{"id":63117,"date":"2026-05-26T03:00:16","date_gmt":"2026-05-26T01:00:16","guid":{"rendered":"https:\/\/housesmarketplace.com\/atlas-vmss-erik-morin-on-hecm-second-appraisals-aim-port-acquisition\/"},"modified":"2026-05-26T03:00:16","modified_gmt":"2026-05-26T01:00:16","slug":"atlas-vmss-erik-morin-on-hecm-second-appraisals-aim-port-acquisition","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/atlas-vmss-erik-morin-on-hecm-second-appraisals-aim-port-acquisition\/","title":{"rendered":"Atlas VMS\u2019s Erik Morin on HECM second appraisals, AIM-Port acquisition"},"content":{"rendered":"
\n

Like other segments of the broader housing industry, the appraisal space is rapidly evolving through consolidation, technology adoption and federal policy shifts. Reverse mortgage professionals should be mindful of these factors as they work with appraisers to close deals.<\/p>\n

\u042d\u0440\u0438\u043a \u041c\u043e\u0440\u0438\u043d<\/a>, CEO of Miami-based \u0410\u0442\u043b\u0430\u0441 \u0412\u041c\u0421<\/strong>, a Miami-based appraisal management company (AMC) and technology platform, recently sat down with \u0416\u0438\u043b\u044c\u0435\u041f\u0440\u043e\u0432\u043e\u043b\u043e\u043a\u0430<\/strong>\u2019s Reverse Mortgage Daily (RMD) for a high-level discussion on the appraisal business. Morin offered his thoughts on second appraisal requirements for federally insured reverse mortgages, the ongoing U.S. appraiser shortage, his company\u2019s tech-driven expansion efforts and more.<\/p>\n

\u041f\u0440\u0438\u043c\u0435\u0447\u0430\u043d\u0438\u0435 \u0440\u0435\u0434\u0430\u043a\u0442\u043e\u0440\u0430:<\/em><\/strong> \u042d\u0442\u043e \u0438\u043d\u0442\u0435\u0440\u0432\u044c\u044e \u0431\u044b\u043b\u043e \u043e\u0442\u0440\u0435\u0434\u0430\u043a\u0442\u0438\u0440\u043e\u0432\u0430\u043d\u043e \u0434\u043b\u044f \u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0435\u043d\u0438\u044f \u0434\u043b\u0438\u043d\u044b \u0438 \u044f\u0441\u043d\u043e\u0441\u0442\u0438.<\/em><\/p>\n

Neil Pierson: As part of the \u0437\u0430\u043f\u0440\u043e\u0441 \u0438\u043d\u0444\u043e\u0440\u043c\u0430\u0446\u0438\u0438<\/a> sent out last year by the government, people have raised concerns with second appraisals for Home Equity Conversion Mortgages<\/a> (HECMs). What are your views on the issue? How often does a second appraisal occur with a reverse mortgage, and how much time and cost does it add if you need one?<\/strong><\/p>\n

Erik Morin:<\/strong> The second appraisal process has been around for a minute<\/a>. We\u2019ve always felt it to be a little unfortunate \u2014 or a lot unfortunate \u2014 based on the borrowers this policy impacts the most. We\u2019re trying to reduce costs for these particular borrowers and help them out of tough situations. All of a sudden, they\u2019re getting layered with a second appraisal, just to try to verify the situation on the first appraisal.<\/p>\n

Frankly, organizations like mine, we make more money with second appraisals. There\u2019s no hiding that, but we\u2019re not excited about it. We know that at the end of the day, it hurts transactions, it hurts borrowers, and it puts \u043a\u0440\u0435\u0434\u0438\u0442\u043d\u044b\u0435 \u0441\u043f\u0435\u0446\u0438\u0430\u043b\u0438\u0441\u0442\u044b<\/a> and everyone else in the ecosystem in a challenging spot where they\u2019re unsure whether they should even move forward with the transaction.<\/p>\n

\u0424\u0430\u043d\u043d\u0438 \u041c\u044d\u0439<\/strong> \u0438 \u0424\u0440\u0435\u0434\u0434\u0438 \u041c\u0430\u043a<\/strong> solved this in conventional lending a long time ago, where you get a CU (Collateral Underwriter) score, then you go in and address the challenges with the \u043e\u0446\u0435\u043d\u043a\u0430<\/a>. You see if you can get better information, or you use supplemental valuation tools to check things out.<\/p>\n

Over the years, we\u2019ve seen a call for second appraisals impact upwards of 20% to 25% of transactions. We\u2019re not seeing that today inside our organization. I asked my data people to run an analysis on the first quarter of 2026. The share of HECM loans that we did a second appraisal on was 8.3%. The data for Q4 2025 was moderately higher at 10.4%.<\/p>\n

Pierson: For novices in the reverse mortgage industry, how would you explain the differences between appraisals on a forward mortgage transaction versus a reverse transaction? What are the fundamentals that people need to grasp?<\/strong><\/p>\n

Morin:<\/strong> I think you have a higher expectation for deferred maintenance<\/a> on the reverse side. That comes with varying factors.<\/p>\n

What we prepare most for as an \u0410\u041c\u0421<\/a> is the borrower \u2014 because every borrower is different. Many of them haven\u2019t had an appraiser in their home for quite some time. There\u2019s a lot of education to prepare them for what the appraiser\u2019s going to be looking at. \u00a0<\/p>\n

Homeowners tend to be very engaged with the appraiser, which can be a double-edged sword. When you compare the two \u2014 a forward assignment with a reverse assignment \u2014 we see a lot more reverse borrowers following the appraiser around and sharing information. Sometimes the information isn\u2019t the best for them to be sharing.<\/p>\n

Pierson: One of the hot topics in appraisal is UAD 3.6<\/a>, which will become mandatory<\/a> for GSE loan submissions in November. Fannie Mae and Freddie Mac don\u2019t purchase reverse mortgages, but is there anything the RMD audience should know about this change and how it might streamline appraisals?<\/strong><\/p>\n

Morin:<\/strong> I don\u2019t think anyone can speak to what 3.6 is doing in the current environment yet, let alone what it\u2019s going to do to the reverse space. Most of the software providers can\u2019t deliver a full report on 3.6 yet.<\/p>\n

As both an AMC and a technology provider \u2014 because we have a platform that\u2019s used by lenders and other AMCs \u2014 we\u2019re 3.6 ready. But as far as the impacts, we haven\u2019t even lived through the forward side. We\u2019ll look forward to seeing the impacts of 3.6 in reverse and in \u043d\u0435-QM<\/a>. We do a lot of non-QM work too.<\/p>\n

Personally, I think it looks like a better report. It\u2019s going to take time to get used to, but overall, I think it\u2019s a step in the right direction. There\u2019s just so many moving parts to getting it right, and you\u2019re talking about appraisers who have historically bucked change.<\/p>\n

Pierson: Let\u2019s discuss the appraiser shortage<\/a> in this country, which has been a well-documented topic. Where do things stand in that regard? Are there enough appraisers to meet demand today? Are the training requirements appropriate or too time-consuming?<\/strong><\/p>\n

Morin:<\/strong> I\u2019m going to be really upfront \u2014 I worked on a lot of these issues over the course of the past decade and prelaunching of Atlas. I was a partner<\/a> \u0432 \u041e\u0446\u0435\u043d\u043a\u0430 \u043a\u043b\u0430\u0441\u0441\u0430<\/strong>. We worked on appraiser shortages. But the past few years for me has really been focused on building my new AMC, and I haven\u2019t focused much on the industry pieces that I once had the time to delve into.<\/p>\n

It\u2019s not dissimilar to what it was before. We do see a shortage in rural markets<\/a>, rural states. That\u2019s been the case for a long time. What we also see right now is an appraisal market \u2014 and a real estate and mortgage market \u2014 that is not at its peak volume. We\u2019re in sort of a down cycle \u2014 ups and downs. For the marketplace that currently exists, we seem to get it done. Our turn times aren\u2019t too crazy. Fees seem to be pretty balanced. But we will absolutely see, if there\u2019s a significant shift in \u0441\u0442\u0430\u0432\u043a\u0438 \u043f\u043e \u0438\u043f\u043e\u0442\u0435\u0447\u043d\u044b\u043c \u043a\u0440\u0435\u0434\u0438\u0442\u0430\u043c<\/a> that causes higher demand, some of the wheels come off.<\/p>\n

I\u2019m sure a lot of mortgage people will read this, and they would love to see rates come down substantially so all of a sudden there\u2019s a refi boom. If we tried to deal with that without being able to do a 3.6 report, that\u2019s going to be a problem. Right now it\u2019s not required. But there\u2019s a hard-stop requirement in November. If there\u2019s a significant rate shift then and people still couldn\u2019t deliver reports, we would be in a bit of a tricky situation.<\/p>\n

Pierson: Let\u2019s finish up by talking about some of the work you\u2019re doing at Atlas. You made an acquisition last year by bringing on AIM-Port<\/a>. You also recently announced a warranty policy<\/a> to reduce repurchase risks. What was the impetus for these decisions?<\/strong><\/p>\n

Morin:<\/strong> At my last AMC, we built our own platform. It allowed us to create custom workflows and different benchmarks in the appraisal process. Being that Atlas is so heavily focused in niche areas like reverse and non-QM, having your own way of doing things is kind of how I\u2019ve always had new companies built on.<\/p>\n

We were trying to do the order management inside of a third-party system. It was fine and we were making the best of it, but we had an opportunity to buy a platform that could solve our challenges. We found a platform that was better than anything we\u2019d ever seen on the market. It had revenue and profitability. We went ahead and made that deal.<\/p>\n

It\u2019s been a game changer for us. Our growth been astronomical \u2014 way better than projected. We will have an \u0438\u043d\u0442\u0435\u0433\u0440\u0430\u0446\u0438\u044f<\/a> \u0441 QuantumReverse<\/strong> \u2014 not just as an AMC but as a platform \u2014 which will probably happen this summer. For lenders doing work on Quantum, which is the primary LOS in the reverse space, they\u2019ll be able to push their orders directly from Quantum into AIM-Port, and then the lenders on that system will be able to push them out to us or the other AMCs that are integrated, which is most of them.<\/p>\n

The other question was on the warranty side. The warranty primarily benefits the forward lending side of the business, but we know the challenge exists. Repurchase risk<\/a> is always happening; it drives decisions and fears. We\u2019re confident in our systems and in our quality. We\u2019re just standing behind that and saying, \u2018Look, we\u2019re insuring against the risk, and if you have a claim, we\u2019re there to cover it.\u2019<\/p>\n

There are a few other folks out there that have warranties, but the fine print really limits what it covers, for the most part. They really leverage the GSEs and their coverages. Some of them cost money or they require you to buy extra levels of QC<\/a> in order to qualify. When we reviewed ours, we really took those barriers out as much as we could.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Like other segments of the broader housing industry, the appraisal space is rapidly evolving through consolidation, technology adoption and federal policy shifts. Reverse mortgage professionals should be mindful of these factors as they work with appraisers to close deals. Erik Morin, CEO of Miami-based Atlas VMS, a Miami-based appraisal management company (AMC) and technology platform, […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-63117","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nAtlas VMS\u2019s Erik Morin on HECM second appraisals, AIM-Port acquisition - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/atlas-vmss-erik-morin-on-hecm-second-appraisals-aim-port-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Atlas VMS\u2019s Erik Morin on HECM second appraisals, AIM-Port acquisition\" \/>\n<meta property=\"og:description\" content=\"Like other segments of the broader housing industry, the appraisal space is rapidly evolving through consolidation, technology adoption and federal policy shifts. 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