True Footage is a residential appraisal company founded in 2019 and launched in 2021. Their core business is a tech-enabled appraisal company for both in-person and desktop appraisals. They also have a software platform that improves the efficiency and objectivity of the appraisal process. Currently, True Footage is operating in 32 states providing appraisals for over 300 banks and appraisal management companies as customers.
The appraisal industry remains one of the most manual steps in the residential homeownership cycle. During COVID, a labor shortage in the appraisal industry as well as surging refinance demand led to extended turn times and low quality customer service. Even as the market has cooled, millions of appraisals are needed every year for both mortgage providers and non-lender valuations (divorce, estate, property tax challenges, etc.) and appraisers are looking to join a platform with more services and benefits. The failures of the industry during COVID created an opening for new market participants to capture market share. True Footage is leading the appraisal modernization movement with its appraiser platform and software products.