Hybrid and Desktop Inspectors

[shrubberyvaluation]

are they making loans based on floor plans? i hope not

Most homes have a functional layout. I suppose it could matter if its an older or custom home that the market does not see it as functional of a layout. Of course in the grand scheme it probably would probably be minor and I doubt its a huge issue.

 

[shrubberyvaluation]

Where did you read the desktops will Have a floorplan" what does that mean? or that the lender will be tasked with making sure that's in the report?

From what I understand the appraiser is stuck chasing down a floorplan ( or creating the floorplan via a phone app with the homeowner or a RE agent who use the app on site )

The FANNIE website has info and a FAQ on the 1004 desktops

Remember if you get a floorplan from the homeowner to verify it with a disinterested source.

 

[Dale Floyd]

Where did you read the desktops will Have a floorplan" what does that mean? or that the lender will be tasked with making sure that's in the report?

From what I understand the appraiser is stuck chasing down a floorplan ( or creating the floorplan via a phone app with the homeowner or a RE agent who use the app on site )

The FANNIE website has info and a FAQ on the 1004 desktops

https://singlefamily.fanniemae.com/media/30361/display

Appraiser conducts analysis and develops opinion of value.

• UseForm1004Desktop.

• No physical inspection of the subject property; data may be provided by various parties (buyer/seller agent, homeowner, builder, appraiser files, etc.) and through secondary data sources (public records, MLS, internet, etc.).

• Must include floor plan with interior walls.

• The appraiser must have sufficient information to develop a credible report.

• Data provided by parties with a financial interest in the sale or financing of the subject property must be verified by a disinterested source.

 

[Dale Floyd]

It says what it says. Follow the link, and you’ll see lender responsibilities include making sure the floor plan and interior wall sketch is in the report. It’s a requirement, yet the appraiser will make no inspection. My point - Somebody will have to inspect to provide that information. The clients gearing up for these products are already telling us who will be doing the inspections - Realtors - they’ve already got them lined up apparently. That’s where this thread began.

 

[Terrel L. Shields]

Not sure how that can be supplied without somebody doing an inspection.

What it means is you are doing a "desktop" but you are expected to inspect on your own nickel so you can plot the floor plan. Simple. Double your fee.

 

[J Grant]

It says what it says. Follow the link, and you’ll see lender responsibilities include making sure the floor plan and interior wall sketch is in the report. It’s a requirement, yet the appraiser will make no inspection. My point - Somebody will have to inspect to provide that information. The clients gearing up for these products are already telling us who will be doing the inspections - Realtors - they’ve already got them lined up apparently. That’s where this thread began.

you assumed, as I did at first that the lender would provide a floorplan. But I do not see that spelled out. Lender's responsibilities making sure a floorplan is in the report still does not mean they are tasked with providing a floorplan to the appraiser. The floorplan can come from MLS, a software app , or other source. If can not obtain a floorplan/photos upgrade to traditional appraisal.

Assuming somebody will have to inspect to provide that information is not correct. NOBODY inspects for a desktop 1004. That is why they call it a desktop ( and not a hybrid, or bifurcated )in

 

[Dale Floyd]

you assumed, as I did at first that the lender would provide a floorplan. But I do not see that spelled out. Lender's responsibilities making sure a floorplan is in the report still does not mean they are tasked with providing a floorplan to the appraiser. The floorplan can come from MLS, a software app , or other source. If can not obtain a floorplan/photos upgrade to traditional appraisal.

Assuming somebody will have to inspect to provide that information is not correct. NOBODY inspects for a desktop 1004. That is why they call it a desktop ( and not a hybrid, or bifurcated )in

I think the term "Desktop" simply means the appraiser can do the work from the desk. I don't believe it restricts any amount of data that can be delivered to the appraiser to do that very thing. (I realize many of our peers understood that differently in the past.)

And perhaps you are correct in your interpretation, but I just read the meanings differently.

According to the rules to the appraiser specifically -

(1) - No physical inspection of the property

(2) - Data may be provided by others. (A very broad list of where that data can be extracted, or from whom it is provided, is shown.)

(3) - Floorplan and layout is a requirement. We can't do these assignments without it.

(4) - The appraiser must have sufficient information to do this credibly. (That's where we have the ability to hit the brakes in my view.)

I fully understand your take on this. In my office, we won't complete any desktops without ample information being provided just as we've always done before with driveby or similar assignments.

In truth, it's so difficult for any appraisers to believe anything being told to us anymore. We are the recipients of blame, multi-page engagements, federal and state laws, commissions, complaints, constantly moving rules, etc. I'm hoping what I see in print, is believable on its face.

Good discussions out here.

 

[djd09]

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Quantarium’s product and customer journey is an interesting look at how artificial intelligence plays a role in real estate. They started as an idea and ended up building the leading Automated Valuation Model, AVM, that still breaks the tape in the AVM race. They leveraged their knowledge and experience to build a Data and Search platform for real estate, powered by the most comprehensive data lake in the industry. By emphasizing the platform aspect, they could power any company that leverages residential real estate data, from mortgage companies to banks to insurance.


There is a lot of talk in the data industry about technology versus people, from the benefits of consistency and efficiency to the reduction of bias in housing prices and access. When Cannon was asked about this, he answered that Quantarium has never been purely technocratic, despite the fact that it is an AI company: “We, like anyone, would affirm the unquestionable importance of human wisdom in all parts of society, including this vital area of the economy. Often, the debate is cast in binary terms, which we reject. Increasingly, it would appear the industry will benefit from, and work towards, an equipoise in understanding both the methods and instruments through which human wisdom and tasking are best applied and those areas in which machine learning technologies can be best advantaged – we see the growing confidence in the category of hybrid valuation products as evidence of this.”


Cannon understood the importance of implementing this knowledge in this specific area of technology, which is why Quantarium’s Translucent A.I. is embedded in their Valuation Services Platform (QSVP) as an asset for human-assisted and enhanced technologies. It was intentionally constructed this way. Quantarium’s translucent A.I.-based technologies provide an auditable line of sight to offer the optimal platform for professional human input integration, as needed, towards maximum possible results. In fact, this should be the expectation; most computerized airplanes and spacecraft still provide manual controls for takeoff and landing, for instance. In other areas such as AVM’s Quantarium’s advances in Computer Vision (CV) technology, AVM is now transcending historical constraints. These AVMs are crossing the threshold of not being able to understand property condition or see inside the structure to account for value adjustments other than assuming a static coefficient of average condition for the year built. Moreover, the fidelity of Quantarium’s CV can detect and eliminate occupants’ photos and other iconography that may be humanly interpreted to indicate racial, or ethnic identities that could consciously, or unconsciously introduce unwarranted subjectivity in the valuation, or QC process.

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/PRNewswire-PRWeb/ -- Reliance on multiple data points, from historic prices and trends to property ownership data, is nothing new. However, the data that we...

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bye bye

 

[shrubberyvaluation]

D

How Artificial Intelligence is Transforming the Real Estate Space​

Reliance on multiple data points, from historic prices and trends to property ownership data, is nothing new. However, the data that we use to make our housing choices have become increasingly sophisticated. Quantarium’s valuation models provide property valuations through a self-learning AI engine. Quantarium’s advances in Computer Vision (CV) technology is allowing AVM to transcend historical constraints; understanding their journey and the impact of AI is critical to the future of real estate.


Quantarium is a leading producer and purveyor of value-added data in residential real estate. Their data and analytics scientists and experts illustrated great innovation in their approach to building the industry’s leading RE data lake, so it is a team-wide validation to receive this distinction. When asked what the potential of this space is, Cannon explained: “Residential Real Estate in the United States is in aggregate a $45 trillion space. In addition, homes are the most vital and valuable of most families’ investments/assets. As such, reliable, intelligent, timely, accurate, and usable data in real estate is vital not only to this vertical but to the entire economy. PropTech, as the area has been called, is a booming industry and we’re happy to not only be in the space but also to enhance the stories of other players.”


Quantarium’s product and customer journey is an interesting look at how artificial intelligence plays a role in real estate. They started as an idea and ended up building the leading Automated Valuation Model, AVM, that still breaks the tape in the AVM race. They leveraged their knowledge and experience to build a Data and Search platform for real estate, powered by the most comprehensive data lake in the industry. By emphasizing the platform aspect, they could power any company that leverages residential real estate data, from mortgage companies to banks to insurance.


There is a lot of talk in the data industry about technology versus people, from the benefits of consistency and efficiency to the reduction of bias in housing prices and access. When Cannon was asked about this, he answered that Quantarium has never been purely technocratic, despite the fact that it is an AI company: “We, like anyone, would affirm the unquestionable importance of human wisdom in all parts of society, including this vital area of the economy. Often, the debate is cast in binary terms, which we reject. Increasingly, it would appear the industry will benefit from, and work towards, an equipoise in understanding both the methods and instruments through which human wisdom and tasking are best applied and those areas in which machine learning technologies can be best advantaged – we see the growing confidence in the category of hybrid valuation products as evidence of this.”


Cannon understood the importance of implementing this knowledge in this specific area of technology, which is why Quantarium’s Translucent A.I. is embedded in their Valuation Services Platform (QSVP) as an asset for human-assisted and enhanced technologies. It was intentionally constructed this way. Quantarium’s translucent A.I.-based technologies provide an auditable line of sight to offer the optimal platform for professional human input integration, as needed, towards maximum possible results. In fact, this should be the expectation; most computerized airplanes and spacecraft still provide manual controls for takeoff and landing, for instance. In other areas such as AVM’s Quantarium’s advances in Computer Vision (CV) technology, AVM is now transcending historical constraints. These AVMs are crossing the threshold of not being able to understand property condition or see inside the structure to account for value adjustments other than assuming a static coefficient of average condition for the year built. Moreover, the fidelity of Quantarium’s CV can detect and eliminate occupants’ photos and other iconography that may be humanly interpreted to indicate racial, or ethnic identities that could consciously, or unconsciously introduce unwarranted subjectivity in the valuation, or QC process.

How Artificial Intelligence is Transforming the Real Estate Space

/PRNewswire-PRWeb/ -- Reliance on multiple data points, from historic prices and trends to property ownership data, is nothing new. However, the data that we...

www.prweb.com

bye bye

Did Zillow just have bad AVMs? AVMs also fail when public records or other information it relies on is wrong.

 

[DWiley]

I think the term "Desktop" simply means the appraiser can do the work from the desk. I don't believe it restricts any amount of data that can be delivered to the appraiser to do that very thing. (I realize many of our peers understood that differently in the past.)

And perhaps you are correct in your interpretation, but I just read the meanings differently.

According to the rules to the appraiser specifically -

(1) - No physical inspection of the property

(2) - Data may be provided by others. (A very broad list of where that data can be extracted, or from whom it is provided, is shown.)

(3) - Floorplan and layout is a requirement. We can't do these assignments without it.

(4) - The appraiser must have sufficient information to do this credibly. (That's where we have the ability to hit the brakes in my view.)

I fully understand your take on this. In my office, we won't complete any desktops without ample information being provided just as we've always done before with driveby or similar assignments.

In truth, it's so difficult for any appraisers to believe anything being told to us anymore. We are the recipients of blame, multi-page engagements, federal and state laws, commissions, complaints, constantly moving rules, etc. I'm hoping what I see in print, is believable on its face.

Good discussions out here.

Good summary. The floor plan is intended to be an aid for the appraiser, not a task for the appraiser to complete