UAD 3.6 discussion

[NC Appraising]

I'm amazed that some appraisers are still arguing over whether or not their super-duper appraisal skills can stop losses after defaults. Anyway, while appraisers debate that the world is moving on:

https://www.forbes.com/councils/for...2gBjT99rT_NDTCt_iQ_aem_sffLU1xZMeJtRDS6Jvdceg

"In all this, it’s easy to miss the changes that AI will bring to the parts of society that you don’t think about every day, but the world runs on. Take, for example, the market for property appraisals, my field of interest, worth almost $10 billion annually in the U.S. alone."

"By packaging some clever computer vision with an LLM and the capabilities of modern smartphones’ LIDAR cameras, we can now produce a detailed 3D floorplan and a report in compliance with Fannie Mae and Freddie Mac’s requirements in a few minutes and at a small fraction of today’s cost.

Then, for the form-filling step, AI can generate a near-complete report. Now, the appraiser can spend their time doing what they do best: creating a narrative around why a property is worth what they say it is. Appraisers can complete 10 times as many reports, and the time it takes to get an appraisal done on a property, often the slowest step in the mortgage approval process, gets drastically cut."

It's almost like 3.6 was designed for this, hmmmm.........

Watch what I just posted.

It's these mortgage bankers that will put us out of business.


I hate to say this, but tech is moving so fast that when the new uad comes out it will be outdated dinosaur software.

Other tech firms are producing software and plat forms that we just cannot keep up with or compete with.

 

[J Grant]

I'm amazed that some appraisers are still arguing over whether or not their super-duper appraisal skills can stop losses after defaults. Anyway, while appraisers debate that the world is moving on:

https://www.forbes.com/councils/for...2gBjT99rT_NDTCt_iQ_aem_sffLU1xZMeJtRDS6Jvdceg

"In all this, it’s easy to miss the changes that AI will bring to the parts of society that you don’t think about every day, but the world runs on. Take, for example, the market for property appraisals, my field of interest, worth almost $10 billion annually in the U.S. alone."

"By packaging some clever computer vision with an LLM and the capabilities of modern smartphones’ LIDAR cameras, we can now produce a detailed 3D floorplan and a report in compliance with Fannie Mae and Freddie Mac’s requirements in a few minutes and at a small fraction of today’s cost.

Then, for the form-filling step, AI can generate a near-complete report. Now, the appraiser can spend their time doing what they do best: creating a narrative around why a property is worth what they say it is. Appraisers can complete 10 times as many reports, and the time it takes to get an appraisal done on a property, often the slowest step in the mortgage approval process, gets drastically cut."

It's almost like 3.6 was designed for this, hmmmm.........

Appraisers are not arguing that the appraisal can stop a loss after a default! (or prevent a default ) I am certainly not saying that !

Read my posts, they talk about how the collateral anchors the loan and is used to recoup losses AFTER a default,

Imo, people are way overinvesting in AI that it can just take jobs and start replacing humans.

Go try it out, if any AI can somehow "do" an appraisal (or valuation ) and get back to us on it. an AVM can do a valuation at warp speed, so IDK how AI is going to beat that - though it can learn to do some analysis and write copy about it. An AVM can be very accurate or not accurate from one order to the next.- but what iss the benchmark it is "accurate from?" MV? ( an AVM has no opinoin about MV ) price? that is the flaw of the AVM and of AI as well. MV is a theoretical concept and not a hard fact.

 

[Non Sequitur]

Watch what I just posted.

It's these mortgage bankers that will put us out of business.


I hate to say this, but tech is moving so fast that when the new uad comes out it will be outdated dinosaur software.

Other tech firms are producing software and plat forms that we just cannot keep up with or compete with.

From several providers I've seen, most will auto fill 3.6 with scan to sketch and A.I. scanned photos. Prety much what I reported after attending the AMC Fest last year, except some of the noobs to the space are developing better systems than the legacy companies. And there may be a bump in fees, but that won't last long. Whispers are the large Firm-AMC hybrids will keep fees the same in an effort to gain market from the indie appraisers who think 3.6 is the answer to low fee prayers.

 

[J Grant]

From several providers I've seen, most will auto fill 3.6 with scan to sketch and A.I. scanned photos. Prety much what I reported after attending the AMC Fest last year, except some of the noobs to the space are developing better systems than the legacy companies. And there may be a bump in fees, but that won't last long. Whispers are the large Firm-AMC hybrids will keep fees the same in an effort to gain market from the indie appraisers who think 3.6 is the answer to low fee prayers.

Really?
Who is going to train AI to "auto fill" a UAD report? AI can barely spell check a paragpah without sutstiting weird words.

What data is the provider auto filling it with? An appraisal is not just auto filling data - AI scanned photos - who took the photos?

 

[NC Appraising]

From several providers I've seen, most will auto fill 3.6 with scan to sketch and A.I. scanned photos. Prety much what I reported after attending the AMC Fest last year, except some of the noobs to the space are developing better systems than the legacy companies. And there may be a bump in fees, but that won't last long. Whispers are the large Firm-AMC hybrids will keep fees the same in an effort to gain market from the indie appraisers who think 3.6 is the answer to low fee prayers.

I bash aloft for their cost depreciation, but their photo recognition software that rates the comps is pretty impressive. I use smart exchange...what some appraisers rate properties is scary.

I think they have it planned out..a slow and quite death.....the pdc will go out and get the data....the avm will take care of the rest.

Give it ten years.

There will be a couple of appraisers left for when the avm doesn't hit.

 

[Non Sequitur]

Really?
Who is going to train AI to "auto fill" a UAD report? AI can barely spell check a paragpah without sutstiting weird words.

What data is the provider auto filling it with? An appraisal is not just auto filling data - AI scanned photos - who took the photos?

That's so last month.

Anyway, on planet earth world governments are in a race to win A.I. for economic and military dominance, corporations are investing an estimated $1B daily, data centers that consume more power than small cities are being built as fast as possible, but you think auto filling a form is some sort of monumental task. Good luck.

I bash aloft for their cost depreciation, but their photo recognition software that rates the comps is pretty impressive. I use smart exchange...what some appraisers rate properties is scary.

I think they have it planned out..a slow and quite death.....the pdc will go out and get the data....the avm will take care of the rest.

Give it ten years.

There will be a couple of appraisers left for when the avm doesn't hit.

True, their photo recognition for Q and C ratings was very good, and that was a year ago. As far as the PDC, links will be sent to borrowers before long. No need to pay anyone to PDC.

 

[timd354]

double post

 

[timd354]

You guys really need to listen to the below and contact your software provider. Per the below, ACI will not allow for cloning or templates.

Sfrep will.

After watching the video, I will admit that I am more at ease....

How I take it, it will be more drop down and selections...time saving. Less of the need for commentary.

Canned statements.....will the be needed since they are kinda built in.

Now, will the lenders accept this? Shaking head...the GSEs are going to have to do some educating. Lenders love those Canned statements to keep them out trouble.

ACI comment 39:00 mark
34:00 mark another goodie

If ACI will not allow cloning or templates and SFREP and other providers will, then ACI is doomed to lose a massive amount of market share.

 

[Tom D]

Now I'm going to have a comment sheet along with my adjustment numbers sheet.

I guess you keep a list of comments, to copy and paste, on some word program, if needed.

Pleeeze alamode, have some type of drop down list for each comment section. Or somebody will invent a comment add on for $60 a month. Da pot with my money is getting lighter and lighter.

 

[chad hampton]

I have yet to see any piece of tech that produces accurate results with regards to an appraisal. Occassionaly they get things right, but not nearly enough to rely on it.

I used to know an appraiser that would let the software scan the MLS and pick his best 3 comps. He'd have me review the comps. I never picked the same 3 he did. Rarley picked 1 of the 3 his computer software picked. Even in the cookie cutter communities.

And that rest.b.AI guy is a serious piece of work.