UAD 3.6 floorplan required?

[J Grant]

I use a laser, tape and a 10 year old camera. Nothing cutting edge yet. You’re right about the market analysis programs, it appears they're looking for property data collectors who can partner up with someone who can overwhelm the reviewers and underwriters with charts and graphs, but conveniently omit the fact that the pond in the back yard is due to a faulty septic system. Of course that’s minor, what’s important is they met the 24 hour turn time, made the necessary value and all adjustments were minimal and most importantly, the fee was what the GSE/AMC partners in crime demand for that zip code.

It fits the pattern of devaluing local market experience esp field experience of the appraiser and the fact taht software can "prove" support mathematically, while it is irrelevant to the subject property and is market will adversely impact the next generation of appraisers,( if anyone bothers to get a res license due to bleak career outlook)

 

[Essexfenwick]

Imo, if the GSEs want supportive "proof" or evidence of adjustments, especially for market trends, then they should refine the MC form and make it so that every appraiser uses the MC form only because then at least teh program is consistent. All they need to do is break down the first six months into two quarters, and reuse TWO MC forms - one for the specific subject market of competing properties, which often is a far smaller data set, and another MC form for a relevant area market trend.

The way it is now, with different software offerings and a large difference among how appraisers select the data, can really skew results, both in trend and in other adjustments.

That's not what they want.

They want a reason to eliminate human appraisers. If AI machine learning data centers all over the country each using the electricity of a midsize city can't even do a residential appraisal we are in for the stock market collapse of all time.

 

[Jerry Bone Jr]

So now we're measuring and sketching rooms? I am rapidly loosing interest.

Sketch always, floorplan if functional issue.

 

[J Grant]

That's not what they want.

They want a reason to eliminate human appraisers. If AI machine learning data centers all over the country each using the electricity of a midsize city can't even do a residential appraisal we are in for the stock market collapse of all time.

I already said that in posts above, and Bobby Bucks agreed - if they start using more and more PDC collectors and making appraisers use software instead of developing skills to extract adjustments and analyze a market, they will lose the benchmark of expertise to even review the results and see when things are off.

AI does use tremendous electricity, and it can not just "do" an appraisal - even if it can replace certain appraisal functions or augment them, AI will always need human oversight -it learns from humans and already is learning how to lie and deceive - the potential for skewed results and fraud is tremendous.

There is no added profit to lenders by fast or cheap valuations - the lender does not pay for the appraisal ( the consumer does), and if it goes faster, so what - the lenders will not make any more money because the volume of loans is a finite amount. Boorowers are not going to run out and spend hundreds of thousands to buy a house just because a valuation is cheap and done in a day..

 

[Non Sequitur]

The hucksters at the buzzard podcast are pushing this. Here's a snip from their latest email:

"With UAD 3.6, a floor plan will be required for some appraisals, i.e., desktops, hybrids, property data collections, and in traditional appraisals when there’s functional obsolescence. Meet software engineer and (edited out-I don't want to give any free advertising), one of the creators of a new tool appraisers can use to create a floor plan and comply with UAD 3.6 requirements."

 

[DWiley]

Desktops, hybrids and homes with FO require floorplans now. That is not new. And, in the case of a desktop or hybrid, the floorplan is not expected to be created by the appraiser.

 

[Bobby Bucks]

The property data collectors are undoubtedly able to determine if a floor plan has a functional issue. You guys should just stick to signing the reports and making sure your E & O policy is up to date.

 

[Carnivore]

Right so do they use Cubi Casa's floor plan creator? or something similar.



if it's a PDR Dude or Dudette , I wonder if the turnover will be high due to low fee's and lots of opportunity out there that likely pays better.

But otoh if there using undated property data sheets well

 

[Carnivore]

I see the future of a res appraiser being multi licensed. In NC you can be an appraiser, a home inspector and a re broker AND a pdr dude.

4 potential income streams is better than just one

 

[chad hampton]

I’ve always felt it since you can now do appraisal work with a real estate license, you should be able to do real estate brokerage work with an appraisal license. I’ve been saying that for years. But it always seems to be a one-way street.

And there was a lot of talk at the appraisal board about needing to license property data collectors since they are performing an appraisal service and the board has to have oversight of them. But in the current political environment, expanding licensure is pretty much dead on arrival. At least in North Carolina. And the pushers of these products know that.