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Reverse appraisal company hires former AAG chief appraiser

Atlas VMS, the appraisal and valuation company led by Erik Morin, announced this week the appointment of Joe Pravettone as chief appraiser. The company describes the hire as a “significant addition” to its leadership team.

Pravettone began his valuation career roughly 25 years ago, starting as an independent fee appraiser and ultimately working for both national appraisal management companies (AMCs) and large financial institutions.

In 2017, he became chief appraiser for longtime reverse mortgage industry leader American Advisors Group (AAG), a position he held until the end of 2022. He then held chief appraiser positions at Prime Choice Funding and True Footage before officially joining Atlas VMS in April.

“We are delighted to have Joe Pravettone join our team as chief appraiser,“ Morin said in a statement. “Joe’s unparalleled expertise and proven leadership will be instrumental in advancing our mission of delivering exceptional valuation management services to our clients.“

“I am thrilled to join Atlas VMS and contribute to its continued success,“ Pravettone added. “I look forward to working closely with the talented team at Atlas VMS to elevate our appraisal management services and create value for our clients.“

Morin previously served as CEO of AMC Landmark Network before its acquisition by Class Valuation in 2018. Morin left Class Valuation three years ago but reentered the reverse mortgage valuation space last year by joining Atlas.

“The industry has changed a bit over the last couple of years,” Morin told RMD in 2023. “We’ve had some new entrants into the space and we’ve had some significant exits. So, the space isn’t exactly the way it was when I left it. We look forward to connecting with the companies doing business out there, including most wholesale lenders, retail lenders and brokers, and finding the opportunity where we can help them succeed.”

At the time, Morin also explained some of the ways the appraisal and valuation industry has changed, and how that might interact with the reverse mortgage business in the future.

“It will affect reverse probably later than it will the traditional lending side, but the work that Fannie and Freddie is doing for conventional loans, they’re really changing the game on that side of the business and working to achieve property valuation in a way that doesn’t exclusively depend on appraisers going into the field and going into the homes,” he said in 2023.

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