Thursday, September 28, 2023 | The Latest Buzz for the Appraisal Industry

Low Volume Means High Demand for Appraisal Quality: 6 Tips for Success in 2023

As an appraiser, learning how to improve the quality of your appraisal report while also reducing the amount of revision requests should be a priority. Join us for our free upcoming webinar on December 20th at 2 pm ET, “Low Volume Means High Demand for Appraisal Quality: 6 Tips for Success in 2023” to learn the best tips on how to reduce revision requests with Ken Folven, Senior Director of Appraisal Quality Assurance, and Todd Ewert, Senior Staff Appraiser, at Clear Capital. We sat down with our hosts, Ken Folven and Todd Ewert, to get the inside scoop on this upcoming webinar.

Buzz: What is your background in the industry?
Ken Folven: I am the Senior Director for Quality Assurance at Clear Capital. I’m responsible for delivering an exceptional client experience, inspiring high-performing teams, and expanding the use of progressive technologies. I’m also currently a member of the Minnesota Real Estate Appraisal Advisory Board where I represent Residential Appraisers in MN. I hold an active Certified Residential Real Estate Appraisal license in MN and have spent the last 20 years devoted to the industry.
Todd Ewert: I’m a Certified Residential Appraiser with 13 years of field experience with organizations such as World Savings and Wells Fargo. For the past 8 years, I have played several key roles at Clear Capital in Quality Assurance including Escalation Specialist and Appraisal Quality Assurance Trainer.

Buzz: In what ways does a low volume impact revision requests?
Ken Folven: In a lower volume environment as the industry is experiencing today, it is becoming more common for banks, lenders, and Appraisal Management Companies (AMCs) alike to conduct more due-diligence efforts around valuation quality to help minimize risk. While appraisal quality has always been important, underwriters may have more capacity today to review than 1 year ago during record volume levels. As the mortgage market constricts, the importance of credibility in the appraisal process grows. Not only are the intended users of the appraisal report looking for reassurance on the accuracy of the value conclusions, but they are looking to minimize repurchase requests from Government Sponsored Enterprises (GSEs).

Buzz: What are some of the most common revision requests?
Ken Folven: Requests to address additional or alternative sales, missing photos and/or required exhibits, conflicting information within the report, prior sale analysis, and requests to support applied adjustments are among the most common revision requests.

Buzz: What are some of the tips that appraisers can expect to cover?
Ken Folven: Working on the “how” part! Getting a better understanding and insight of what due-diligence efforts the lender/clients are performing and why. Adopting efficient ways to improve both the credibility and reliability of your report by minimizing revision requests.

Buzz: Why should appraisers attend your webinar?
Ken Folven: This webinar is loaded with tips for our appraiser partners to succeed. Together with our valued partners and customers, we are dedicated to solving industry problems.  Improving the reliability of the appraisal report with fewer revision requests not only improves the experience for the borrower and lenders alike, but also helps to promote public trust in the profession. We’ll be sharing suggestions and best practices around report writing strategies that can create efficiencies for the appraiser and are sure to help minimize revision requests.

Make sure to join us for our free upcoming webinar on December 20th at 2 pm ET, “Low Volume Means High Demand for Appraisal Quality: 6 Tips for Success in 2023.” Can’t make that time? Sign up to receive the recording directly in your inbox!