There has been an overwhelming amount of news lately regarding the valuation industry – the ongoing concerns regarding potential bias, the rollout of the long-awaited GSE modernization products, and AI taking over everything. Additionally, with the recent update on the new appraisal forms, the industry is about to undergo the biggest reporting change appraisers have seen in over 30 years.
Change can be disconcerting, especially when we’re talking about significant change that will absolutely impact the way appraisers and vendors operate. There is a lot of negative noise from appraisers and vendors floating around the appraisal industry as a result of these changes. Yes, the industry is changing and evolving, and technology is changing the profession. However, technology is affecting almost every industry, and in most cases, this change is for the better. I think we can all agree that the changes we’re seeing in our industry are long overdue.
The best way to manage the noise of these changes is not to ignore it but to become better informed. The root of most of the negativity and confusion stems from not being educated on what’s happening in the industry. In a previous newsletter, we addressed the importance of being adaptable and learning new specialties within the appraisal business. Valuation Connect recently partnered with McKissock to provide our partners a significant cost savings on their 2-year membership program. For $600, you can gain access to a complete catalog of education courses that will help prepare you for the future. Class offerings include anti-bias and discrimination training, which in some states is now mandatory and is something every appraiser should take. Valuation Connect will provides our panel with access to this course and will prioritize those appraisers who have taken it. You also benefit from regular industry updates from McKissock with the membership program. For more information, please contact appraiserconnect@valuationconnect.com.
The appraisal profession is not going away, but the way we do business has and will continue to evolve. For those appraisers with a vested interest in a positive future, I strongly suggest you actively involve yourself and embrace these changes. Beyond better educating yourself, use your voice to provide feedback, either via membership to a trade organization or an elected official. The GSEs have great resources that not only provide a wealth of information but also facilitate questions for industry participants. I also strongly recommend attending the industry events and conferences that are held across the country to partake, not only for continuing education but to network with your peers, lenders, and AMCs. Valuation Connect is sponsoring Valuation Expo this August in Las Vegas. We would enjoy meeting our partners in person to discuss these changes and how we can adapt a more positive outlook about the future of the appraisal industry.
– Andrew Bough, EVP Valuations