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August 28, 2023

Adapting to Change: A New Dawn in Appraisal Standards

The Industry is Rethinking the Appraisal Process

In today's ever-evolving and fast-paced real estate market, the challenges for appraisers are myriad. Compliance, data accuracy, reporting complexity, and even societal issues like appraisal bias are just the tip of the iceberg.  In this landscape, the changes keep accelerating, so how do we adapt to these shifting paradigms while maintaining the rigorous standards of our profession? It's a complex question, let’s delve in. 

A New UAD Framework

The new Uniform Appraisal Dataset (UAD) framework from Fannie Mae is here, bringing major process improvements to real estate appraising but also more rigorous standards around data. With the framework being more stringent on data accuracy and presentation, there's an increased need for tools to handle these complexities effortlessly. In such a situation, being equipped with the right tools isn't just a luxury—it's a necessity.

Stricter Data Requirements

The necessity for increasingly detailed reports has transformed appraising into an activity that's as data-hungry as it is detail-oriented. Add to this the challenge of limited access to comprehensive and reliable data sources, and you have a recipe for an administrative nightmare. 

Yet, consumers, lenders, and regulators are pushing hard for greater transparency in the appraisal process. This demand often translates to more data sources, paperwork, reviews, and, ultimately, more time spent on each report. No solution in the past has solved all of these issues at once.

Evolving Regulations

The appraisal industry is continuously subjected to new laws and regulations, both federal and state-specific. Keeping up with these changes while juggling numerous assignments can be daunting, if not impossible. Our core technology needs to stay ahead of this; a real-time tool that adapts to such shifts is invaluable.

Time-Consuming Adjustments

Running adjustments, a cornerstone of the appraisal process, often involves excessive time and effort. Simplifying this procedure could free appraisers to focus on refining their reports' quality and consistency. Imagine a world where running adjustments takes minutes, not hours.

A Constant Learning Curve

With rapid technological advancements and ever-changing industry trends, ongoing education is not optional; it's essential. But who has the time? Why don’t we have built-in educational resources and updates for our technology that can make this more manageable?

Aloft Appraiser Toolkit

As we chart the complexities and challenges that appraisers grapple with today, it becomes increasingly evident that the old tools just won't cut it. We no longer use clipboards and maps or wait for film to develop. Today's challenges require solutions as dynamic and multifaceted as the issues they aim to solve.

And that's where the Aloft Appraiser Toolkit comes in. Instead of a disjointed array of tools, what if you had a comprehensive solution that makes running adjustments a breeze and aligns with the new UAD framework? Imagine not having to wade through multiple data sources because the toolkit aggregates it for you. Envision a world where having the best data on hand to defend appraisal reports is not just a thought but a built-in feature.

A Better Future

The Aloft Appraiser Toolkit is not just another tool; it's a revolution tailored for the modern appraiser. It's our answer to the ever-changing landscape of appraisal practices, a dynamic solution for a dynamic industry. Because at the end of the day, adaptability isn't just about surviving change; it's about thriving in it.

We hope you join us on this journey when we launch Appraiser Toolkit on September 17th! You can join us live at Appraisal Summit or virtually. In the meantime, you can join our waitlist for early access to Appraiser Toolkit.

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