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So I asked ChatGPT a question about our profession...

NC Appraising said:
If anyone really thinks mortgage appraisers will be around in 20 years is just silly.
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The Continuing Education Instructors are the silliest people in our industry. They sound like carnival barkers trying to fill in seats for a hoochie goochie show. :)
 
Non Sequitur said:
I strongly disagree. I went to the AMC Expo last year and plan on attending again this year. EVERY software provider is baking in A.I., and many AMCs are already using it to review reports. Heck, one of the companies developing an A.I. solution for UAD 3.6 just had a webinar with some muckety-mucks you rub elbows with. And let's be honest, with the rediculous amounts of data the new UAD requires, if you aren't using some form of A.I. to help, you are all but done as an independent boots on the ground appraiser.

You can dismiss ChatGPT and other LLMs, but the world isn't.
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I've practically given up on all members of that Vegas notable mutual admiration society. I used to believe there were a few still holding the standard there, but I'm now of the opinion that it hopelessly corrupt. I hope I'm wrong.
 
Overimprovement said:
Can YOU measure accurately to LESS than an inch error? I would never claim that. If that's our best argument just sell your distos now while there is still someone left dumb enough to get into appraising.
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ANSI? The house is measured to the nearest inch or tenth of a foot. Not rounded to the nearest foot.

Are we really going to take this to read that we can screw up a wall by .8 inches as long as we measure it to the nearest tenth of a foot?

why does cubicasa get a pass?

Although not my point. I purchased the new iPad with lidar hoping to go distoless...using cubicasa or scan to sketch.

I tried them on a simple 6 sided ranch home. Both were dead on and other walls were off by as much as .8in.

So yes, I am within a .1 in, not hard. But not my point.

My point was I know cubicasa is not accurate. But I'm relying on it. The pcr may or may not be accurate but I'm relying on it.

So....I imagine the new push button reports. Get an order, push a button (click of a mouse) and the entire hybrid report is filled out, pcr section filled out, AI fills out the other sections. (not the contract or in some cases the comps).

All of the subject data is filled out. Legal, site size, apn, etc. Should we have to verify this data? My argument is no.

what about the verifing the comps? No. If a third party data provided the data, why verify it? We are not verifying cubicasa or the pcr.

If the gses allow us to us third party data, it should be all or nothing. See scope of work in the URAR...⁴. Research, verify and analyze.

Free us from all liability. No more research or verify. Rely 100% on third party data.
 
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So, Freddie Mac is crowing about pdr based appraisals and hybrid appraisals being more accurate than traditional appraisals (by 1.9 times, although they are too embarrassed to explain what that means). Of course, they don't include the fact that the conditions sometimes (we are told) missed by appraisers have been identified by the lender from a PDR report before being sent to an appraiser because the property doesn't qualify for a waiver. I'm no expert in surveys, but I will bet most of those experts will tell you that when you convey the "right" answer expected of participants, the frequency of their identification of that "right" answer increases dramatically. Not to mention the GSE's insistence that their opinions are more accurate than appraisers opinions.

"Q: Why would a lender need to upgrade to a hybrid appraisal?

A: It’s possible that during the review of the PDR, the lender might identify characteristics or conditions of the subject property that don’t meet Freddie Mac’s ACE+ PDR eligibility requirements. In that situation, the lender would need to upgrade to a hybrid appraisal.

Q: What are examples or characteristics of adverse site conditions that might require an upgrade to a hybrid appraisal?

A: There are several situations that could require an upgrade from ACE+ PDR to a hybrid appraisal. These site characteristics or conditions include:
  • Extreme slope
  • Erosion
  • Sinkhole
  • Wetlands
  • Substantial junk or trash
  • Failing structures
  • Adverse easements or encroachments
  • Environmental conditions or land uses"
sf.freddiemac.com

Q&A with Freddie Mac’s SF Chief Appraiser: Upgrading from ACE+ PDR to Hybrid Appraisal

There are certain situations that might require an ACE+ PDR appraisal to be upgraded to a hybrid appraisal. What are these situations and how does it affect the lender? Scott Reuter discusses.
sf.freddiemac.com sf.freddiemac.com
 
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Did anyone happen to capture a copy of the Freddie Mac "research findings" trumpeted on or about 3/13/25? They seem to have disappeared their announcement (I too, would be embarrassed by it and most of the research notes they dump on the street without prior thought).

"The Appraisal Institute strongly urges policymakers, industry stakeholders, and the public to exercise caution when considering recent research findings published on Mar. 13 by Freddie Mac as justification for expanding the use of hybrid appraisals."

https://www.appraisalinstitute.org/...roperty characteristics that influence value.
 
every conspiracy is coming true...how many appraisals did you waive today??? :rof: :rof: :rof:
 
Look out for that sinkhole getting around the failing structure.....
 
of course they want to dump the independent appraiser...only been calling us racist for four years :rof:
 
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