Schiffmayer described the appraisal form as the densest in the industry. With a robust rules engine, PCV uses AI to look for various combinations to identify red flags. That makes the company’s review time much faster internally, he said, as well as removing the potential for headaches down the road – ensuring that a “well-supported opinion of value” goes out.
The company’s founder, president & CEO Keith Murray likes to remind employees that while lenders are their clients, they should be mindful that “there’s a family at the end of this transaction, who’s making one of the largest decisions of their life – buying a home. We always try to keep that mentality at the forefront of our thoughts.”
They are headquartered in Pomona, CA, just outside of Los Angeles, licensed in all 50 states and Washington D.C., with a nationwide panel of independent appraisers serving every state, as well as Guam, Puerto Rico, and the US Virgin Islands.
Since the start of the pandemic, house prices have surged dramatically, and Schiffmayer agrees that market conditions are an important driver of valuation – but so too is location. It is important to know what the comparables are, he said.
“Appraisers don’t always have that context of the lifecycle of a loan throughout the industry,” he said. “We can help them understand that it’s not that they have done anything wrong, but that a more detailed explanation is needed due to those factors. Really, our job is to partner with appraisers.”
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