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DSNews August 2019

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» VISIT US ONLINE @ DSNEWS.COM 59 "A lot of that is the same stuff we've been talking about for 10 years, but the adoption levels are finally here," Bordeau said. "You're not getting the kickback from the field. Everybody knows you want to be using whatever it is, whether it's Google Drive to help with collaborative documents, or cloud-based storage, Dropbox, or Amazon Web Services." Fannie Mae's Williamson said that technology within the mortgage industry is playing "catch-up" during a time when borrowers expect obtaining mortgages to be similar to their "online shopping experience." Williamson added that technology is being leveraged in the residential appraisal field by appraisers for data collection and validation, photo capture, market analysis, and overall report development. "e introduction of the UAD in 2012, and the related creation of the Uniform Collateral Data Portal, have transformed our ability to perform appropriate data validations and overall collateral quality reviews with Collateral Underwriter (CU)," Williamson said. "In addition, CU allows for many units of comparison to recognize trends within neighborhoods and markets that may indicate latent risks that we may not have been able to see without the innovation in CU." Williamson said that this helps users "throughout the appraisal manufacturing process as well as supporting due diligence throughout the secondary market reviews." DEALING WITH DISASTERS e impact of disasters over the past year have been felt throughout the nation. Tornadoes ravaged the Dayton, Ohio, area in May, destroying homes and communities. California's Camp Fire in late 2018 burned more than 150,000 acres and killed 85 people. "Unfortunately, us Californians are too used to this by now, and we typically rebound quickly with minimal reaction on the entire market" Paquette said. However, he said that the impact of the Camp Fire was significant and ongoing. "is has caused a major loss to nearly 27,000 residents in these areas where many lost their homes and their employment at the same time due to wildfires. Without homes in these areas, many businesses choose not to rebuild or to relocate, which caused a major economic fallout as well. It is still unknown whether these areas will ever fully recover." California's Camp and Woolsey Wildfires last year caused devastating losses between $15 and $19 billion, according to a CoreLogic Natural Hazard report. Paquette added that it is important for appraisers in areas heavily impacted by natural disasters—as well as throughout the mortgage and servicing industries as a whole—to communicate what affected homeowners are going through so that everyone can adjust their expectations. Appraisers typically live in the immediate area where these events happen, so it's important to be sensitive to what appraisers are going through as well. "Another thing we can do is adjust our processes to help our clients," Paquette said. "If we know a big storm is coming, we want to alert our clients to manage their expectations and work together to ensure that we are communicating to the appraisers what needs to be verified before or after a major event." Durbin said the real issue facing the housing market today is the outcome of natural disasters when coupled with a low housing inventory. "Suddenly you have thousands—maybe even tens of thousands—of people displaced, with no place for them to immediately move into another piece of property. If my individual house burned down, it would be a tragedy for me individually. But within a matter of weeks I can make a decision about whether I'm going "All of these changes have made appraisers more efficient and have allowed them more time to focus on what their area of expertise is—being the local market expert." —Tony Pistilli, Chief Appraiser, Computershare

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