Comp Cruncher

[Michigan CG]

Now you Jamice,
Compcruncher is not a BPO. BPOs use unqualified people to do what we were trained to do............

I could teach my teenager how to use the CC sort of like a BPO......:mellow:

..........Bradford might be wise to throw in a legal defense fund, maybe throw half the $500 into a defense slush fund that could be used to defend appraisers using this sort of product.

But, if they are touting this exterior only report for divorce or tax work, the fund might deplete quite rapidly.....

Bradford might want to consider that there a bunch of MAI appraisers on state boards that will not be happy about dumbing down the profession. I would guess the whole $500 "training fee" be used to defend "appraisers" who will be facing the state boards.

I personally have NO problem with someone lending their OWN money.............There should never be tax payers money spent to bail them out. When these high rollers have to pay from their own pocket their losses from these foolish schemes then we will see some changes. ............They will seek the most honest and professional opinion they can find. This lack of responsiblity is shameful and has been the cause of the financial crisis we are in. Is this the world we want to leave for our children and grandchildren?

The only reason Bradford has developed this type of product is because the government is in the home lending business. Get the government OUT of what the MARKET can provide.

Investors will buy single-family mortgages if the return is desirable. The product is garbage because of the government being the largest backer of home loans. Otherwise it would not exist.

Looking at the CVR report in the sample from John's link, I don't see any discussion of the subject property characteristics or amenities and how that fits with the neighbor characteristics and amenities. I don't see any discussion of zoning and HBU analysis.................
This CVR report sample does not appear USPAP compliant...........It sure does appear that the CVR target market segment is the AVM and BPO market.

And Mr. Bradford is trying to help the residential appraiser?

I would challenge Mr. Bradford and lmurry to contact HARD MONEY LENDERS to see if they are interested in this product. I GUARANTEE that they would tell them where to go and how to get there.

 

[JSmith43]

Jeff Bradford is an intelligent person. I don't have the strong reaction you do Michigan CG, because, for one thing, US Bank somehow decided to use the product, or at least throw them a sound byte.

I think the usefulness of the product is over-sold at this point, but it will find its niche. My thoughts at present: I'd like to thank those that walk the mine fields of "progress" before me.

Observing from a distance, I will learn what I have to learn & adapt where I have to adapt, and when it becomes beneficial, I shall adapt!

If it works, there will be several providers & the training/certification price and per use fee will likely go down due to competition.

 

[Michigan CG]

Jeff Bradford is an intelligent person. I don't have the strong reaction you do Michigan CG, because, for one thing, US Bank somehow decided to use the product, or at least throw them a sound byte.............

No doubt Mr. Bradford is an intelligent person. However if we were to have a true capitalistic system the free market would dictate the residential lending world. People lending their own money through hard money lenders or stockholders in companies would demand real valuations and not this garbage product.

The government has been manipulating the housing market for many years. It is time for the government to get out of anything the private sector can do. The residential lending world is one of those sectors.

Mr. Bradford is a capitalist, and is taking advantage of the government intervention in the housing market. If his product works in the current environment good for him. But it is still a garbage product.

 

[JSmith43]

It is time for the government to get out of anything the private sector can do. The residential lending world is one of those sectors.

No argument here. I'm all for rolling back T-11 licensing provisions as well (hope the states would go along, but of course, as M Friedman would say, they have achieved bureaucratic immortality by now).

 

[Randolph Kinney]

I wonder, from a marketing point of view, is there a real need for another statistical based valuation product? Or is the real need to have an appraiser and his signature involved on a lesser SOW valuation with TAT of less than 24 hours? That was the whole basis for Zaio's original product.

It appears to me that the lending institutions are the ones who are targeted for this kind of product. I don't see a benefit, for example, in the legal industry for such a product. Attorneys use Zillow for such a quick and dirty look see and it is free.

 

[JSmith43]

I think they should have folded the graphing and statistics functionality into a high end Clickforms and let the appraiser jazz up the reports as the appraiser sees fit. I doubt if it is too late.

Basically, the 1004MC cries out for visual representation of the comp data. Add a graphing function or two. Sell more Click Forms.

 

[Lloyd Bonafide]

US Bank somehow decided to use the product, or at least throw them a sound byte.

Can I make a prediction? Just like that credit union in Spokane that supposedly was going to be using the Zaio 2055, (then quietly disappeared), U.S. Bank will not be using the CVR report for very long.

Just wait until they get a value on a few properties that are off by about 30-40%, (like happens on all automated valuation products), and watch for the homeowners to start howling.

 

[Randolph Kinney]

Appraisers don't want to be paying a subscription fee or a tiered fee for using their appraisal software. For example, ACI is operable with out the annual maintenance renewal fee except for eservices and many appraisers operate this way.

Adding bells and whistles of charting, statistics and graphs to the appraisal report can easily be done with Excel, for example, which I do anyway. Does it take longer? Yeah, I segregate the data to qualify comps, isolate the effect of concessions, and distressed sales. Does CC CVR do that? Not that I see. Does it present a commentary on these? Not that I see. How useful is this CVR to me as an appraiser? Not useful at all. Can it be sold to lenders as a AVM and BPO substitute? Sure, at a very reduced fee commensurate with AVM & BPO pricing. But I am not in that business and don't want to be.

If lenders climb on board the CC CVR express for there ledning needs, that is great news! That will come at the expense of AVM & BPO providers because that is the competition for CC CVR.

 

[lmurry]

What amazes me is how people with no exposure or experience with an item can be so sure about their opinions.
Don't worry all, you are safe because this reception is what I get from everybody especially ARs and AGs.
Everybody wants to talk about what came before. Well, how many light bulbs did Edison make before he was successful. How about the Wright Brothers and other inventors?
My mother once told me that no one is blinder then he who refuses to see. For instance you don't see that 1004MC is just the start of the slippery slope for the URAR. Clients are going to want more and more information that the 1004 does not provide. Also, it has been hinted that the halls of Fannie and Freddie are buzzing about some kind of change. I don't know what that change will look like but talk is occurring.

 

[JSmith43]

Also, it has been hinted that the halls of Fannie and Freddie are buzzing about some kind of change. I don't know what that change will look like but talk is occurring.

Given the political clouds on the horizon, the GSE's might get broken up and sold off after an election or two. If it was a 4 year election today, there would most likely be a clean sweep. And those voted in best not spread any more wealth around for the next generations to pay or their political careers will terminate in 2, 4, or 6 years, depending upon their position.

Better it be done in an orderly fashion. But, somehow, I think it will take hard action. There are substantial human resources within the RE related GSE's. Why waste the talent? Better to spin it off, like the Ma Bell break-up.