HousingWire Article & Video, October 27, 2021 – Between a pandemic and record-breaking origination volume, the appraisal industry has never had to be as nimble as it is now. In an effort to keep homeowners safe while also still providing quality valuations, appraisers have been leaning heavily on technology for the past year and a half. HW+ Managing Editor Brena Nath had the opportunity to catch up with Global DMS President and CEO Vladimir Bien-Aime at MBA Annual to talk more about what’s next for the appraisal industry in terms of technology.
“Well, in the appraisal space, a lot of things have changed,” said Bien-Aime. “There are fewer appraisers and they’re retiring in record numbers. So the most important part of it is being able to do more with less, and technology really gives that kind of gift to our lenders.”
In 2019, the appraisal workforce was already in decline. In addition to appraisers retiring, new appraisers have entered the workforce at a lower rate in the past two years. And while many across the industry have confirmed that the human touch will always be necessary to appraisals, technology has played a key role in offsetting the struggles that accompanied labor shortages.