Story by Kenon Chen
Technology has upended our lives, from the way we meet, to how we order from restaurants and grocery stores, and even how we interact with our doctors. On-demand streaming services like Netflix or Amazon Prime have replaced DVD and Blu-Ray Discs, as new tools have made our daily activities easier and more efficient.
The mortgage industry has undergone a similar transformation in recent years, with the digital mortgage disrupting what has traditionally been a paper-intensive process and e-closing options digitizing many of the steps needed to close a loan.
Yet the digital mortgage is still reliant on many non-digital processes, like appraisals, to be successful. The appraisal remains one of the most manual, time-intensive aspects of the mortgage lifecycle. If the digital mortgage is on-demand video, appraisals, in many ways, are still Blu-Ray.
The appraisal industry has an opportunity to embrace digital resources that will accelerate the continued transformation of housing and financial services. Many new digital appraisal and property data collection tools are available to appraisers today, and the industry expects further innovation in the coming years.