On February 26th, Allterra Group is hosting a special webinar on alternative valuation and its usefulness in the appraisal industry. The Webinar will be moderated by John McIntyre and presented by Tony Pistilli of Axios Valuation Solutions and Greg Stephens of Metro-West Appraisal Co., LLC. This will be a great opportunity for appraisers to learn more about how alternative valuation affects their appraisal business. We were lucky enough to be able to ask the presenters a few questions about the upcoming webinar here's what they had to say.
Buzz: Tony and Greg, thank you for taking the time to preview your upcoming live webinar with us. To start off will you tell us a little about your history in the appraisal industry and let us know about your current positions.
Tony: Currently, I am EVP and Chief Appraiser of Axios Valuation Solutions, a Fort Worth, Texas based national valuations provider. I am also responsible for all aspects of the operations and compliance for the organization. I have over 25 years of real estate appraising and lending experience. I also designed the Axios Desktop Appraisal which combines proprietary technology and local MLS to increase efficiency for appraisers. I have previously worked at large national banks, mortgage companies, a federal agency and as a self-employed fee appraiser. I provided compliance and regulatory assessments to financial institutions, regulatory agencies and appraisal management companies. I am a member of several appraisal industry organizations and was a subject matter expert for the Appraisal Foundation in the area of declining markets. I am an AQB certified USPAP instructor and hold a certified residential appraisers license.
Greg: I have been in the appraisal industry for over 35 years. In my career, I have owned and managed several appraisal firms prior to spending ten years in valuation Quality Control. For the past 20 years I have been providing qualifying and continuing educations seminars around the country for Appraisal Seminars, The Appraisal Institute and several colleges. In 2011, I joined Metro-West Appraisal Co., LLC as a Senior Vice President of Appraisal Operations and Compliance. In 2013, I served as the President for the North Texas Chapter of the Appraisal Institute. In 2013, I was also voted the Valuation Visionary for the Collateral Risk Network. I continue to teach appraisers and speak at national conferences on the appraisal industry.
Buzz: What does Alternative Valuation mean to each of you?
Tony: An alternative valuation is something different than the traditional full appraisal. It could be a shorter variation of an appraisal that combines technology along with additional data and analytics to produce a valuation for non-traditional uses, home equity lending, default management or any time a FNMA 1004 is not required.
Greg: I have been working on the development of alternative valuation products for several years, dating back to when I was at the bank and trying to find a product that would be a win-win for lenders/investors and appraisers because at the time the only alternatives were an interior inspection 1004 or an exterior only inspection 2055. At the end of the day, for several intended uses within loan servicing / default loss mitigation, the users did not need all the information in the traditional appraisal products for decision making so the alternative valuation product was and is designed to fill that gap.
Buzz: Tony, as the first ever Valuation Visionary award winner how do you see Alternative Valuation changing the way the appraisal industry does business in the near future?
Tony: Alternative Valuations will allow the progressive, technology minded appraiser to considerably raise their income. Appraisers who focus on billing out the services and expertise on an hourly basis will benefit greatly from performing alternative valuations.
Buzz: Greg, as the reigning Valuation Visionary what ways do you see alternative valuation improving the appraisal industry?
Greg: There are several contributions that come to mind. We are seeing more technology available for appraisers to utilize in the development of their analysis and conclusions than ever before in the history of the profession. Those technologies are being incorporated into alternative valuation products at a faster pace than traditional valuations enabling appraisers to develop credible, well supported valuations. Additionally, for those entering the profession, the average age is in the range of the younger, more tech-savvy generation who are embracing the utilization of these new technology applications in contrast to being handed a clip board, tape measure and rigid form completion requirements.
Buzz: What type of things will appraisers learn during this live webinar to assist them in their appraisal work right now?
Tony: Appraisers will learn what the guidelines are related to alternative valuations and what is and is not an acceptable evaluation. The webinar will also discuss what is an evaluation as opposed to an appraisal, who can perform them and what are their appropriate uses.
Greg: Tony pretty well summed it up. I would also add that we will be discussing the potential future benefits to those appraisers in the industry who have been around for a very long time, are very experienced and will have the ability to use that experience and knowledge to provide services in areas they have not explored in the past.
Buzz: Can you clear up any common misconceptions that you hear about what an Alternative Valuation is?
Tony: Two common misconceptions come to mind, the fact that appraisers CAN perform alternative valuations or limited scope appraisals and that the fee for the services while at a lower dollar amount may indeed allow the appraiser to make much, much more per hour.
Greg: I am amazed at how many appraisers I speak to who believe an alternative valuation is an Automated Valuation Model. AVMs are being incorporated into many of the emerging alternative valuation products but used correctly the AVM can provide tremendous assistance to the appraiser and do so in compliance with the applicable guidelines – which we will be discussing.
Buzz: What are some of the things your companies are doing to incorporate Alternative Valuation into their everyday business practices?
Tony: Axios Valuation Solutions offers the first of its kind in USPAP compliant desktop appraisal. The report provides clients with the industry's most robust alternative valuation by combining state of the art, proprietary technology to develop market data analytics along with the expertise of a local market appraiser. The product combines an exterior condition assessment report provided by a local real estate professional, aerial images of the subject and the subject's neighborhood, market data, analytics & graphs developed from the appraiser's choice of MLS data and technology assisted data input to reduce error and fraud are all included.
Greg: As I mentioned, I have been collaborating in the development of alternative valuation products with some of the industry's brightest minds and am excited to report that we will be introducing a new appraisal product that incorporates the most recent technology available in the industry enabling the appraiser to complete an appraisal in less time, with less expense and increased profitability to the appraiser. The win-win I mentioned at the beginning of this interview.
Buzz: What is one thing appraisers should know before registering for your upcoming live webinar?
Tony: Alternative valuations can be a great source of additional income and allows appraisers to hone their skills and provide their local market expertise while remaining compliant with USPAP.
Greg: Appraisers can complete the alternative valuation products that Tony and I will be discussing, opening up their appraisal practices to a broader client base and for many, extending their involvement in the appraisal profession.
Buzz: We really appreciate you taking the time to preview the upcoming webinar. We can't wait to watch the whole thing live on Wednesday, February 26th at 2PM EST.
If you haven't registered yet and would like to sign up CLICK HERE to attend.
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