In our Hot Topic segment this week we have Scot Rose, Chief Innovation Officer of Class Valuation, with us to discuss the advancements in the appraisal industry due to available technology!
Scot Rose, Chief Innovation Officer
Scot Rose joined Class Valuation in April 2018 as the Chief Innovation Officer. He has over 18 years of valuation industry experience. Prior to joining Class, he was President of Valuation Connect and served two terms as the former Vice Chair of the Colorado Board of Real Estate Appraisers. Scot is focused on the advancement of product and platform innovation and strategic vision.
Talking Points/Questions:
- Current challenges facing the valuation space today
- The GSE’s modernization initiatives
- What types of appraisal technology are being piloted today?
- What value will these modernization efforts bring to lenders?
- Where the appraisal space is headed in the future?
The first half of the Lykken on Lending program will feature our Weekly Updates: we’ve got Rob VanRaaphorst with his MBA Mortgage Minute, and then Les Parker’s TMSpotlight, a macroeconomic perspective on the economy with a music parody. That leads to Joe Farr providing you a rate & market update, followed by Alice Alvey of Union Home providing a regulatory & legislative update,Allen Pollack giving us a Tech Report of the latest technology impacting our industry and then we wrap up the first half the program with Andy Schell, a/k/a “Doctor Schell the Profit Doctor” sharing ideas on how to improve your bottom line.
Excerpts from this Episode:
Listen: We are by far the largest AMC that operates in the wholesale mortgage market due to a phenomenal customer service and operating platform model…
Listen: The recent changes not going to have much affect when we’re in a Fannie and Freddie world…
Listen: Challenges facing the valuation space today… the mortgage market is moving into the digital world… building adoption within the profession…
Listen: Having grown up in Minnesota I can’t imagine doing an appraisal in the wintertime at 20 below and freezing… using technology to digitize a home…
Listen: GSE modernization changes coming into the valuation space… leading to innovation and modernizing the appraisal profession…
Listen: The bifurcation process… splitting the process into analysis and reporting…
Listen: The future of technology in the valuation space for leading companies like ClassValuation…
Listen: Computer vision and utilizing 3D scanning to transform the appraisal industry…
Listen: In order to improve cycle times you need to use mobile technology and 3D scanning to submit the data instantaneously…
Listen: How the technology works to gather the data when scanning a home for an appraisal…
Listen: The appraisals are fully transparent… we did a test where someone skipped a room, and the computer can point out that a room was missed during the scanning process…
Listen: The biggest value for lenders is the reduced cycle time between gathering the data and getting that information instantly through the mobile and cellular applications…