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.
Sponsored by Class Valuation