My prediction on 3.6

[George Hatch]

As for positivity, I'm positive that appraisers who don't adapt to both the technology and its corresponding effect on the various aspects of both the supply and demand sides of the business will be overtaken by events.

I am not optimistic that the economics of the business will improve within the foreseeable future.

 

[djd09]

i can make him negative..sign up with class and do some 3.6ixes

 

[Sadie]

Per the samples provided on Fannie's website, the grid is broken up between two pages. See screen shot. The overview of all comps from top to bottom is very useful. You'll be scrolling up and down just to see the entire grid from top to bottom.... maybe this is only a pain for people who go over there completed report. Maybe as you said, it'll evolve.

Based on the video in post number 94, I gathered they want as little narrative as possible and are pushing for AI to do commentary and adjustments for you.

True Tracks has made a $40 million dollar gamble to make the residential appraiser a W-2 position. So, if you're going to be their employee, you are going to be using true tracks AI to fill the report out. I would assume there would be a quota to be met as well. The setup seems to be going towards being a real estate appraiser, not an independent real estate appraiser.

View attachment 109857

That looks like the finished product, not what you are actually working on. Or is it? ACI has PAGES of line item stuff, not 2.

 

[George Hatch]

i can make him negative..sign up with class and do some 3.6ixes

That [sign up with Class] would do it. In and of itself I don't think I'd be afraid of the UAD, though.

 

[Surf Cat]

Folk's in gloomy areas like Cleveland don't have much to live for and depressed and gloomy over takes many especially as they get older.

Dang....that's harsh on Robot Dude. Is Cleveland that bad?

 

[djd09]

Dang....that's harsh on Robot Dude. Is Cleveland that bad?

they make the best tin foil in clevleand...for hats and such

 

[J Grant]

As for positivity, I'm positive that appraisers who don't adapt to both the technology and its corresponding effect on the various aspects of both the supply and demand sides of the business will be overtaken by events.

I am not optimistic that the economics of the business will improve within the foreseeable future.

This is a true statement, unfortunately.

UAD 3.6 is not the problem. I finally took the Alamode UAD webinar, and to my surprise, I actually like the UAD 3.6 ! I think it will make us better appraisers - unless it succumbs to auto-fill by AI.

But what good is this intensely detailed, elegant format if the economics of the business stay at toilet fee level? The fact that the GSE's enable/ ignore it and act like the AMC fee predation is an invisible elephant in the room is not forgivable. And I say that as a person not affected since I do not work for AMC's, though my business model always feels vulnerable .

The fact that it is not improving economically on the res lending end is why appraisers are traumatized and demoralized, which plays out in the exhausted response about adapting to the UAD 3.6

 

[George Hatch]

As I said before, if enough appraisers withdraw from the GSE pipelines it will likely result in higher fees for the survivors.

The problem there is that if the fees increase by a lot it could result in attracting more noobs in to exploit the opportunity. And trigger an increase in the usage of hybrids and waivers.

 

[J Grant]

As I said before, if enough appraisers withdraw from the GSE pipelines it will likely result in higher fees for the survivors. IMO

The higher fees might come about that way, but if they do, it is a painful way to achieve it, and might be too little too late. Plus, the appraisers who withdraw might include many competent ones . And I do not just mean the older ones aging out. Any younger or mid-career person with talent or ability would be questioning GSE pipeline work as a career path.

A highly intelligent younger appraiser here recently posted that he is retraining for a CPA degree because it is too difficult to make a living in the AMC-dominated real estate lending sphere. The GSEs have the power to effect change, and yet they do nothing. They jumped in to protect the thousands of dollars in RE agent and brokers' fees following the consumer lawsuit, so they can take action when they want to . They clearly do not want to for appraisers- we get it. Yet they expect appraisers to be a heroic group, the only ethical party in the food chain with no vested interest, expected to stand up to enormous pressure, and perform with a high level of diligence for subpar Uber-type pay. An example of cognitive dissonance.

 

[J Grant]

As I said before, if enough appraisers withdraw from the GSE pipelines it will likely result in higher fees for the survivors.

The problem there is that if the fees increase by a lot it could result in attracting more noobs in to exploit the opportunity. And trigger an increase in the usage of hybrids and waivers.

I doubt fees would increase a lot, but an increase in fees over a token amount might be an excuse for more hybrids and waivers - an outcome that the GSE's seem to desire. They have stated that appraisals are "friction" and a pain point, rather than a valuable check and balance on the market.

Appraisals can be replaced by alternative forms of valuation; however, the role of the appraiser as the one independent party not vested in the outcome cannot be replaced.

Only time will tell wrt the long-range outcome of the loss of that role. The song lyrics apply....You don't know what you've got till it's gone.