Shawn Telford on how CoreLogic’s approaching valuation modernization
CoreLogic is taking decisive steps to modernize the appraisal process. In this Instant Impact exclusive, HousingWire’s Diego Sanchez sat down with Shawn Telford, CoreLogic’s Chief Valuation Officer, at the MBA Annual Conference to discuss their approach to integrating new technology and data standards to improve all things appraisal for lenders and appraisers.
Revolutionizing the appraisal experience with technology
Telford described CoreLogic’s efforts to modernize an industry often perceived as outdated, highlighting their commitment to innovative technology solutions. “We’re focused on making appraisers more efficient,” Telford noted. “Instead of drawing a sketch on a legal pad, appraisers can now use their phones with LiDAR technology to scan a house, which significantly streamlines the data collection process.”
CoreLogic isn’t just innovating for appraisers. Their platform solutions provide lenders and appraisal management companies (AMCs) with comprehensive data and analysis tools as well. “We’re committed to helping our customers—from appraisers to lenders—utilize the available technology and data to move forward efficiently,” Telford added.
The Valuation Modernization Initiative: A two-progned approach
The Valuation Modernization Initiative, led by the GSEs (Fannie Mae and Freddie Mac), plays a pivotal role in CoreLogic’s strategy. Telford explained that the initiative involves two primary components: the new Uniform Appraisal Data (UAD) set and diversified valuation solutions like desktop and hybrid appraisals.
“The current appraisal data collection process relies on a form designed over 20 years ago,” Telford said. “The new UAD will standardize data collection, allowing for greater automation and consistency in appraisal reports.” He also emphasized the initiative’s goal to provide more flexible options, like hybrid appraisals using third-party data collection.
Improving turnaround times with flexible valuation solutions
One of the primary challenges in the appraisal process has been scheduling and conducting physical inspections. Telford pointed out that the new valuation solutions from the GSEs, such as desktop and hybrid appraisals, offer a solution to this bottleneck. “By allowing third-party data collectors to gather property information, appraisers can focus on the analysis from their desks, reducing turnaround times from weeks to just days,” he explained.
These changes enable appraisers to handle higher volumes of work without sacrificing quality. “Appraisers can scale their operations more effectively, focusing their efforts where their expertise is most needed,” Telford said.
CoreLogic’s role in end-to-end modernization
CoreLogic is actively involved in supporting the industry-wide shift to valuation modernization. Telford shared that the company is building new technologies and systems to accommodate the forthcoming UAD changes, with plans to launch limited production pilots in the second half of 2025. “We’re investing heavily in solutions to help appraisers in the field and our lender partners with the new data sets and processes,” he said.
The elimination of traditional form numbers in the new UAD system presents a unique challenge. “Our goal is to make the transition seamless for all of our clients, ensuring they’re ready to meet GSE expectations on timelines and compliance,” Telford emphasized.
Compliance in a shifting regulatory landscape
Compliance remains front and center as CoreLogic looks to solve modern valuation problems, according to Telford. He highlighted the importance of integrating compliance measures into their technology to help lenders and appraisers operate efficiently. “We’re focused on minimizing compliance risks by building validation and checking processes into our systems,” Telford said.
The role of AI in valuation modernization
Telford sees AI as a key driver of future improvements in the appraisal process. “AI is just another great utilization of technology,” he stated. CoreLogic is using AI to analyze images, process data more effectively, and provide valuable insights to appraisers and lenders.
Looking ahead to 2025
CoreLogic’s 2025 product roadmap is centered around enabling a smooth transition to the new appraisal standards. “Our systems run the gamut at lenders, so we’re rebuilding our solutions to accommodate the new processes and data requirements,” Telford shared. CoreLogic’s focus on efficiency, compliance, and collaboration with industry partners is positioning the company to play a leading role in the ongoing modernization of the valuation landscape.
