Why Do Some Lenders Still Stick with Feet on the Street Appraisals for Home Equity?

The current pandemic is teaching us that now is not the time for get your hand’s dirty solutions. An interesting piece in National Mortgage News took the time to provide several examples of how coronavirus could spell the end of the non-digital mortgage transaction. For the HELOC market, the move towards a data-driven, digital experience is also certain.

In a previous post, we stated that there is no single solution to providing homeowner relief. Therefore, now is the time to engage Automated Valuation Models (AVMs) and to quickly and cost-effectively unlock the equity in the homes of Americans.

To quote our CEO Darius Bozorgi in his exclusive Q&A with NEXT Mortgage News: “Valuation needs and appraisal processes are evolving. Data and technology will have to play a more prominent role.”

So, why do some lenders still stick with feet on the street appraisals for home equity?

AVMs are not only the way of the future, but also a way of the present. AVMs are an instrumental way to continue to serve your clients in today’s socially distant market, and for all the days to come.

Robert L. Walker CMB, CMT
Vice President, Sales

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