Class Valuation CIO Scot Rose Talks Appraisal Modernization on HousingWire Daily

In this episode of HousingWire Daily, aired on June 21, Class Valuation Chief Innovation Officer Scot Rose sits down with HousingWire Editor in Chief Sarah Wheeler to discuss recent federal changes to appraisals and as well as a host of other topics that are top of mind for lenders and appraisers alike.

Below is a brief preview of their conversation. To listen to the entire podcast, click here.

Sarah Wheeler: What do you say to appraisers who feel like [property data collection] is step one, or maybe it’s step five, in replacing a physical appraisal altogether?

Scot Rose: I understand that fear, obviously. You know, I’m an appraiser as well. I talk about this often. I would love to be able to perform desktops and hybrids in the future… But if you look at what [the GSEs] are doing now… lot of these programs are actually adding data collection to a population of loans that were already eligible for a waiver… 

…For a lot of appraisers out there, this creates the opportunity for them in the hybrid and the desktop space to actually earn more with their time and really helps the industry solve for the capacity issues and bring in new talent into our profession. We need a younger, more diverse network of appraisers out there. And, bringing somebody into an industry that’s still using tape measures and digital cameras to capture the information and then enter that information into a word processing type environment is not what’s attractive to the next generation coming into the workforce. 

So that means bringing in 3D scan technology and data and analytics that trade more objectivity in the report and support the value of the conclusions — Which Class is focused heavily on the data collection side, using technologies there. But we also have technology with DataMaster on the back end that helps to drive efficiencies both in bringing data into the appraisal forms and also supporting the analysis for the appraiser doing market analysis.