AMCs, appraisal management companies, fulfill an administrative function in the appraisal process effectively outsourcing the appraisal department. Professional AMCs do a good job in selecting the appraiser, handling the review process and delivering the report to the lender. Some commercial
I believe the single largest impact to commercial appraisers is for us to recognize that it is a business and not a trade. Providing customer service is the new normal. This equates to an appraiser understanding that the borrower, lender
Commercial appraisers sometimes have to quantify their market value opinions with an extraordinary assumption, defined as: presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such
A recent Economist article was titled, The world’s most valuable resource is no longer oil, but data. I can’t argue with that. Much of the article focuses on the antitrust of Alphabet (Google’s parent company), Amazon, Apple, Facebook and Microsoft,
The Society of Chief Appraisers (SCA) is a good indicator for the direction of the appraisal industry. It’s a volunteer organization of over 300 chief appraisers, credit and real estate officers. Its goal is to work together for the common
It’s often said that banking should be consistent, predictable and repeatable. Having a platform that addresses all three is key to offset regulatory costs. Uberization of banking might occur, though banks that invest and implement technology hold a competitive advantage
You have probably heard the aphorism, perfect is the enemy of good (PEG). Without channeling Voltaire or Shakespeare, it generally means someone will likely never complete a task if they’ve decided not to stop until it was perfect. It closely
Data mining is defined as the process of analyzing data from different perspectives and summarizing it into useful information. The goal is for the information to facilitate increased revenue, reduce costs, and provide valuable insights to lower or manage risks.
Weighing the cost of additional hiring for your credit department and proper vendor management can be a balancing act. Depending on the size of the bank, many feel that their appraisal process is adequately handled by their core appraisal/valuation team.
I think most of us recognize that vendor management has become a big deal. Examiners are seeking proof that vendors are not engaging in practices that could harm the consumer and the regulatory oversight has grown increasingly broad and complex.