Successfully Navigating the Challenges of New Construction Valuation: A Credit Union Perspective
Thursday, March 21, 2024 at 1 pm CST
Session Description
Credit union mortgage lenders are dedicated to putting their members in homes as a path to financial security. But what if there aren’t enough homes to serve the needs of those members? That’s where new construction lending comes in, a role for which credit unions’ dedication to member service is made to order.
The experts at Class Valuation’s Credit Union Division and CUSO 7 Mortgage know how important credit unions’ member-service ethos is when serving as critical partners in financing successful new construction loans. During this ACUMA Inside Track webinar, our experts offer insights into what is becoming a significant segment within the mortgage loan industry. Tune in to learn more about the following aspects important to writing successful new-construction loans, including:
- Understanding the challenges of complex and high-value new construction.
- Considering owner upgrades, functional inadequacies, and other improvements.
- Developing appraisal expertise and competency, identifying the critical characteristics of qualified appraisers for new construction projects.
- Learning how to value the site, including exploring factors like highest and best use, amenity value, and excess land considerations.
- Correctly interpreting plans and specs, understanding the ANSI standards and their application in new construction valuation.
- Considering locational issues, such as examining the impact of rural areas, urban infill, and tear-down developments on valuation.
- Recognizing appropriate comparable sales and why an appraiser can’t adequately use a sale with separate construction and site contracts.
- Managing timing and inspections, including coordinating inspection schedules and ensuring timely completion of the valuation process.
In an industry where new construction will define the future, credit unions must be ready to assume their role in helping make their members’ homebuying experiences successful. No other player in the process is more dedicated to buyer success than credit unions are to meeting their members’ needs. Whether new to the process or already an experienced new construction lender, your credit union will benefit from the knowledge these experts will share in this critical ACUMA Inside Track Webinar.
- 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, Class Valuation Credit Union Division
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.
Travis Morrow
President, 7 Mortgage
Travis Morrow is the President of 7 Mortgage, a jointly owned Credit Union Service Organization (CUSO) of ORNL Federal Credit Union and Consumer Credit Union. 7 Mortgage provides mortgage underwriting, processing, and closing services to members and credit unions throughout the Southeast. Travis began his career with ORNL FCU in 2012 and has worked in various roles since joining the credit union including Mortgage Loan Originator, Mortgage Sales Manager, and VP of Mortgage Lending. He was appointed as the President of 7 Mortgage in May of 2022. Travis is a graduate of the University of Tennessee. He currently serves on the board of directors for the Southeast Credit Union Real Estate Network as well as the board of managers for 7 Title. Travis previously served on the board of directors for the Home Builders Association of Greater Knoxville from 2019-2022. Travis resides in Powell, Tennessee with his wife, Amy, and two children, Maria and Davis. He is an avid UT football fan and enjoys golfing and spending time with family on the lake.
Cindi Harris
EVP Appraiser Experience, Class Valuation
As EVP of Appraiser Experience at Class Valuation, Cindi Harris leads the operations team for appraisal assignment, partnerships, and overall appraiser experience. With 30 years of industry expertise and having performed thousands of appraisals, co-founded a national AMC, and held every position in between including Chief Appraiser and Chief Operating Officer, Cindi’s versatility and ambition have helped to re-engineer Class Valuation’s approach, strengthen appraiser partnerships, and introduce new initiatives to the industry.
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.
