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20 Minute AI Appraisals Are Coming

From AI appraisals to AI appraisal selection and management:


https://www.housingwire.com/article...1wlcwWhd92ce-c_fpw_aem_z4exHJKoA4SlVzH_2Iiq5g

AppraisalVision has restructured its platform into what it describes as the mortgage industry’s first fully autonomous appraisal execution system. This comes on the heels of a new partnership with Alpha7X, an artificial intelligence (AI) firm with a focus on automating mortgage operations.

The shift eliminates the need for traditional software-based appraisal order management systems. It allows AppraisalVision’s technology to manage appraisals from initiation to delivery using AI agents.
 
It was only a matter of time. What kills me is that the origination folks (and Realtors) think it's not coming after them as well. I suspect the mortgage origination experience will be primarily bot driven within the next 2 years. And don't even question whether someone would use AI for a real estate transaction when the AI agent is 1% but the 65 year old blue hair is taking 6%...
 
"As generative artificial intelligence has become increasingly popular, the tool sometimes fudges the truth. These lies, or hallucinations as they are known in the tech industry, have ameliorated as companies improve the tools' functionality. But the most recent models are bucking that trend by hallucinating more frequently."

'"You spend a lot of time trying to figure out which responses are factual and which aren't," said Pratik Verma, cofounder and chief executive of Okahu, a company that helps businesses navigate hallucination problems. Not dealing with these errors "eliminates the value of AI systems, which are supposed to automate tasks."'

https://theweek.com/tech/AI-hallucinations-openai-deepseek-controversy
 
Non Sequitur said:
From AI appraisals to AI appraisal selection and management:



AppraisalVision has restructured its platform into what it describes as the mortgage industry’s first fully autonomous appraisal execution system. This comes on the heels of a new partnership with Alpha7X, an artificial intelligence (AI) firm with a focus on automating mortgage operations.

The shift eliminates the need for traditional software-based appraisal order management systems. It allows AppraisalVision’s technology to manage appraisals from initiation to delivery using AI agents.
Click to expand...
Gonna call BS on this, especially considering it's a Press Release (pay to hype).

This is not even an "AI" problem, it could be solved with last decades tech. It's a data and geographic competency issue.

All a system like this needs to work is enough data on the appraiser: license info, their coverage areas and competency (property types and report products). Then a pretty simple SQL query which matches that when a new loan comes through. And maybe some internal stats like their current workload, typical turn times, etc.

So yeah, replacing AMCs could and should be done. But you don't even need AI, you need platform momentum and have it be a good deal for the appraiser (free, the lender should pay to play).
 
cpursley said:
Gonna call BS on this, especially considering it's a Press Release (pay to hype).

This is not even an "AI" problem, it could be solved with last decades tech. It's a data and geographic competency issue.

All a system like this needs to work is enough data on the appraiser: license info, their coverage areas and competency (property types and report products). Then a pretty simple SQL query which matches that when a new loan comes through. And maybe some internal stats like their current workload, typical turn times, etc.

So yeah, replacing AMCs could and should be done. But you don't even need AI, you need platform momentum and have it be a good deal for the appraiser (free, the lender should pay to play).
Click to expand...
The AI part is replacing the coordinators, and next up will be the reviewers. AMCs will not be replaced until AI can sit down and have coffee with chief appraisers from the GSEs.
 
alebrewer said:
It was only a matter of time. What kills me is that the origination folks (and Realtors) think it's not coming after them as well. I suspect the mortgage origination experience will be primarily bot driven within the next 2 years. And don't even question whether someone would use AI for a real estate transaction when the AI agent is 1% but the 65 year old blue hair is taking 6%...
Click to expand...
The Realtors around here are extremely negotiable. Lol
 
Does no one see the connection between AMC's driving fee appraisers out of business by their middleman role of taking part of the appraisal fee, making fee appraisal businesses not viable under the AMC model and unable to train new appraisers? Combine that with the "appraisers are racists' with no proof plus the other efforts underway to minimize or close out the traditional role of appraisers in carrying out their mission, we have a cluster of head winds coming. With 35 years under the belt with the best job i could have ever imagined, I do not know under current circumstances how long my CG and BA could play out well in the future as an appraiser. If I want to continue working, there is VA, private work and several lenders who don't do AMC's, yet. :)
 
Non Sequitur said:
The AI part is replacing the coordinators, and next up will be the reviewers. AMCs will not be replaced until AI can sit down and have coffee with chief appraisers from the GSEs.
Click to expand...
Like I said, this is not an AI problem. It's a standard data and geodata problem (routing) that Uber solved already a decade ago well before "AI", and in real time. No human or "AI" coordination needed. The Alpha7X thing is just hype. I'm neck deep in this stuff all and every day. As for reviewers, review work is actually a better use case for AI as it's great with unstructured data, keyword matching, etc - and it's already beginning to happen.

Anyways, here a quick and dirty query that any lender can use to select an appraiser and give the finger to AMCs:

Code: 
-- Query with example inputs for the White House
SELECT * FROM (
WITH
-- Get property location (White House: 38.8977, -77.0365)
property AS (
  SELECT
    123 AS id, -- Example property ID
    ST_SetSRID(ST_Point(-77.0365, 38.8977), 4326) AS geom_location,
    '20500' AS zip_code, -- White House zip code
    'single_family' AS property_type,
    'standard' AS appraisal_complexity,
    CURRENT_DATE + 5 AS requested_date -- Requesting appraisal 5 days from now
),

-- Find qualified appraisers with detailed availability
qualified_appraisers AS (
  SELECT
    a.id,
    a.name,
    a.phone,
    a.email,
    a.geom_location,
    a.years_experience,
    a.rating,
    a.average_completion_time_days,
    a.last_assigned_job_date,
    a.job_capacity_per_week,
    ST_Distance(
      a.geom_location,
      (SELECT geom_location FROM property)
    ) AS distance_meters,
    -- Calculate current workload percentage
    (SELECT COUNT(*) FROM assignments
     WHERE appraiser_id = a.id
     AND status IN ('assigned', 'in_progress')
     AND due_date BETWEEN CURRENT_DATE AND CURRENT_DATE + INTERVAL '14 days')
     / a.job_capacity_per_week::float * 100 AS current_workload_percent,
    -- Check specific availability on requested date
    EXISTS (
      SELECT 1 FROM appraiser_schedule s
      WHERE s.appraiser_id = a.id
      AND s.date = (SELECT requested_date FROM property)
      AND s.available_hours > 0
      AND s.is_blocked = false
    ) AS available_on_requested_date,
    -- Calculate experience score with this property type
    (
      SELECT COUNT(*)
      FROM completed_appraisals ca
      WHERE
        ca.appraiser_id = a.id
        AND ca.property_type = (SELECT property_type FROM property)
        AND ca.completion_date >= CURRENT_DATE - INTERVAL '2 years'
    ) AS relevant_experience_count,
    -- Calculate local expertise score
    (
      SELECT COUNT(*)
      FROM completed_appraisals ca
      WHERE
        ca.appraiser_id = a.id
        AND ST_DWithin(
          ca.property_location,
          (SELECT geom_location FROM property),
          8047 -- 5 miles in meters
        )
        AND ca.completion_date >= CURRENT_DATE - INTERVAL '2 years'
    ) AS local_appraisals_count
  FROM
    appraisers a
  JOIN
    appraiser_certifications ac ON a.id = ac.appraiser_id
  JOIN
    appraiser_competency c ON a.id = c.appraiser_id
  WHERE
    -- Handles single family 1004 appraisals
    ac.certification_type = '1004_form'
    -- Has FHA certification
    AND ac.is_fha_certified = true
    -- Is competent in the area (has completed jobs in proximity or in zip code)
    AND (
      c.zip_code = (SELECT zip_code FROM property)
      OR EXISTS (
        SELECT 1 FROM completed_appraisals ca
        WHERE ca.appraiser_id = a.id
        AND ST_DWithin(
          ca.property_location,
          (SELECT geom_location FROM property),
          8047 -- 5 miles in meters
        )
        AND ca.completion_date >= CURRENT_DATE - INTERVAL '1 year'
        GROUP BY ca.appraiser_id
        HAVING COUNT(*) >= 3
      )
    )
    -- Workload check
    AND (
      SELECT COUNT(*) FROM assignments
      WHERE appraiser_id = a.id
      AND status IN ('assigned', 'in_progress')
    ) < a.job_capacity_per_week
),

-- Calculate a balanced score for each appraiser
scored_appraisers AS (
  SELECT
    qa.*,
    -- Calculate estimated travel time
    (distance_meters / 1000) / 40 * 60 AS estimated_travel_mins,
    -- Combined score calculation:
    (
      (100 - LEAST(current_workload_percent, 100)) * 0.35 + -- Lower workload is better
      (CASE WHEN available_on_requested_date THEN 100 ELSE 0 END) * 0.20 + -- Available on requested date
      (LEAST(local_appraisals_count * 5, 100)) * 0.25 + -- Local experience
      (LEAST(relevant_experience_count * 2, 100)) * 0.15 + -- Relevant property experience
      (100 - LEAST(distance_meters / 160, 100)) * 0.05 -- Distance factor (smaller impact)
    ) AS balanced_score,
    -- Days since last assignment for round-robin
    EXTRACT(DAY FROM (CURRENT_DATE - last_assigned_job_date)) AS days_since_last_assignment
  FROM qualified_appraisers qa
  WHERE
    -- Additional availability filtering
    current_workload_percent < 85 -- Has capacity
),

-- Apply round-robin logic
round_robin_selection AS (
  SELECT
    sa.*,
    -- Round-robin score favors those who haven't had assignments recently
    balanced_score * 0.7 + (LEAST(days_since_last_assignment, 30) / 30 * 100) * 0.3 AS final_score,
    -- Ranking for alternative selections
    ROW_NUMBER() OVER (ORDER BY balanced_score * 0.7 + (LEAST(days_since_last_assignment, 30) / 30 * 100) * 0.3 DESC) AS rank
  FROM
    scored_appraisers sa
)

-- Final selection with alternatives
SELECT
  id,
  name,
  phone,
  email,
  years_experience,
  rating,
  distance_meters,
  estimated_travel_mins,
  local_appraisals_count,
  relevant_experience_count,
  current_workload_percent,
  available_on_requested_date,
  balanced_score,
  days_since_last_assignment,
  final_score,
  rank,
  CASE
    WHEN rank = 1 THEN 'primary'
    WHEN rank <= 3 THEN 'alternate'
    ELSE 'backup'
  END AS selection_status
FROM
  round_robin_selection
ORDER BY rank
LIMIT 10
) AS results;

Boom, bye bye AMCs.
 
Last edited:

Ex-Trump NSC Official Fears OpenAI 'Completely Penetrated' By Multiple Spy Agencies​


Maybe time to stop asking it for tax and legal advice?

... AI has become a worse than biased press, more corrupt than government officials :ROFLMAO:
 
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