Develop or adopt standards for the following – a unique geospatial ID for all real estate; appraisal forms/reporting formats, unique ID for appraisers (digital certificate), AVM standards, home measurement standards, value definitions, education standards for RMBS, and Green Standards.
The Collateral Risk Network (CRN) announced the formation of a Stakeholder Advisory Group (SAG) to augment its membership to explore key concerns facing the real estate valuation industry. “There are quite a few gaps in the current operational workflow that impact the valuation process. The lack of a unique real property identifier is another” according to Joan Trice, the founder and President of the CRN. “These gaps have a dramatic impact on service levels. Additionally, insufficient information has historically been gathered at time of loan application, regarding the subject property. Appraisers need to research most orders before they can bid on them” Trice continues. The SAG will be leveraged by the CRN committees in the coming months to address specific initiatives.
Interested parties are encouraged to visit: https://www.surveymonkey.com/r/CRNAdvGroupApp to sign-up to be included in the communications and meetings. There is no cost associated with SAG participation.