A sneak peek at the 2013 Appraisal Technology Report
By: Jason Morgan
On Monday, June 10, Valuation Review will release its anticipated follow-up to last year’s “App-raising Technology Special Report.” The 2013 Appraisal Technology Report will tackle the rise of appraisal technology, the growing adoption of mobile apps, predictive analytics, property identification, automated valuation models (AVMs) and beyond. This year’s report is for subscribers only. So make sure you’re a Valuation Review subscriber to get the full report delivered to you on Monday, June 10. You can subscribe by visiting the October Store. Here’s a preview of the content you can look forward to:
Talking about the evolution of technology is almost a cliché at this point. Smart phones and tablets are glued to our hands. Social media speak like “hash tags” and “liking” are already ingrained into our everyday vernacular. In the appraisal industry, emails and appraisal software are the standard, as mobile technology is on the verge of permeating the tech landscape (just check out our feature story on page 5). While new technology adoption comes at the chagrin of some old school appraisers, the industry shows no signs of technological regression.
So in the past several years, what area of the appraisal industry has seen the most change? That depends on who you ask. From appraisal review and appraiser-assisted alternative valuations to increasingly complex automated valuation models, predictive analytics and the implementation of MISMO XML and the uniform appraisal dataset (UAD) — there has been a technology revolution in the industry. Nearly every corner of the industry has been touched by new technology.
“I think all sectors have seen developments in the past year,” said Jenn Reese, managing director at Value Services, a nationwide property valuation company. “Mobile applications that can assist appraisers in the field seem to multiply by the day, and are limited only by the imagination of the individuals who develop them. As a provider of valuations, I found the development of applications to assign and communicate with appraisers the most interesting. But I have learned that appraisers can nearly develop and deliver an entire URAR report from the field now, which is absolutely amazing to me. Many of us remember the days of completing reports on typewriters or word processors.”
Outside of in-the-field appraisal form filling, the appraisal review process has also seen major changes.
“Lenders and AMCs need software that automates as much of the appraisal review process as possible. Much of the appraisal review process can — and should be — left to a computer, rather than human eyes” said Phil Huff, chief executive officer of Platinum Data Solutions. “There will always be a need for human review, but by automating as much as possible, lenders and AMCs can significantly improve consistency, which is important if they want to achieve true quality. In addition, automation provides a means for quickly and accurately scoring an appraisal’s complexity, so that it can be reviewed by an appropriately qualified individual, every time.”
Huff went on to explain that ignoring new technologies can impact a company’s bottom line. If a company isn’t on the cutting edge of a new technology such as automated appraisal review, its appraisal review services move close to the “obsolete” category because it’s not providing top-of-the- line value to their clients.
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