What topic is so explosive to anyone in valuation that it sets everyone’s hair on fire at the mere mention of it?
Right now the answer has to be hybrid products. So, what did we decide to do? Tackled it head on, of course, with a live panel at Valuation Expo. We’ve invited John Bredemeyer, SRA with Realcorp and member of that upcoming panel to answer a few questions about this upcoming debate.
Buzz: John, we have set the stage for a great debate on hybrid products. Share what attendees may expect to hear about this polarizing topic.
Bredemeyer: Val Expo has always been on the leading edge of discussing hot topics in valuation, with the keyword being “discussing.” Why is this topic so “explosive” (your words); because few have sat down to discuss and understand what services and products are being proposed and completed and what degree of competency is expected or required. This will be an interactive session between the panel and the audience which will be focused on understanding the scope of work of the various services so that everyone is using the same terms.
Buzz: Who is on the panel and what is going to be discussed?
Bredemeyer: Alan Hummel, First American Mortgage Solutions, will moderate the panel of experts including Leland Trice, Valucentric; Ernie Durbin, Clarocity; Tony Pistilli, Computershare and me (all credentialed appraisers). This panel has subject matter experts in the areas of lending, boots-on-the-ground appraising, USPAP, small firm, large firm, AMC, valuations outside lending, valuations by non-appraisers, bifurcated appraisal services and appraisal technology.
Buzz: What do you expect to get accomplished?
Bredemeyer: First and foremost, as I’ve already mentioned, this is a great panel. But also, this is a completely interactive discussion. We are interested in what every attendee thinks. During the discussion we will be surveying the audience so that we can gain maximum audience feedback. At the end of the discussion, everyone will have enough information to make an informed decision as to whether they do or do not wish to engage in or use hybrid valuation products.
Buzz: What are some of the topics that will be covered?
Bredemeyer: We will discuss what some of the terms being used really mean (Hybrid appraisals, bifurcated, inspections).
Buzz: What else should we expect?
Bredemeyer: We will also address who should and should not do property inspections; when inspections are and are not necessary; what type of training may be needed, if any; what the USPAP implecations are; and what should be “best practices”.
Buzz: What are some of the top issues surrounding bifurcation?
Bredemeyer: There are many issues that have yet to be vetted, and we will address as many of them as possible. We will examine the concerns of using someone else’s inspection; the considerations and methods for determining when a “full appraisal” is needed; and we will study some of the common misconceptions as well. That’s why we need as many participants as possible in this discussion.
Buzz: Is there anything else we should know?
Bredemeyer: One of the best things about Val Expo is that we are never afraid to take on the hot topics and this is just another great example. It is an opportunity for open and honest discussion among all types of industry professionals from appraisers and AMCs, to lenders and regulators. It is a forum where we may agree or disagree but in the end we’re all professionals who respect one another. We guarantee we walk away with a clear understanding of the issue.
Buzz: Thank you for joining us, John. This sounds like a very exciting discussion.
Join the debate with John Bredemeyer and the rest of the panel at the Valuation Expo Conference in Chicago on March 18-20, 2019.