Opteon AMC Receives Proof-of-Concept Approval and Green Light to Move Forward with PAREA Program Development
This first-in-industry approval paves the way for Opteon's PAREA program development
SCOTTSDALE, Ariz., May 12, 2022 /PRNewswire/ -- Opteon AMC, a top nationwide appraisal management company (AMC), is the first privately-held AMC to receive proof-of-concept approval from the Appraisal Foundation Appraiser Qualifications Board (AQB). This first-in-industry approval paves the way for Opteon's Practical Applications of Real Estate Appraisal (PAREA) from concept to program development.
PAREA provides an alternative pathway for aspiring appraisers to fulfill their experience requirements by taking advantage of innovative technology, thus solving the historical barrier of finding a supervisor to dedicate years to field training and supervisory efforts. After required classroom instruction, through Opteon's advanced technology, visual learning solutions, deployment of virual reality, and one-to-one mentor support, students will capture required field experience and learn report writing inside a controlled environment. With real-world simulations via PAREA, the experience hours to become an appraiser can be reduced by 2-to-3 years and completed at a comfortable learning pace driven by the participant.
"This is just another way Opteon is leading the charge of innovation," said Chris Knight, Group CEO of Opteon. "Through PAREA, we're training the next generation of appraisers in an innovative environment. The incoming generation of appraisers will be forward-thinking and inventive—which is exactly what our industry needs."
Upon completion and appropriate approvals, the program development provides Opteon the ability to better service their lender customers by the expansion of their panel depth in all areas—from urban to the most rural of locations. Additionally, this opportunity allows Opteon to lend even deeper support to Fannie Mae's ongoing Appraiser Diversity Initiative efforts, and similar efforts through grants in support of scholarship winners.
"This is directly aligned with Opteon's initiative to combat the appraiser shortage. Rather than stand idle, we are actively looking for ways to grow the appraiser community," said Tom Schurer, Senior Vice President of Appraiser Engagement. "This approval is a great win for both prospective appraisers and the appraisal industry."
Opteon clients and appraisers can expect forthcoming updates throughout the program development.
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