Insights from a diverse group of residential real estate valuation market insiders suggest electronic reporting is key to a pressing need to integrate information, data analysis and appraisal end-user education.
Gathered at the May Appraisal Institute Stakeholders Forum in Washington, participants recommended that the industry joins the Appraisal Institute in its efforts “to integrate statistical analysis and geo-spatial capabilities into appraisal and end-user education.”
Such efforts must include working with stakeholders “to gain acceptance of technological needs” of the appraisal and
According to these insiders, including appraisers, lenders, servicers, vendors and bank regulators, “technological development in the real estate valuation profession remains too focused on appraisal report forms and not attentive enough to market analysis.”
Participants agreed that industry-driven solutions based on “some of the most pressing issues facing real estate valuation today” are crucial to the mortgage marketplace today
The brainstorming discussion focused on residential collateral valuation and how to synchronize client needs and service delivery.
During the stakeholders forum participants also reviewed an update from the Mortgage Industry Standards Maintenance Organization, which maintains voluntary e-commerce standards for the mortgage industry.
The forum is part of a series of events organized by the institute in an effort to bring together divergent viewpoints on topics facing the real estate valuation profession. Findings are then packaged into educational materials dedicated to understanding how appraisals are used by major stakeholders and how appraisal services can be supplemented, enhanced or changed to improve risk analysis and management.
Next month’s general session at the July 23-25 Appraisal Institute Annual Meeting in Indianapolis will include a panel discussion with data experts entitled “Real Estate Data: What Will the Future Behold?”
