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Data Cancer found....

Well then you really did put in more effort in than I did. Maybe you should submit an invoice to the GSEs, too. After all, you're going to get personally smeared for it whether U-B-Payd or not. You might was well see if you can extract a gift card from them that will cover dinner for 2 at the Olive Garden.
 
"No other model, however, has wormed its way into our culture like the Zestimate. The model, like other consumer-facing AVMs, is prone to errors that render it more of an amusement than a serious pricing tool. But while the algo's price-guessing skills may be suspect, it's undeniably elite at one thing: luring people to Zillow-dot-com."

"Zillow itself lost hundreds of millions of dollars during the pandemic when it relied on its algorithm to buy homes at what turned out to be inflated prices, part of an ill-fated attempt to flip homes at scale."

www.businessinsider.com

Zillow's price estimates are screwing up homebuying

Zillow's price estimates changed how we browse homes forever. Here's what's wrong with the Zestimate — and what every buyer and seller should know.
www.businessinsider.com www.businessinsider.com
 
George Hatch said:
Well then you really did put in more effort in than I did. Maybe you should submit an invoice to the GSEs, too. After all, you're going to get personally smeared for it whether U-B-Payd or not. You might was well see if you can extract a gift card from them that will cover dinner for 2 at the Olive Garden.
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I assume this was a reply to my original (unedited) post. *Chuckle* :LOL:

I was just bloviating. It has its entertainment value - up to a point. ;) I don't need an "attaboy" from anyone. "We won the pandemic". :dancefool:

That - and the knowledge that I was a tiny part of the crew that literally helped keep the financial system from collapse is plenty good enough for me.

Now I'm ready to retire, but the boss says "4 more years" ... so off to pull data I go ... as Mick Jagger once sang: "She's The Boss" (and a very fine looking one, too :love:).
 
Not aimed in your direction. Nor do I sympathize with you facing another 4yr enhancement to your sentence, because (TO ME) appraising is the best job I ever had.
 
I wonder what the name of the next show is going to be on the
Voice of the Appraiser? Lol
 
George Hatch said:
Not aimed in your direction. Nor do I sympathize with you facing another 4yr enhancement to your sentence, because (TO ME) appraising is the best job I ever had.
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Not knocking appraising, mind you. For me, too, it is the best civilian job I ever had (nothing will match my service to my Uncle Sam for personal satisfaction, but appraising has been a wonderful way to make a living).

Its just that I am a little bit tired (thankfully the next 4 years the only goal is to pay the bills, nothing more :clapping:). And I have so much art to create and books on family history to write and organize ... which will largely stay on the back burner for now, lulls in the workload excepted ...

P.S. If you had had to play "catch up" for 10-years non-stop the way that we did, you might be a bit tired by now too - but thankfully that phase is now over :love:
 
Joyce Potts said:
Why would Phil Crawford waste his time? There's a reason I rarely post on this forum anymore. It's become a group of Karens.

All Phil Crawford did was take a single example that took place in his 'back yard' to illustrate how a waiver could have an impact on the market. That's all. Did it strike a nerve? Go to YouTube and search for Market Moves - Freddie Mac on Appraisal Waivers and listen to Danny Wiley's comments that dropped within 24-48 hours of Phil's broadcast. Perhaps thou dost protest too much.

There is only one source of data as to appraisal waivers and if they have any impact on market values OR loan losses, and that's Fannie and Freddie. Waivers are not likely to be disclosed in any MLS for a reason. In Phil's example, while any data set can be flawed, I'm not seeing how the overall 'common sense approach' to a potential market impact doesn't raise an eyebrow, at the very least. In the big scheme of things will it make a difference? <shrug> I doubt it. ~10% of purchases with most waivers associated with a substantial down payment--who cares?

For refi's already on the books--to Danny Wiley's point, who needs a full blown appraisal for those scenarios?

Technology is advancing and while I would have hoped it would have prompted most appraisers to raise their game, it's become obvious to me that appraisers are so far removed from embracing any statistical analysis in their daily work, it's no wonder AVM's and Hybrid products are winning the race.

It's easy to find fault with any analysis. Why doesn't George Hatch run his own analysis in his own back yard in Carlsbad and test Phil's waiver theory? Apparently, he has time on his hands.
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I agree Joyce. What if the very most similar comparables after an appraisal from a very qualified appraiser come in 20% or 30% or more on whatever the value that the waiver is putting on the subject?

I can see the backfire already from some borrowers. You think the appraisal bias hearings were bad, the backfire here will way worse on waivers.
 
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