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In particular, the events zeroed in on patterns of discrimination and bias for minority borrowers and homeowners. Each event made plain the current open questions that need answers and hopefully convinced most that there is a problem worth fixing. The chief question of them all is whether there is a solution.
The announcement has been welcomed by some in the marketplace as building a process aligned with digital modernization of real estate appraisals, whether their goal is motivated by customer service, speed, or cost. Can appraisers themselves offer floor plans as part of their appraisal service? Operational and Reputational Risk Implications.
It remains to be seen whether these events and their related insurance costs will eventually result in increased delinquencies and defaults. Like many other industries, servicing communication tools have been modernized to provide multiple consumer engagement capabilities and digital touchpoints.
Job aid: 16 Current Events That Point to a Declining or Increasing Real Estate Market Trend. This job aid looks at sixteen different current events and analyzes whether each is an indication of an increasing or declining market—and does it even go to the point of indicating that the market is on the verge of a boom or bust?
SW: We hear a lot these days about appraisal modernization. What does appraisal modernization mean to you? But I think that it’s going to help solve a lot of problems both now and in future as we move toward more modern valuation methods. I don’t know that we’ve stumbled upon any magic bullet just yet.
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