How is Business and your anticipation for the future?

[J Grant]

Where's the outrage at AI taking the underwriters' jobs? Shouldn't we impose some kind of requirement that lenders HAVE to employ a certain number of underwriters - regardless of whether or not AI can do the job better?

I am not happy at the prospect of AI taking underwriters' jobs. Or the many jobs it will replace, which is why I asked you a question ( which you did not answer )

I asked a question if the lenders will be passing on the cost savings to borrowers.

I doubt they will, or if they pass the savings on to borrowers, and if they do, it will be a token amount . Imo it is an example of how AI will lead to hardships and economic pain for the working class and middle/professional class, further enriching the top tier of shareholders and CEO/senior management.

Though these geniuses fail to address what will happen when a tipping point of people lose their jobs, and thus will lack the income to take out loans to buy houses, or pay for other products or services produced with greater "efficiency" by AI...

 

[alebrewer]

I am not happy at the prospect of AI taking underwriters' jobs. Or the many jobs it will replace, which is why I asked you a question ( which you did not answer )

I asked a question if the lenders will be passing on the cost savings to borrowers.

You afford me WAY too much credit for my intelligence if you honestly think I know how whether lenders will 'pass on' any savings. That may be one of the most inane questions I've ever been asked.

 

[J Grant]

Where's the outrage at AI taking the underwriters' jobs? Shouldn't we impose some kind of requirement that lenders HAVE to employ a certain number of underwriters - regardless of whether or not AI can do the job better?

Where is your outrage at it?

Or maybe you don't have any. If you are one of the owners of a company, then you might celebrate it. IDK. I imagine the latter half of your question is sarcastic and ridiculous. Nobody can make a company employ people. If business owners or shareholders lack any sense of ethics and slash jobs for increased efficiency, which is unlikely to pass on to consumers, our society will break down from its current norms.

IDK what the outcome from massive job loss might be. It will shrink the profits of companies that lacked the ethics to retain human jobs. Will serve them right if they lose a lot more money from a shrunken customer base then they gained by cutting some jobs. These are decisions only people can make and people will bear the consequences.

Maybe the younger generations, facing high unemployment or bleak earnings prospects from gig work, will become anti-consumer and ultimately lead a different, perhaps better life than our generation and the millennials did, who went all in on the consumer lifestyle - including working like dogs for it.

 

[J Grant]

You afford me WAY too much credit for my intelligence if you honestly think I know how whether lenders will 'pass on' any savings. That may be one of the most inane questions I've ever been asked.

I was asking it sarcastically. Surely you must have some ideas about it? I did not expect you to "know" it with certainty.

Based on what we have seen of the lenders, it is highly unlikely.

 

[Carnivore]

Today is May Day. There are peeps protesting Billionaires around the country. Maybe Res Appraisers should do the same or join in with them! and protest the AMC oligarchs!!


UPDATE: A multi Millionaire is financing a lot of these protesters. I did not catch hiss name on TV

 

[alebrewer]

Where is your outrage at it?

Or maybe you don't have any. If you are one of the owners of a company, then you might celebrate it. IDK. I imagine the latter half of your question is sarcastic and ridiculous. Nobody can make a company employ people. If business owners or shareholders lack any sense of ethics and slash jobs for increased efficiency, which is unlikely to pass on to consumers, our society will break down from its current norms.

IDK what the outcome from massive job loss might be. It will shrink the profits of companies that lacked the ethics to retain human jobs. Will serve them right if they lose a lot more money from a shrunken customer base then they gained by cutting some jobs. These are decisions only people can make and people will bear the consequences.

Maybe the younger generations, facing high unemployment or bleak earnings prospects from gig work, will become anti-consumer and ultimately lead a different, perhaps better life than our generation and the millennials did, who went all in on the consumer lifestyle - including working like dogs for it.

I'm not the socialist crying about how AI is taking appraisers' jobs away from them.

 

[alebrewer]

I was asking it sarcastically. Surely you must have some ideas about it? I did not expect you to "know" it with certainty.

Based on what we have seen of the lenders, it is highly unlikely.

Lenders operate on margins and have to continually adapt to changes that improve those margins - in order to remain competitive. I suspect there could be some trickle down positive effect to borrowers as lenders 'compete' to get their business, but no - lenders typically don't say, "Hey - we saved $50 in underwriting - let's just give that to the borrower."

 

[J Grant]

I'm not the socialist crying about how AI is taking appraisers' jobs away from them.

If someone cares about humanity, it is a negative and means they are a "socialist" . Got it.!

 

[J Grant]

Lenders operate on margins and have to continually adapt to changes that improve those margins - in order to remain competitive. I suspect there could be some trickle down positive effect to borrowers as lenders 'compete' to get their business, but no - lenders typically don't say, "Hey - we saved $50 in underwriting - let's just give that to the borrower."

Thanks for your honest response!

Imo, people need to start thinking on a deeper level about business and the decisions made and the outcomes, more so than ever with AI threatening the existence of our humanity.

The companies that outsourced jobs to China passed a small savings margin on to customers but kept most of the profit - thus the rise of billionaires to replace mere millioniares

Saving a few bucks on a flat screen TV was not a good bargain to the towns and cities with shuttered factories, which fell into despair. The outcome greatly empowered China, and the Chinese now stand to overtake us as a world power, and we financed its military might.

 

[Carnivore]

I am not happy at the prospect of AI taking underwriters' jobs. Or the many jobs it will replace, which is why I asked you a question ( which you did not answer )

I asked a question if the lenders will be passing on the cost savings to borrowers.

I doubt they will, or if they pass the savings on to borrowers, and if they do, it will be a token amount . Imo it is an example of how AI will lead to hardships and economic pain for the working class and middle/professional class, further enriching the top tier of shareholders and CEO/senior management.

Though these geniuses fail to address what will happen when a tipping point of people lose their jobs, and thus will lack the income to take out loans to buy houses, or pay for other products or services produced with greater "efficiency" by AI...

When the Appraisal software companies sold you their software which made you more efficient and money faster, question?

Did you pass on the savings in time and money to the borrowers or your private appraisal clients?