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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 22 May 2023 I N D U S T R Y U P D A T E appraiser-trainee model » Sponsor and support recruiting work- shops in targeted markets "As a leading national originator of home loans, Flagstar is deeply invested in the ap- praisal business," said Lee Smith, President of Mortgage at Flagstar. "We understand the damaging effects of appraisal bias and the importance of diversity in service professions such as appraisals. We're excited to be part of the team working to help make homeowner- ship more accessible to more minorities and look for good things to come from Flagstar's involvement and support," Smith said. Headquartered in Hicksville, New York, NYCB has regional headquarters in Troy, Michigan. Flagstar Bank operates 395 branches, and Flagstar Mortgage operates nationally through a wholesale network of approximately 3,000 third-party mortgage originators. "The Appraisal Institute is grateful for Flagstar's generous and important commit- ment to the Appraiser Diversity Initiative, which we expect will open doors to minorities and help diversify the appraisal field," Apprais- al Institute President Craig Steinley said. Jake Williamson, SVP, Single-Family Collateral Risk Management, Fannie Mae, added, "Advancing diversity in the appraisal workforce is a key component to reducing instances of appraisal bias and knock- ing down barriers in the home valuation process. We commend Flagstar Bank for their contribution to ADI, which reflects the growing industry commitment to expanding opportunities for new appraisal professionals to begin their careers." "We appreciate the support of Flagstar Bank for this great initiative," said Pamela Perry, Single-Family VP of Equitable Hous- ing at Freddie Mac. "Already, our ADI efforts have put hundreds of diverse candidates on the path to success and this commitment by Flagstar Bank will help us create even more opportunities for the next generation of appraisal professionals." VEROS AND VALLIGENT LAUNCH THE VALLIGENT APPRAISER TRAINING PROGRAM FOR INCREASED APPRAISER DIVERSITY V alligent, an appraisal management company, recently acquired by Veros Real Estate Solutions, an industry leader in enterprise risk management and collateral valuation services, announced the launch of the Valligent Appraiser Training Program (VATP) to increase appraiser diver- sity and offer necessary resources to promote inclusion in the lending industry. With the VATP, Veros and Valligent offer an accessible and affordable option to encourage underrepresented groups to enter the appraisal industry. According to industry statistics, approximately 85% of all property appraisers and assessors are white, 5% African American, and 7% Hispanic. Other demo- graphics that dominate the appraising industry are gender and age, with approximately 68% being male with an average age of 50 and over. The VATP was created to change that—mak- ing the appraiser pool more representative of the buyers and sellers they serve. The VATP partners with lenders who agree to order appraisals from trainees and their supervisors to help the trainees com- plete the 1,500 work experience hours needed to become a residential certified appraiser. Trainees begin with education, then, over 9-12 months, are supervised by experienced, certified appraisers who direct, oversee, and take full responsibility for the assignment. The Valligent supervisor will be responsible for making sure the trainee has access to the most recent technology tools, resources, and hands-on guidance to complete all the state requirements to become a fully certified ap- praiser. Trainees also receive pay and benefits during their hands-on training. "To address the need for diversity in the appraisal industry, we are offering a program that can directly impact minority communi- ties and professionals," says Jeremy McCarty, "We understand the damaging effects of appraisal bias and the importance of diversity in service professions such as appraisals. We're excited to be part of the team working to help make homeownership more accessible to more minorities and look for good things to come from Flagstar's involvement and support." —Lee Smith, President of Mortgage, Flagstar