Radian Ending Traditional Appraisals
This news release was circulated yesterday, October 29, 2020, by the Radian Group Inc.
Radian Group (NYSE:RDN) will wind down its traditional appraisal business, which offers residential real estate appraisal services through a panel of independent contractor appraisers, to focus on core mortgage and real estate businesses driven by digital products and services.
This news is so fresh that their very attractively designed web site and associated pages still glowingly highlight how wonderful their ‘traditional appraisals’ are… at least as of about 8:30 pm PT on Oct. 29th when I checked it.
Per the news release, Radian apparently believes using their ‘digital business strategy’ is the wave of the future, and can produce property valuations equal to or better than having an actual breathing appraiser evaluate and report on properties on-site, in person. Radian appears to be embracing the “hybrid” appraisal model, based on what I read on their web site pages.
Radian is also an AMC licensed in most US States. But the news release says they will help their clients ‘transition’ away from traditional appraisals.
Looks like we might have to start up a famous ‘funding donation’ page and have currently working appraisers send bucks to be distributed to appraisers losing their livelihood… at least with this company.