Success is about being consistently good, not occasionally great. Based on that definition, appraisers have succeeded. Problem is, the “public” doesn’t really understand the consistent effort that goes into solid valuation. It’s A LOT of work.
Appraiser work hard to not make mistakes. Always doing the right thing. Quietly going about our business, protecting collateral. Pretty sure Hollywood won’t make Guardians of the Galaxy – Appraiser Edition, but we deserve to be recognized.
So, what do chief appraiser do?
- Keep up with regulatory changes: The banking industry is heavily regulated and chief appraisers must stay up-to-date on changes to laws and regulations that affect appraisal practices.
- Ensure appraisal accuracy: Chief appraisers are responsible for ensuring that appraisals performed by the bank are accurate, impartial, and in compliance with industry standards.
- Maintain independence and objectivity: Chief appraisers must remain independent and objective in their valuations, despite pressure from other departments or stakeholders.
- Manage limited resources: Banks often have limited resources for appraisals, which can make it challenging for chief appraisers to ensure that each appraisal is thorough and meets all necessary requirements.
- Address conflicts of interest: Chief appraisers must be able to identify and manage conflicts of interest that may arise during the appraisal process.
- Implement technology: With advancements in technology and data analysis, chief appraisers must be able to adapt and integrate these tools into their appraisal processes.
Technology is key for chief appraisers to effectively do their job. An appraisal management software platform like YouConnect can help banks streamline their workflow and vendor management in several ways:
- Automation of routine tasks: The platform can automate many routine tasks, such as ordering appraisals, tracking the status of appraisals, and managing appraisal reports. This can help save time and reduce errors.
- Vendor management: The platform can help manage the pool of appraisers used by the bank, ensuring that appraisals are performed by qualified and reputable appraisers. This can help ensure the accuracy and impartiality of appraisals.
- Compliance tracking: The platform can help track compliance with regulatory requirements and industry standards, such as USPAP. This can help reduce the risk of regulatory violations and improve the quality of appraisals.
- Real-time data and analytics: The platform can provide real-time data and analytics on appraisal performance, such as turnaround time and the accuracy of appraisals. This can help the bank make informed decisions about their appraisal processes and identify areas for improvement.
- Improved communication and collaboration: The platform can facilitate transparency, communication and collaboration between different departments within the bank, such as loan officers and appraisers, to ensure a seamless workflow and timely completion of appraisals.
By using an appraisal management software platform, banks can improve the efficiency and accuracy of their appraisal processes. Reducing the risk of compliance violations and ensuring the impartiality and independence of appraisals is also achieved.
Commitment to the process
It’s executing incredibly well on the basics. Setting goals, measuring progress and following through on commitments. It’s the little things done well, not the latest hack.
The excitement and motivation will come and go, but your commitment to the process has to be unwavering.
So, as you begin your week stay focused on doing the work, day in and day out. Avoid the start-and-stop cycle and stay committed to your goals.
Appraisers, take a second and (yes, physically) pat yourself on the back.
Continue your work as the guardians of real estate equity.
Celebrate your amazing job!