UAD 3.6: No need to drive comp photos

[RCA]

I do a lot of rural work and driving those comps down literal goat paths at 5 mph can take a good 3 hours.

Or those windy one-lane hill and mountain roads that either introduce UPS obstructions and delays or make you want to vomit from getting car sick. Oh, then there are those occasional long car back-ups. And you have to wonder why people build expensive houses up there. Maybe they just don't drive - somehow.

 

[Non Sequitur]

I find Truefootage quite lacking.

And so do several users in their Facbook group.

But the point is we're at the beginning of the auto market definition/analysis, auto comparable selection, and auto adjustments software driven GSE lending appraisal world. And 3.6 will super charge these types of automations, especially for AMC staff and national staff firms (which BTW True Footage is a national staff firm). The GSEs and other talking heads have been preaching the end of field work and the shift to pure analysis by appraisers, well here it is. Sitting at a desk (or remotely from a beach if you believe that nonsense) for $20-25 an hour analyzing PDCs and auto software outputs. And if you don't jump on the Modernization train for $20-25 an hour they will move on to someone they trained (with ADI money from the GSEs/TAF/ASC) to do exactly what they want.

 

[J Grant]

None of this is being done to help appraisers. Imo, an appraiser should determine if they need to drive by a comp or not.

The changes are likely being made with an eye toward future expansion of inserting more non-appraisers into the process. If nobody needs to drive the comps nor inspect the subject, and portions of UAD 3.6 can be filled out over the cloud by low-paid people overseas, so be it.-more $ for the AMC's who piecemeal the work out and more control over the valuation as well, if all their staff appraisers need to do is provide a quick analysis and sign. It will be increasingly rare for an appraisal not hit a target value, since that results in a lengthy ROV and being put on a silent do not use list. (which already is used, ask anyone, we've all had work disappear after coming in "low.")

The competition to appraisals now is the WAIVER/value acceptance, which hits the target since the loan officer estimates the property value. (as long as GSE criteria was met.)

A good client wants real MV even if it does not hit the target, but how long can those clients maintain their standards in the face of increasing competition?

 

[Alsie35]

And so do several users in their Facbook group.

But the point is we're at the beginning of the auto market definition/analysis, auto comparable selection, and auto adjustments software driven GSE lending appraisal world. And 3.6 will super charge these types of automations, especially for AMC staff and national firms staff (which BTW True Footage is a national staff firm). The GSEs and other talking heads have been preaching the end of field work and the shift to pure analysis by appraisers, well here it is. Sitting at a desk (or remotely from a beach if you believe that nonsense) for $20-25 an hour analyzing PDCs and auto software outputs. And if you don't jump on the Modernization train for $20-25 an hour they will move on to someone they trained (with ADI money from the GSEs/TAF/ASC) to do exactly what they want.

Managing to adjust to the coming "Uniform Abomination Dataset" - Valuable.

Telling them to "F-O" and happily retiring - PRICELESS.

 

[Surf Cat]

Managing to adjust to the coming "Uniform Abomination Dataset" - Valuable.

Telling them to "F-O" and happily retiring - PRICELESS.

For how much you've stated your retiring if the 3.6 comes out..... I'm wagering you're going to continue doing appraisals even with the 3.6. Because you're a glutton for punishment.

 

[RCA]

And so do several users in their Facbook group.

But the point is we're at the beginning of the auto market definition/analysis, auto comparable selection, and auto adjustments software driven GSE lending appraisal world. And 3.6 will super charge these types of automations, especially for AMC staff and national firms staff (which BTW True Footage is a national staff firm). The GSEs and other talking heads have been preaching the end of field work and the shift to pure analysis by appraisers, well here it is. Sitting at a desk (or remotely from a beach if you believe that nonsense) for $20-25 an hour analyzing PDCs and auto software outputs. And if you don't jump on the Modernization train for $20-25 an hour they will move on to someone they trained (with ADI money from the GSEs/TAF/ASC) to do exactly what they want.

I think you have a small mind. But then, so does about everyone else in the field.

On the other hand, maybe that means a lot less competition. And I'll give you due: You may have no choice. - Not that I know that is or isn't the case. But then, I don't have a choice either.

 

[Surf Cat]

I think you have a small mind. But then, so does about everyone else in the field.

So..... why are you here slumming it with the small-minded people then? Most likely because no one can stand your arrogant a*s and you have nowhere else to go. I mean, aside from talking to AI.

 

[Fernando]

So..... why are you here slumming it with the small-minded people then? Most likely because no one can stand your arrogant a*s and you have nowhere else to go. I mean, aside from talking to AI.

Bert really hates us because we're dumb. We don't think like a computer when we appraise. We should be ashamed....and buy his MARS product.

 

[Non Sequitur]

I think you have a small mind. But then, so does about everyone else in the field.

On the other hand, maybe that means a lot less competition. And I'll give you due: You may have no choice. - Not that I know that is or isn't the case. But then, I don't have a choice either.

I’ve been called worse. But you are right, independent appraisers have no choice, the GSEs and REVAA rule the roost.

 

[RCA]

What I mean to say is that, IMO, the actual problem is that the quality or accuracy of appraisals is lacking - and that just leaves a big opening for the attorneys to take advantage. And better ethics can only buy some time for appraisers, as the attorneys will eventually start claiming in the absence of any good verbal indication of bias, that appraisers are nonetheless discriminating against some minority, because see here - Look! - One appraiser has a value $500K higher than another. It's simple. This problem will not go away, until appraisers get their act together. Easier said than done, though.

I can write an app with all the bells and whistles to perform objective valuations with constraints, but it will still require appraisers to do more work and it will be much more expensive for the client. So, unless the lenders are prepared for that, anybody would be wasting their time investing much in developing such software. But I probably will anyway - up to a point. I can probably put another year into the project. And I am making good progress due to LLMs.

It will be a complex app to handle residential 1-4, commercial (Mixed, Office, Mfg, Warehouse, Motels, Hotels, ....), Land, Reviews, Rural - and some point I may be looking for interested appraisers, especially in the specialty commercial areas. Oh, then there is pure Market Analysis, QGIS, Standards/Regulations and so on.

Angular is the most demanding for me, as Google has been releasing upgrades every six months since 2017 or so. It is, one might say, a bit convoluted with "dependency injection," "inversion of control," and so on, so I have to catch up with the latest changes. A lot of the R code was done years ago, but it has evolved and has to be cleaned up for this project as well.