Outsourcing Appraisal Management: The Benefits for Banks
The appraisal process has never been more stringent — and for good reasons.
Leading up to the 2008 recession and housing market crash, more than half of appraisers cited experiences where they felt pressured from another party — a lender, a borrower or a real estate agent — to inflate their valuation of a home. In 2007 alone, that number was at an all-time high: nearly 90 percent of appraisers felt high or above-market valuations were demanded of them. Many of us know how that story ended.