Last week our team spent time at the Appraisal Summit in Las Vegas, NV. Willam Fall gave a presentation about Hybrids and Laurie Egan moderated a panel while working to advance legislation. All in all, it was a great event focused around appraiser education and industry advancements. We can't wait to invite all our staff appraisers to next years event. Below are some key takeaways from the Summit.
- Further testing clearly needed prior to full deployment of the Value Verify system.
- Analytics of appraisal data continue to improve but human judgment needs to be applied as many erroneous outliers still appear. All of the speakers on this topic (including the GSEs) stressed the continued need for human (appraiser) involvement in the valuation process.
- Residential evaluations completed by appraisers need better clarity at the state regulatory level. Beginning January 1st, Oregon appraisers will be able to complete evaluations outside of the confines of USPAP and the Appraiser Board has absolutely no authority to regulate evaluations or those performing them.
- Appraiser attendance was increased from last year in large part due to a variety of educational topics.
- Best session of the event occurred at 8:00 am on Tuesday with three amazing speakers on the topic of emerging appraisal management issues.
- Legislation in Congress is underway that would permit revision of the panel fee to be paid to the ASC by AMC’s. The bill would also:
- Allow the ASC the ability to provide grants to education providers
- Allow trainees to be included on the national registry and
- Require AMC fees to be disclosed separately from appraisal fees on Closing Disclosures
- I am thrilled to see that Education was on the minds of the presenters this year. There is so much information to consume, with regards to appraisal modernization and new tools for appraisers to use.
- I Loved Rick Langdon’s presentation about change and going with it. Rick worked his own experience with his team of appraisers into his presentation, which really helped solidify his points. A good message to be spread across the profession.
- I am amazed by the new technology being produced by the industry right now. There needs to be a collaborative approach to the release of new data and technology solutions though. As an industry, it’s important that we create comprehensive solutions that work in concert with the processes of the lenders and the appraisers. Standalone solutions can often cause more delays than efficiencies.