Is Your Credit Union Ready to Embrace Appraisal Modernization 2025
Thursday, October 10, 2024 at 1 pm CST
Session Description
The appraisal industry has undergone steady changes in valuation modernization, but those changes are about to rise to a whole new level. The GSEs are preparing to release Digital Hybrid Appraisal into policy in 2025, vacating the traditional 1004 URAR and other forms and replacing them with a new universal appraisal report. Additionally, credit unions will be expected to have policies and procedures in place for appraisal bias mitigation, AVM quality control, and ROVs that better assess a real estate parcel’s true value. Get ready to roll up your sleeves and meet the future of credit union mortgage lending.
Join the experts from Class Union during this webinar to better understand the changes ahead, the solutions available, the recommended preparation and process adjustments you should make to adapt to this brave new digital world. Whether you’re a credit union that sells to the secondary market, or one that portfolios all mortgage loans, these changes will impact your operations from the start. This really is a webinar you can’t afford to miss.
Participants can expect to identify the necessary steps for their credit union to take in the following areas:
- Valuation modernization timelines and options, including growth of inspection-based waivers
- Hybrid appraisal methodology that’s quickly becoming policy for the GSEs, which likely will issue guidelines for implementations early in 2025
- Preparation necessary for the GSEs’ Universal Appraisal Report and knowing whether your various technology providers can understand and apply those criteria in your system
- Understanding appraisal bias, AVM bias, and ROV, as well as streamlined processes that help you address and avoid these issues in the new financial service environment
No matter who wins the November election, there is a new presidential administration on the horizon. Changes are inevitable, especially when it comes to mortgage lending applications and processes, and service capabilities to members. Credit unions ready for the changes about which the industry already knows will be better able cope, as well and anticipate others issue that may be coming down the road in 2025.
- This session will be interactive so come with your questions.
- Open to anyone.
- Session will be recorded.
- By registering for this event, you submit your information to the webinar organizer and sponsor, who will use it to communicate with you regarding this event and their other services.
Speakers
Sally Carothers
EVP, Class Union
Sally Carothers is the EVP of Class Union, Class Valuation’s credit union division that specializes in managing valuation services for Credit Unions. Sally grew up and was educated in England gaining a bachelor’s degree in Urban Land Management. She is a Fellow of the Royal Institute of Chartered Surveyors. She moved to the U.S. to attend graduate school at the University of Arkansas and still resides in Fayetteville today. Sally has more than 30 years of appraisal experience and is a Certified General Appraiser in Ohio, Arkansas, Illinois, and Nevada. Sally actively advocates for the appraisal profession and is involved with various appraiser organizations. She sat on the Industry Advisory Board of the Appraisal Foundation. Sally routinely writes and presents valuation-related topics for appraisers and Credit Unions. Through her work as president and CEO at TrUnion, Sally was at the forefront in providing education and policy for credit unions and appraisers to prevent valuation bias and discrimination. Now, with Class Valuation’s acquisition of TrUnion and formation of Class Union, Sally continues to actively champion fair, compliant and equitable valuations for credit unions and their members.
Mark Walser
Senior VP of Class Union and Digital Products, Class Union
Mark Walser is Senior Vice President of Class Union and Digital Valuations at Class Valuation. He has been recognized as a HousingWire Tech Trendsetter Winner for Remote Appraisal and Remote Inspection technology for appraisal modernization. Mark leads business development efforts supporting the credit union division of Class and is past President of Incenter Appraisal Management, where he guided its successful acquisition by Class in 2023.
Class Union, A Dedicated Credit Union Division by Class Valuation
In recognition of the unique needs of its credit union clients and their members, Class Valuation launched Class Union, a company division specifically formed for credit unions. Offering unparalleled service, Class Union streamlines processes and delivers Class Valuation’s modern appraisal solutions that enhance accuracy and ensure an exceptional experience for all stakeholders.
