The pandemic is something that has turned the word upside-down. After five months, appraisers and the industry are still being impacted. Metro-West Appraisal Company is dialed into the market. They have assembled the biggest names to bring you a free webinar to look at “The State of the Industry.” Listen live on August 18th at 2 pm ET as leadership from Fannie Mae, Freddie Mac, the National Association of Home Builders, and the National Association of Appraisers gather to provide updates on regulations, appraisal flexibilities, as well as insight on what they are hearing from their membership bases. This webinar will include key stakeholders like Scott Reuter, Freddie Mac; Lyle Radke, Fannie Mae; Craig Morley, National Association of Appraisers; Jessica Lynch, National Association of Home Builders; and by Greg Stephens, Metro-West Appraisal Co. We sat down with Greg Stephens to get more information on the upcoming webinar:
Buzz: In what ways has the pandemic impacted the real estate industry unexpectedly?
Greg Stephens: There’s been unprecedented impact in real estate sales activity as well as change for appraisals and lenders. Here’s what we plan to cover:
- Real Estate Sales Activity
- Restrictions on listing / showing properties
- Closing challenges resulting from most market participants working from home
- Reduced inventories resulting in multiple offers in many markets
- Stay at home orders in some states / local jurisdictions
- Borrowers not allowing access for interior inspections
- Confirming sale information from real estate agents
- Confirming closing information from title companies, assessor offices
- High volume of orders impacting turn times and customer relations
- Working remotely with borrowers
- Delayed closings due to late appraisal reports
Buzz: How have these procedures and methods changed over the course of the past four months?
Greg Stephens: GSEs proactively confronted interior inspection challenges caused by stay at home orders and reluctant borrowers by providing alternative products and protocols.
Buzz: What do you think the future will hold in regard to a recovering market?
Greg Stephens: With no prior historic event to use as a barometer of what comes next, there’s insufficient information and data to conduct forecasting at this time.
Buzz: Why should appraisers attend your webinar?
Greg Stephens: The webinar panelists represent some of the industry’s major stakeholders. They will be providing the audience with updates on how the pandemic has impacted their respective enterprises and members, where they are at after five months, and what each of them see the short-term and long-term future for all of the market participants.
Thank you for answering our questions, Greg. We’re excited to be a part of this live discussion!