What’s Driving the Appraisal Industry’s Move to Modernize?

Nov 27, 2024

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The appraisal industry is undergoing its most significant transformation in decades, blending innovation with tradition to reshape how appraisers value real estate.

As the appraisal industry enters a new era driven by technology and changing consumer expectations, advancements like AI-powered valuation tools, as well as desktop and hybrid appraisals may provide an avenue for the industry to offer transparency and lighten some of the cumbersome, paperwork-laden processes that define current standards.

But what does this mean for the future of the industry — and for those who rely on it?

In the latest episode of Core Conversations, host Maiclaire Bolton Smith sits down with Shawn Telford, Chief Appraiser at CoreLogic, to unpack the innovations reshaping how appraisals are conducted. From leveraging risk-based frameworks to streamline processes to modernizing appraisal reports for greater transparency, Telford provides a comprehensive look at how these changes are improving efficiency without compromising quality. For lenders, investors, and homeowners, these shifts offer exciting opportunities and a glimpse into what’s next for real estate valuation.

In This Episode:

1:55 – What is appraisal modernization, how did we get here, and what is the timeline for the overhaul?

6:22 – Erika Stanley does the numbers in the housing market in The Sip.

7:28 – What exactly is going to change in the Universal Appraisal Dataset (UAD) and how will it impact the industry?

12:40 – How will appraisal waivers fit into the new, modernized appraisal standards?

16:05 – Are there any other alternative appraisal methods that this industry change will help support?

17:41 – How will appraisal modernization affect the underwriting process?

20:22 – Does generative AI have a place in the appraisal industry? How could it be integrated into current processes?

24:07 – Erika Stanley reviews natural catastrophes and extreme weather events across the world.

25:13 – What are the challenges that lie ahead for the appraisal industry?

Up Next: Do Appraisers Have What It Takes to Value Short-Term Rentals?

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