Discussion about AMC worth watching

[Carnivore]

It will take an act of congress to allow AI to replace AMC's and even the use of AI to replace Appraisers will require congress.

But if it wasallowable AI could replace every AMC in the country and do it for a fraction of the cost

 

[glenn walker]

It will take an act of congress to allow AI to replace AMC's and even the use of AI to replace Appraisers will require congress.

But if it wasallowable AI could replace every AMC in the country and do it for a fraction of the cost

Nobody's getting rid of appraisers the existing laws were written so that appraisals are not even really required and just re-lable them as Valuations-change the certification to use opinion of price not value and you don't need to engage appraisers at all.

Then raise the deminimus to way higher levels say 1 $million plus and instantly lenders and banks put 90% of appraisers out of business. The plan is on schedule and Dodd Frank laid it out. All it takes is the New powers in the GSEs to embrace it.

Finally having a shortage of appraisers when business picks up will be the perfect opportunity for the Boy's to finally pull the trigger and Evaluators will then replace appraisers on lenders assignments.

 

[Essexfenwick]

It will take an act of congress to allow AI to replace AMC's and even the use of AI to replace Appraisers will require congress.

But if it wasallowable AI could replace every AMC in the country and do it for a fraction of the cost

Automated valuation has already replaced human appraisers. AI can replace appraisers and AMCs ..just call it a valuation and not an appraisal.

 

[Carnivore]

“If it walks like a duck and quacks like a duck, it’s a duck.”

“A rose by any other name would smell as sweet.”​

This is Shakespeare’s famous line.

 

[glenn walker]

It will take an act of congress to allow AI to replace AMC's and even the use of AI to replace Appraisers will require congress.

But if it wasallowable AI could replace every AMC in the country and do it f

Automated valuation has already replaced human appraisers. AI can replace appraisers and AMCs ..just call it a valuation and not an appraisal.

Correct you don't need Congress because there's no reason to get rid of appraisers you simply replace the appraisal with another valuation method being, Evaluations, Waivers, AVM, or AI Assisting a human desk clerk evaluation employee. Technology is the future.

 

[George Hatch]

Automated valuation has already replaced human appraisers. AI can replace appraisers and AMCs ..just call it a valuation and not an appraisal.

AI-assisted appraisals could possibly be built to do most or all of the work with the appraiser reviewing to edit and either agree or disagree. It's way faster and easier to review/edit-to-suit than to write in the first place. In the end, the appraiser's opinion is still their opinion.

Up to and eventually including the legal work and other non-mtg work. WRT what appraisers can learn to do there's no difference between these different assignment types. The appraisal process remains the same.

 

[Essexfenwick]

AI-assisted appraisals could possibly be built to do most or all of the work with the appraiser reviewing to edit and either agree or disagree. It's way faster and easier to review/edit-to-suit than to write in the first place. In the end, the appraiser's opinion is still their opinion.

Up to and eventually including the legal work and other non-mtg work. WRT what appraisers can learn to do there's no difference between these different assignment types. The appraisal process remains the same.

It's not like appraisal is getting picked on. Any job that uses information and has a computer on the desk is toast.

 

[glenn walker]

It's not like appraisal is getting picked on. Any job that uses information and has a computer on the desk is toast.

Appraisers really dodged the technology issues longer than almost any other industry or profession. It's so small there
wasn't the push others started to see many years ago.

The Covid-19 saved the appraisers an extra three or more years because everything had been placed on hold. Going forward AI and rapid advances will certainly change the clipboard and wheel guys lifes.

 

[AppraisingLA123]

It will take an act of congress to allow AI to replace AMC's and even the use of AI to replace Appraisers will require congress.

But if it wasallowable AI could replace every AMC in the country and do it for a fraction of the cost

i think as long as there is a platform that conforms to Dodd-Frank it doesn't need congress approval.

 

[AppraisingLA123]

It's virtually impossible to make a living in any better parts of either Southern or Northern California unless you are older with no mortgage or you have a spouse that has a high paying job with medical insurance and retirement. A single one person appraiser would need to generate at least $150,000 gross to net enough net income to support himself and family. Single maybe $100'000 gross to live a really fairly simple lifestyle with no frills.

Therefore most older guys are coasting towards retirement or leaving the State. There are places that appraisers can make a modest living but in the bigger cities rent and housing mostly eat up what you make. It's glory days really started to end 15 years ago for ones located in places like LA, Orange and San Diego Counties.

Even if every AMC closed the fees being paid by direct lenders is not very good. The current fees would have to double to even get most back onto a level playing field.

I'm able to get by, live paycheck to paycheck. But, I can't take vacations, save for retirement. I agree with you 100%. Thats why i am so angry at AMCs.