I watch with much interest as everyone is attempting to write automated review tools. Millions of dollars are being invested in the technology. Microsoft Word can tell me when I have a misspelled a word and sometimes correct a grammatical error. But it can't tell me when I have written something that is idiotic or not factual. The same would be true of automated review tools.
I am, and always have been a bit of a movie freak. So you will notice from time to time, when I am not busy interviewing myself, I will refer to a great line from a movie or steal a title. Today, I am stealing the title and the plot. The tag line for Victor Victoria was "A woman pretending to be a man impersonating a woman".
When is an appraisal firm an AMC pretending to be an appraisal firm? And even wilder when would an appraisal firm actually pretend to be an AMC? Who are these imposters and why?
For anyone who has spent any time around the water cooler at any number of the continuing education classes or conventions of late, it seems the hot topic of discussion has been the out of date forms in use. Many of us may have to take a glance down to the corner of the page to realize the last time the forms were changed was in 2005 and before that it was in 1996. We’re coming up on the 10 year mark so we should all be expecting an overhaul of the forms soon, or at least we hope so...
Technology is changing the way business is done across the world. More and more people are able to do their jobs completely through their mobile devices. Like it or not, appraisers need to learn to keep up with the changing times. Most appraisers have made the leap by now to a tablet or smartphone because of the need to stay connected to the office. We put together a list of some apps to help appraisers do their jobs on the go.
At the core of the US financial collapse was the lack of an objective standard of safety and soundness in mortgage underwriting and collateral risk assessment. Opaque information regarding these risks meant that homebuyers, lenders, investors, insurers, regulators, and policymakers had neither incentives nor information to moderate the bubble.
There continues to be a lot of misinterpretation of the UAD condition ratings resulting in inconsistent application of the ratings. Much of the misunderstanding seems to be a carryover from the days when everything was "average". In some cases it is the persistent belief that the definitions are relative, in others it seems to a belief that applying the C3 rating will require fewer comments, even if the home is nearly new.
As a former appraiser with nearly 30 years of experience and now an executive working at an AMC, I have observed a true evolution in the way appraisers and AMCs work together. The relationship between AMCs and appraisers started off unsteadily but has improved over the years. It has now reached a point of mutual respect.
Being the Chief Residential Appraiser of Martin + Wood Appraisal Group with a staff of over 25 appraisers is a lot of hard and gratifying work. Last year, I was sworn in as Vice President of the Ohio Collation of Appraiser Professionals (OCAP)-- an intellectually rich group who has come together with a mission dependent upon the collaborative efforts of members to strengthen the appraiser voice.
Appraisers are wondering what all the fuss is over Third Party Oversight and what it means to them. Appraisers are just now beginning to feel the impact of the demands of fee panel management. I know this will date me but I do recall the days when it was a challenge to get placed on an approved appraiser list. The process was onerous. I likely didn't appreciate it much then but surely I reminisced about the good ole days after that process fell apart and the only vetting process involved inquiries as to my fees and turn times. Now we have come full circle.
Change is described as making something different, doing something differently, or some thing or some one undergoing a transformation. You can change your clothes, change your attitudes, change your mind, and even make change for a dollar. What I want to talk about is accepting and embracing change and seeing change as a good thing, not as a threat and something to be resisted.