVID-19 arrived.

“We encourage appraisers to use health screening questions before entering a home, and VALIDITY (Pro Teck’s proprietary, homeowner-led virtual inspection) if there are any concerns,” he said. “Employees are working from home full-time until the health crisis is behind us. Pro Teck has a long history of work-from-home, with the average employee working 4-days a week from home offices before COVID. The transition to 5-days a week has been seamless.”

O’Grady also noted that all conference and client in-person meetings have been cancelled, all switching to video conferencing.

The company also guides lenders, as it relates to the overall appraisal process.  “Pro Teck has more than 300 clients, governed by many different regulatory organizations. We have clients in originations, servicing and capital markets, giving us a holistic view of the market and familiarity with the various regulations both our clients and Pro Teck must comply with,” he said. “When it comes to appraisal process, we have a dedicated compliance team, appraiser hotline, employee training and conduct an annual outside Appraiser Independent Requirements (AIR) audit.  Appraiser Independence is critical to the appraisal process and providing guidance and education for our employees and clients is something we take very seriously.” 

With constant changes in the market as a result of the pandemic, O’Grady referenced specific market data, analytics and technology it provides to keep appraisers updated on market changes.

Such changes include the company’s “Integrated Market Data (IMD),” as well as its “Home Value Forecast (HVR)” providing local market condition data the appraiser can utilize.

The CEO also reflected on the partnership with Stewart Appraisals Management

“Stewart wanted to provide its customers with a full suite of products and services, including real estate valuations,” O’Grady told us. “They had made two previous valuation company acquisitions but saw the benefit of adding Pro Teck’s depth of clients and breadth of products and services across Origination, Home Equity, Servicing and Capital Markets.”

The overall skills and philosophies in a combined company effort can go a long way toward the enhancement of the valuation industry. O’Grady further commented on how the acquisition will help the appraisal profession stay strong in the days that lie ahead as businesses will undoubtedly still be dealing with the effects of COVID-19.

“We are meeting the needs of the industry now with an eye on the future,” O’Grady said. “This pandemic, demographics, the number of appraisers and brokers, regulatory changes, data and technology advancements are all impacting the industry. We are talking to regulators and reviewing all ‘what-if’ scenarios now to be prepared for the future.

Opportunity is another term that many businesses have embraced during the pandemic.

“Stewart currently owns three valuation companies with three different panels. Our goal is for our best appraiser partners to work for all three in a seamless manner,” O’Grady said.