Company believes 360-degree visibility into properties is crucial
The shrinking pool of appraisers has disrupted loan origination and home sales, and left the appraisal sector in disarray. Not only that, the current process remains “super outdated” and “messy,” according to Class Valuation chief digital officer Tim Staudenmaier.
In an exclusive interview, Staudenmaier sat down with Mortgage Professional America to talk about how his company is transforming the traditional appraisal model through 3D technology.
“The current process is super outdated. It’s super messy and super manual, and there is minimal technology involved,” Staudenmaier said. “With Property Fingerprint, we leverage 3D imaging to capture the necessary data for the appraiser to use when performing the appraisal.”
What’s different about Property Fingerprint, Staudenmaier explained, is that it combines the 3D virtual tour with an automatically generated floor plan and standardized data collection into a virtual inspection platform.
“While others can capture floor plans with full mobile data collection, in all those cases, the appraiser is still trapped using 2D images to try to understand the quality and condition of a property,” he said. “We believe that having 360-degree visibility into the property is a key requirement for appraisers to be able to perform a reliable appraisal on a property that they have never set foot in.
“Another way Property Fingerprint is different from those other technologies is we’ve built the virtual tour and the floorplan around the various data specs required by Fannie Mae and Freddie Mac,” Staudenmaier added.
Class Valuation said it has partnered with a couple of lenders who are piloting the 3D technology and has received over 1,500 orders to date.
You can read all about Staudenmaier’s recent interview with MPA here: Viewing the appraisal process from a 3D perspective.
