Fintech Hunting Episode #173 with Chad Karol, SVP | Alternative Valuation Operations, Nationwide Property & Appraisal Services

Welcome to the FinTech Hunting Podcast, where we bring you the latest insights and innovations in the world of financial technology. In this episode, we have a special guest, Chad Karol, a technology evangelist and valuation expert who recently joined Nationwide Property and Appraisal Services as the Senior Vice President. Chad brings a wealth of knowledge and expertise to the table, with 16 years of experience in the alternative valuation space and overseeing close to 2 million transactions. In our conversation, Chad discusses the challenges faced by the industry, such as the shortage of appraisers and the need for faster turnaround times. He highlights the benefits of alternative valuation models, particularly desktop appraisals, which allow appraisers to focus on analysis and valuation while data collectors gather property information. Chad emphasizes that these alternative models provide quicker turnaround times and lower costs and enable appraisers to increase their earnings by completing more volume from the comfort of their desks. We delve into Nationwide's new offering, the Pinnacle Desktop Appraisal, which combines local appraisers' expertise with a bifurcated process involving real estate professionals for data collection. This model ensures high-quality appraisals through two rounds of quality control checks. Chad also addresses lenders' concerns about adopting alternative valuation models, encouraging open discussions to explore the advantages and address regulatory challenges. As the market evolves, Chad envisions more lenders embracing alternative valuation products, especially with Fannie Mae and Freddie Mac onboard. He foresees a future where these products, including the Pinnacle Desktop Appraisal, become the norm for home equity and fix-and-flip loans. If you're interested in learning more about the benefits of alternative valuation models and how they can transform the industry, don't miss this engaging and insightful episode with Chad Karol.