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Recognizing the most innovative technology providers in the mortgage industry, MortgagePoints Tech Excellence Awards highlight the companies that have developed cutting-edge solutions, improved operational efficiencies, and have enhanced the mortgage process through technology.
Intercontinental Exchange (ICE) Mortgage Technology introduced two new tools, Validate ROV and Validate Selector, to its growing suite of property valuation solutions, the company announced on Monday. Regulators are paying close attention to valuations for many valid reasons.
Lenders and stakeholders allowed for some level of inspection relief with these two new appraisal products. During 2020 and 2021 as the Covid-19 pandemic global pandemic disrupted our lives and the way we all do business, regulators, agencies, and the government sponsored enterprises allowed inspection relief in certain circumstances.
Appraisers should consider learning more about desktop appraisals and the hybrid/bifurcated appraisal process and using remote inspection tools such as RemoteVal ,” she advises. He says the biggest challenge facing commercial appraisers is that some firms won’t create and implement new processes and embrace the latest technology.
These and other steps are sorely needed to bring the appraisal process in line with advances to digitize mortgages, utilizing technology to combat inconsistencies that continue to beleaguer the profession, and reduce closing slowdowns often caused by appraisal capacity issues. Reconsideration of Value (ROV) process.
Here is how Fannie describes the process (from the link Bagott provides):Let’s walk through a process that uses this technology to validate the quality/condition ratings of the subject’s interior compared to the comps and (if applicable) previous photos of the subject. A File# or other tracking number can identify the subject.
And then we just embrace technology. When you look back during the pandemic, the appraiser community, they were the ones who risked their health, who risked their families’ health, going into strangers’ homes to do inspections. It’s going to require more of a comfort with modern technology than it has in years past.
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