What happens if a Chief Appraiser doesn’t run a world-class department?
What’s the impact on your bank?
What great looks like (WGLL – pronounced wiggle) for Chief Appraisers involves the intricate task of orchestrating appraisals efficiently while mitigating risks.
Most Chief Appraisers want a well-run appraisal department but do they execute on that promise?
The secret is to embody a clear vision of WGLL for your department. This vision helps to attract top talent, align your current team, stay focused and keep yourself motivated.
Align your department with your 2024 goals.
6 Vision Metrics
1. Streamlined Processes: Great appraisal departments are marked by streamlined processes that optimize efficiency without compromising quality.
Chief Appraisers should invest in technology solutions like YouConnect platforms that automate appraisal ordering, vendor management and reporting.
By embracing innovation, you can eliminate redundancies and reduce turnaround times, ultimately enhancing bank competitiveness with confidence.
2. Compliance Excellence: Compliance is non-negotiable.
Chief Appraisers must stay abreast of industry regulations and ensure that your department adheres to maintaining comprehensive documentation, conducting regular audits and fostering a culture of compliance among team members.
By prioritizing compliance, you safeguard your institution from potential penalties and reputational damage.
3. Talent Development: A hallmark of great appraisal departments is a skilled and motivated team.
Chief Appraisers should invest in ongoing training and professional development to nurture talent within your department.
By providing resources for certifications, workshops and mentorship programs, empower your team members to excel in their roles and stay ahead of industry trends.
4. Transparent Communication: Effective communication is the cornerstone of success in any appraisal department.
Chief Appraisers should foster a culture of transparency by establishing clear channels for communication between team members, lenders and other stakeholders.
By keeping everyone informed about appraisal processes, timelines and expectations, you cultivate trust and collaboration, leading to smoother transactions and fewer misunderstandings.
5. Continuous Improvement: Great Chief Appraisers understand that excellence is a journey, not a destination.
They continuously seek feedback from stakeholders, analyze performance metrics and identify areas for improvement.
By embracing a mindset of continuous improvement, they drive innovation within their department and position themselves as leaders in the industry.
6. Proactive Risk Management: In a volatile market, risk management is paramount.
Chief Appraisers should implement robust risk mitigation strategies to safeguard against potential pitfalls.
This includes conducting thorough due diligence on appraiser vendors, implementing quality control measures and staying vigilant for emerging risks.
By proactively addressing risks, they protect your institution’s interests and uphold their reputation for reliability.
WGLL for Chief Appraisers running their appraisal department encompasses streamlined processes, compliance excellence, talent development, transparent communication, continuous improvement and proactive risk management.
By embodying these principles, Chief Appraisers can navigate the complexities of the commercial real estate landscape with confidence and achieve lasting success.
That’s WGLL.
