SPECIAL SECTION: THE STATE OF APPRAISALS & VALUATION
Elevating The Appraisal Experience In Today’s New Market BY CARLA K. KENNEDY | SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL
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ow that she’s working from home, Michelle scheduled her Zoom meetings around the window when an appraiser was due to arrive, yet another hurdle to clear for a refinance on her San Francisco home. Suddenly, she realized she was about to let a stranger in her home, a person she had heard from only once and knew nothing about. She had no idea if she needed to do anything in preparation for this appointment, or even be home during the inspection.
appraisers and homeowners find themselves in a precarious position. In many cases, the inability for appraisers to physically inspect the interior of a home because either party did not want to allow an interior inspection could cause a delay in the mortgage process. This is where lenders are looking to AMCs to provide compliance-driven solutions to obtain an accurate appraisal, while accommodating the challenges of the inspection process. As closing companies have quickly launched eClose and eNotary digital
“As closing companies have quickly launched eClose and eNotary digital signature technology to accommodate contact-free signings, AMCs are rapidly implementing applications that leverage smartphones and drone technology to provide an accurate picture of the property and its condition.” She had not even invited friends or immediate family into her home since the shelter-in-place order began. Would it be safe to allow this person in? And if so, what safety protocols do they follow? She shared her concern during a last-minute call with her loan officer hoping to gather enough information to set her mind at ease. This scenario has played out tens of thousands of times since the COVID-19 pandemic hit the industry fast and hard, with pipelines bursting from a rate-driven refi boom. This “new normal” required a hard and immediate pivot to ensure consumers could close on their refinances without driving up lender costs. With the current shelter-in-place mandates and the secondary market’s temporary inspection waivers, both
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signature technology to accommodate contact-free signings, AMCs are rapidly implementing applications that leverage smartphones and drone technology to provide an accurate picture of the property and its condition.
CONSUMER AFFECT Consumers associate their overall satisfaction and experience with the lender throughout the origination touchpoints, and in many cases where service providers are used, the lender is not in direct control of the interaction. Assuring good communication and leveraging new technological tools help give a borrower piece of mind and are essential to reputation and brand management. COVID-19 takes it to an
| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE
Carla K. Kennedy is senior vice president of strategic initiatives at Mortgage Connect LLC.
entirely new level, with unwavering demands for the health and safety of consumers and appraisers. A virtual inspection solution, similar to a 3-D tour used by real estate agents, is being implemented today in many forms. Prior to the home inspection, the appraiser can send a link to a homeowner to gather pertinent information on the property and take geocoded photos of the interior of the home. The appraiser can then follow up with the homeowner for required information that may not be in county property data, such as an upgrades or additions to the home. Requests of information could include, but are not limited to: • Photographs • Video • Measurements • Invoices • Old repair receipts • Insurance documentation • Client inventories or spreadsheets • Model or serial number(s) of appliances During the virtual inspection, the consumer or selling agent would “tour” the appraiser using
