Afrigather Class Valuation, one of many largest appraisal management companies within the U.S., has acquired yet one more agency. It’s picked up PropertyVal, a Maine-based AMC that’s among the many largest impartial residential appraisal companies within the state.
“We’re a regional AMC with a powerful community throughout New England, however our stronghold has been within the Maine and New Hampshire markets. To accomplice with an business chief like Class Valuation will profit each our lending and appraisal companions,” Robert Sturdy, CEO of PropertyVal, mentioned in a press release.
It’s at the least the third acquisition Class Valuation has made this 12 months alone. In February, the corporate acquired Detroit-based AMC Metro-West, one of many largest impartial residential appraisal companies within the nation, with workers throughout 80 metros. In August, Class Valuation introduced the acquisition of AppraisalTek, a Chandler, Arizona-based AMC. Class Valuation mentioned it could deliver on AppraisalTek’s 75 full-time staff.
Phrases of the deal for PropertyVal, based in 2006, weren’t disclosed. Class Valuation is owned by personal fairness agency Gridiron Capital.
The appraisal administration firm sector, like many throughout the housing business, is present process consolidation amid elevated regulatory pressures on appraisers and doubtlessly disruptive technological changes.
Earlier this 12 months, Arcapita, a Bahraini funding agency, acquired a stake in Nationwide Property and Appraisal Providers for an undisclosed worth, giving it entry to its 15,000 licensed appraisers. Arcapita mentioned on the time that with “value determinations being a regulatory requirement for mortgages for brand spanking new dwelling purchases, refinancing, and foreclosures, the $7.5 billion actual property appraisal providers market has cumulatively grown by 32% since 2008.”
AMCs like Class Valuation are closely influenced by modifications to traditional appraisal requirements.
Fannie Mae and Freddie Mac started accepting desktop value determinations for some mortgages this 12 months, and Freddie has accepted hybrid appraisals as properly. The VA additionally now accepts desktop and exterior-only value determinations.
