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"AI-ready software"?

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Doug in NC

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
What exactly is AI-ready appraisal software? I got a mandate letter from bankofamerica today. They will soon require use of this type of software. They send so little work now, I am wondering if it will be worth the trouble and expense to keep working with them.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Doug,

ACI, A La, and most other 'big name' companies are AI ready, If it converts through Lighthouse I beleive it is also "AI ready" ..

(someone correct this if iI am wrong!)

Point being is that most software IS ready to ba data-mined and used against the folks providing the data (that would be you, son, whether you will it or no!)

If you are inconsiderate enough to send EDI reports in PDF or paper format you are making it difficult on them... hence the "requirement" that it be sent AI ready. I am very inconsiderate :twisted: .

So B of A and the other leading lenders are merrily plotting the demise of the residential appriaser, but don't bet the farm on them being able to make perfect sense of all this any time real soon.

Long term my crystal ball says that appraisal fees are going to have to go up after the folks who no longer get fish in the barrel work starve.

I hope.

be careful it is a dangerous world out here.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Actually, Lee Ann, not all software providers are AI-Ready. You have to purchase a converter through Alamode's Mercury to convert their encrypted files to AI-Ready files. As far as I know, FNC, WAMU, Bank of America and Bank One are requiring AI ready reports through appraisalport and $5 a pop for a delivery fee. If you do enought vulume with one of these lenders, then you may be forced to fall in line. Oh, AI-ready has nothing to do with Lighthouse. AI-Ready the Appraisal Institues efforts to build a proprietary software for major lenders as a competitor to Lighthouse. Just another reason for us to love the Appraisal Institute. Many appraisers are quite mad at AI for helping the AVM's and large lenders with this software.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
:lol:
Thanks Tim, I thought I had it a bit sideways...

Go locked PDF!
 

Doug in NC

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Thanks Lee Ann for the insight. I have made it my policy to thwart AVMs and data-mining, even if it means the end of my appraisal business (I have been looking at alternatives for years). I refuse to assist the enemy in the demise of the fee appraiser and our industry as we know it. I won't be signing on with boa for the long haul. They can get their avms to appraise their 3 homes on one lot appraisals! :twisted:
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
We should all beware of the BOA constrictor. What is a BOA constrictor? Well, it's a company that no longer feels a need to order an appraisal. They rely on tax records and AVMs unless the property is a bit unconventional......then....voila, they order a real appraisal. Usually they use a seedy AMC to do their dirty work. Of course they want an appointment in 4 hours, full report in 24 hours, a ridiculously low fee and they raise holy hell if their "qualifying value" isn't met. Now, I won't discuss fees on this forum.....I might get insulted by the USPAP thought police.....I will say that these requests go immediately into the Bucks circular fax bin. Just had a request for a 1 year old home, $800,000 loan on a 2055 and they said it's a rush.......no snakes allowed on the ranch anymore....especially BOAs. :)
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Yeah and anyone considering working directly for the Boa thinking they don't need to worry about the fangs cause they watch too much Animal Planet (Steve Irwin or Jeff Corwin...) and think they KNOW to grab the snake by the tail... better read my BoA post...

the thiing can still squeeze you and the front ends fangs are pretty nasty also.

Better gut the thing or it can get ya, even if you keep donkeys on the ranch.
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I got the same fax. They want to have access to your bank account to "initiate deposit (credits) entries and, if necessary, ADJUSTMENTS FOR ANY CREDIT ENTRIES MADE IN ERROR". So if they decide they paid too much, they can take money OUT of your account????? The package I got is 20 pages. I got 7 orders last year for Bank of America from Home Focus, and 4 orders from LSI for Bank of America. Why do they use Home Focus for some, and LSI for others? I don't want to use Appraisal Port, and I don't need to be AI ready. I don't know whether to go along with all this crap or not. Is it worth it? Does anyone out there use Appraisal Port? Is it worth the hassle to learn all this new stuff? Learning hurts my head.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I do not trust anyone who wants some sort of automatic access or withdrawal/credit capability to my bank account. There has been other scuttlebutt in the Forum about BoA and AI Ready, and above here is mentioned LSI. No doubt BoA works through more than one AMC conduit. I received a re-peated e-mail message from one client recently. They are inquiring who has AI Ready capability, and if not, when do you think you might be "on board" with it. My last report for them was a BoA/Home Focus assignment. Are there bidding/service account negotiations going on with BoA looking to channel all their business through one intermediary ? My work volume with this client peaked in Nov. and Dec. with a "fair" amount of orders those months....with January through today an absolute trickle to basically none. I do not know what AI Ready adaptability would cost me with ACI, nor have I inquired. Appears that one can easily be thrust in a limbo decision to invest in one's progressive extinction......while not seeing at the same time any clear evidence that one is still a desired vendor. Do clients ever make the investment on an appraiser's behalf and in doing so create some sort of understandable "relationship" with their vendors. There is such a chill in the air these days.
 

Doug in NC

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
David,

I have been using appraisalport for over 6 months now. It is not the concern for me. I don't want to be a part of the "AI" program, providing information that will be extracted and used to further damage the appraisal industry (our careers). Like the USPAP statement which states our appraisal is to be used for one specific purpose, we should begin including a statement to the effect that our data cannot be stolen and used for any purpose that a lender desires.

Doug
 
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