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Somewhat akin to "putting a fox in charge of the henhouse". That's why I don't don't subscribe to the notion that what's best for the client, is also best for their customers (or society at large, for that matter).
I just thought it might be a helpful addition to the debate on this thread to point out that not all decisions about replacing appraisers with AVMs & hybrids have anything to do with comparing "the accuracy of the results they are getting from them" with traditional appraisals. Of course, those decisions are being made inside "a black box", with results which are impervious to outside scrutiny. Given the history of how the lending business has evolved since the advent of securitization, however, where every major player seeks to sell their risk onto an unsuspecting bond market, I would say that "the accuracy of the results" is a metric which lies towards the bottom of the decision tree.
The appraisal bias hearing was fun today.Our mission should be to assist and protect American Families and Consumers when making their largest single financial investment, their Home.
Will be interesting to read Jonathan Miller's reaction in this week's newsletter to David Bunton calling Miller a liar.
