No College Degree for Cert Generals or Residential Appraisers

[glenn walker]

Anything that hurts the value of college is good. Big Education has really extracted too great a cost to young people. It is easily replaced by new technologies and AI.

Yeah the Money Center Banks got into student loans like stated income mortgages. The large ones had kiosk and offices on campus with aggressive sales people happy to tell 18 to 25 year olds that no job or income was needed to get large loans. Many had no concept of a $100,000 loan thinking they were all getting $150k starting pay in jobs that never existed.

 

[George Hatch]

If we're going to complain about poorly trained appraisers it seems to me the fix for that is in the QE + experience criteria.

OTOH if we're complaining about illiterate appraisers who can pass the QE + test but can only write in emojis instead of full sentences in English then that's a problem more academic education can address.

Others may disagree but I don't recall ever seeing a technical question of any type on this forum that would not have come up if the person asking had completed a 4yr degree in any area of study.

 

[gregb]

At this point on the residential side of the coin, the AMC's virtually rule the roost, with no way one can viably run the numbers and get a decent income working for them. I have had a great run since 1989 but see little incentive to do 360UAD.

 

[George Hatch]

Once the software vendors figure it out I think the new UAD will become manageable for most appraisers except they might need to do their inspections on a tablet in order to accurately note the various attributes. The structure is similar, only the level of detail is being increased. It's not really even that much; mostly in the improvements section. It just looks like a lot more work because of the page count. Their examples are formatted like a narrative (lines of text) instead of a form (tables with fewer writing).

I expect some appraisers to quit but I doubt it will be 1/3 of them. The survivors will gain more parity in the supply/demand, they just won't be able to do as many assignments per week. If the average length of time on a 1004 assignment is 7hrs that might stretch to 8hrs.

What I don't see is how the extra info is going to improve the value conclusions. I also don't think most client types operating outside the GSE pipelines are going to prefer this version of the UAD - I think a lot of them will just stick with the existing general purpose forms.