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Similar to the decision prospective homebuyers face, mortgage companies must decide between purchasing a ready-made solution and building their own software.
Much of the required technology is in use across the industry; it’s up to lenders, regulators, and tech company collaboration to enable appraisal modernization.
A myriad of projects can pull the attention of a lender, but focusing on the right technology and optimizing the proper processes are crucial to success.
As the mortgage industry embraces modernization, regulators must also adapt to digital transformation to ensure the industry meets its full potential.
For lenders to truly keep up with the competition, embracing innovation across the appraisal industry is no longer a luxury: it’s a requirement.
As innovation permeates the mortgage industry, appraisers must also adapt. Automation will play a pivotal role in helping appraisers meet demand.
Though the mortgage industry might not wholly focus on appraisal modernization, all influential parties—especially borrowers and lenders—stand to gain from it.
