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Although 2020 is coming to a close, the impact of COVID-19 lingers. While more appraisers are willing to enter homes to do appraisals (and more homeowners are willing to let them do so), there are still a number of situations where an interior inspection isn’t feasible. In some cases, Fannie Mae may be willing to offer an appraisal waiver, but these are still subject to strict guidelines.
Nearly every Triserv customer has worked directly with Heather Anglin at one point or another. Heather heads up a Coordinator Team and also runs all of Customer Service (managing the other five teams). In addition, she’s in charge of Vendor Relations (Appraisers and Lenders/Clients). Heather started as an appraiser in 2000 and was one of Triserv’s first five employees back in 2009.
Ted Venhorst, our Senior Vice President – Sales, started his career decades ago as an appraiser trainee for Home Savings of America, the largest Savings & Loan in the country. Over time, his outstanding performance led him into executive management positions, which included overseeing the appraisal department. Several other successes in senior executive positions led him to Triserv nearly six years ago.
Atlanta-based Billy Mitchell oversees one of Triserv’s bicoastal customer service teams. He has been in the appraisal industry for 16 years, ten as a licensed appraiser and six in his current role at Triserv. When asked about his job, he says, “Triserv has a great company culture and I enjoy working with my coworkers, being part of a great team, and having the opportunity to grow and learn every day. I’m motivated to build trust with our customers so they see me as someone knowledgeable and responsive; hopefully I become their ‘go to’ for solutions to their problems. I also love working with our team to come up with ways to better serve our clients through creative ideas, and refining and improving what we do.”
We received a lot of responses to our article last month, where we talked about why lenders can’t request a specific appraiser (per Appraiser Independence Requirements [AIR]). Due to questions we received about that article, we’d like to dive a little deeper into the issue of appraiser independence. It can get complicated and confusing.
Over the last month or so, we’ve noticed an increase from LOs and Branch Managers asking that their appraisal order be assigned to a specific appraiser. It’s surprising how often we have to explain to a lender why we can’t do this.
The entire mortgage industry is still reeling from the historically low interest rates of 2020, which have generated record levels of refinancing. For lenders handling appraisals internally, how have the last few months gone? Have you been able to keep up with the demand for appraisals, even as some appraisers have turned down assignments due to concerns about COVID-19?
During this period of "sheltering-in-place" to COVID-19, each state’s orders regarding real estate appraisals have varied. Indeed, local jurisdictions including cities and counties have often had their own guidelines and regulations regarding whether or not appraisals are considered "essential" and whether interior as well as exterior inspections can be performed.
There’s a lot of fear, uncertainty, and anxiety in the world today. Personally, most people are concerned about themselves or a loved one catching COVID-19. Many people are worried about the economy and losing their jobs. And on the business front, there are unique concerns in the mortgage industry, such as new kinds of appraisals and new procedures prior to opening up a home for an appraisal.
