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20 Minute AI Appraisals Are Coming

J Grant said:
Actually, it would.

But since it is not human and can not form a human opinion, whatever valuation it produces would not be an appraisal under USPAP.
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Who says you need a human opinion for valuation products? USPAP applies to appraisers not lenders. Lenders will decide when the USPAP compliant appraisal is no longer necessary in their lending decisions. Considering their track record (and ours) what makes you think they aren't itching to be done with us?

J Grant said:
Sounds like AI is years out from getting anywhere close, if ever - IMO for many uses AI will be applied for certain specific functions rather than the whole.
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This is a bagholder mentality.
 
Vermonter said:
Who says you need a human opinion for valuation products? USPAP applies to appraisers not lenders. Lenders will decide when the USPAP compliant appraisal is no longer necessary in their lending decisions. Considering their track record (and ours) what makes you think they aren't itching to be done with us?



This is a bagholder mentality.
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Appraisals( and appraisers who did them ) have a damn good track record - low Default rates (except for the boom ) trillions lent on properties through the decades susccesfully-

You know what does not have a long track record ? The AVM;s and Waivers -

Appraisers could have done much better if they were given true separation from lender pressure - it never happened -
 
Anything can be changed with a stroke of a pen. A Doge type guy could raise the deminimus on FRT transactions to say $1,000,000 to tomorrow and lenders could waive appraisals.

They could use other valuations like Broker Price Opinions at $75.00 a pop.
Or enhanced AVM with an appraiser just looking at the report to see if it's within 2% to 5% variance.

A Robot AI assistant who collected and analyzed the data with the appraser reviewing and inserting the final opinion of value.

There's many variations that will be adapted in the near future.
 
J Grant said:
Appraisals( and appraisers who did them ) have a damn good track record - low Default rates (except for the boom ) trillions lent on properties through the decades susccesfully-
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Not according to the Biden administration-

WASHINGTON, March 23 (Reuters) - The Biden administration on Wednesday announced new steps to crack down on U.S. real estate appraisers who perpetuate property inequalities by assigning lower home price estimates to Black and Latino owners.
Mortgage finance agency Freddie Mac (FMCC.PK), opens new tab found in 2021 that Black and Latino people were more likely to have their homes valued under the agreed sales price than white homesellers.

 
glenn walker said:
Anything can be changed with a stroke of a pen. A Doge type guy could raise the deminimus on FRT transactions to say $1,000,000 to tomorrow and lenders could waive appraisals.

They could use other valuations like Broker Price Opinions at $75.00 a pop.
Or enhanced AVM with an appraiser just looking at the report to see if it's within 2% to 5% variance.

A Robot AI assistant who collected and analyzed the data with the appraser reviewing and inserting the final opinion of value.

There's many variations that will be adapted in the near future.
Click to expand...
But who is going to back these products for the loan and do a buy back if the valuation stinks...
 
Vermonter said:
Not according to the Biden administration-

WASHINGTON, March 23 (Reuters) - The Biden administration on Wednesday announced new steps to crack down on U.S. real estate appraisers who perpetuate property inequalities by assigning lower home price estimates to Black and Latino owners.
Mortgage finance agency Freddie Mac (FMCC.PK), opens new tab found in 2021 that Black and Latino people were more likely to have their homes valued under the agreed sales price than white homesellers.

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Well, gee, Biden is no longer president, with the MAGA folks seeming to forget since they post about him constantly.

The GSE's jumped on the bandwagon at the time too - in any case, we are still here and there was some noise made and a banning of a few words but not what I wold call a "crack down"-

AVM's and any program use the same data and sales that appraisers use so if there is any trend in some areas selling lower than syncs with minority or ethnic all valuations would express it
 
J Grant said:
Well, gee, Biden is no longer president, with the MAGA folks seeming to forget since they post about him constantly.

The GSE's jumped on the bandwagon at the time too - in any case we are still here and there was no "crack down"-
Click to expand...

You said dam good track record, did you not? Did that not apply to 2021-2022?
 
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