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

[bluechip]

Funny how the same GSEs calling appraisers unreliable are the ones using our work to train the machines that are supposedly better than us now. They waive the appraisal then act like hybrids are more accurate without ever explaining that the PDR flagged the issue before we even got the order. That’s not a win for tech that’s a setup.

This was never about better data or cleaner reports it’s about cutting us out and shifting liability. And the sad part is they’ve got a line of appraisers ready to carry the water for them as long as they get a webinar credit or a pat on the head at some conference.

Let’s stop pretending this is a debate about quality. It’s about control. The UAD changes are about ownership of the process not improvement. If you’re still thinking we can “evolve” into this new system you’re already halfway out the door.
Standardize the data harvest the data replace the source. That’s the play. Always was.

 

[djd09]

they are letting the mortgage broker estimate value with our data...cant be more corrupt then that

 

[glenn walker]

Funny how the same GSEs calling appraisers unreliable are the ones using our work to train the machines that are supposedly better than us now. They waive the appraisal then act like hybrids are more accurate without ever explaining that the PDR flagged the issue before we even got the order. That’s not a win for tech that’s a setup.

This was never about better data or cleaner reports it’s about cutting us out and shifting liability. And the sad part is they’ve got a line of appraisers ready to carry the water for them as long as they get a webinar credit or a pat on the head at some conference.

Let’s stop pretending this is a debate about quality. It’s about control. The UAD changes are about ownership of the process not improvement. If you’re still thinking we can “evolve” into this new system you’re already halfway out the door.
Standardize the data harvest the data replace the source. That’s the play. Always was.

How long did it take you to figure this
out ? Month's or Year's...lol

 

[Fernando]

Funny how the same GSEs calling appraisers unreliable are the ones using our work to train the machines that are supposedly better than us now. They waive the appraisal then act like hybrids are more accurate without ever explaining that the PDR flagged the issue before we even got the order. That’s not a win for tech that’s a setup.

This was never about better data or cleaner reports it’s about cutting us out and shifting liability. And the sad part is they’ve got a line of appraisers ready to carry the water for them as long as they get a webinar credit or a pat on the head at some conference.

Let’s stop pretending this is a debate about quality. It’s about control. The UAD changes are about ownership of the process not improvement. If you’re still thinking we can “evolve” into this new system you’re already halfway out the door.
Standardize the data harvest the data replace the source. That’s the play. Always was.

Fannie finding UAD not enough for their AI model. Thus, soon be requesting more details and characteristics of subject property which mostly irrelevant in actual appraising.

 

[DWiley]

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"

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

Your assumptions about the methodology used are pretty entertaining. . What you describe would certainly be stacking the deck, and that kind of approach would be useless.

 

[TerryRohrer]

Your assumptions about the methodology used are pretty entertaining. . What you describe would certainly be stacking the deck, and that kind of approach would be useless.

So Freddie Mac is involved in ordering and managing all aspects of hybrids when pdc reports show aspects that disqualify properties for waivers?

 

[RCA]

I don't care about "sourcing." I care that inaccuracies are being presented as fact simply because they have been posted so many times.


Simple example:

• UAD 3.6 is not about better reports—it's about structured data mining. Narrative is being discouraged because AI can’t parse nuance...

Basically every section of the new UAD includes an expandable comment field. What is "discouraged" is placing a lot of unrelated text in a lengthy unformatted text addendum. The new UAD places the commentary in the relevant section of the report - it does not eliminate or discourage it.

Kinda interesting that the ChatGPT response points out the weakness of ChatGPT

50-50. You are perhaps correct that narrative is not being discouraged (I am not sure because I don't have time to. look at the damned thing). However, by splitting up where the narrative can go - you are INDEED making it more "structured." And ChatGPT is most likely otherwise correct. I will wait until you make this UAD form active, look at it and then have a long discussion with SuperGrok and ChatGPT, where I will box it into corners with criticism. Then see where we are at.

Anyway, the REAL problem is that you guys are so far off base on everything, there is no way to save you. You are history in the making with each new idiotic form, before you get one step out the open door.

You are so far off, from my perspective. You don't learn a thing really. You're poor problem solvers. The worst. A bunch of superficial idiots.

You have Ph.D.s in "Appraisal Buzz."

 

[RCA]

The GSEs think that most appraisers don't do a good enough job for them. And some people, including me, agree with that in cases where more accuracy is desired. Yes. But we also think the lenders, AMCs, other reviewers, and centrally the GSEs are total failures responsible for billions of dollars in report errors every year, the occasional billion/trillion dollar economic collapses, etc.

At some point, the responsibility for appraisal will be removed from the AMCs, lenders, and GSE's to an independent agency focused on accurate appraisals using data mining and whatever mathematics is necessary, and it won't be just a question of real estate appraisal, but valuation in a much larger context. It will look a lot different than what currently passes for "appraisal." There will still be appraisers or valuation engineers - with the appropriate education and tools at their disposal.

But, that is a ways off. Hard to say with advancing AI and computer technology.

 

[TC]

All I know is the increase in waivers is killing my data collection biz.

 

[Overimprovement]

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?

Maybe I don't get your point. .8" is more accurate than an inch or tenth of a foot. And not to disparage your measuring skills, but no one is doing exterior ANSI measurements accurately to the nearest tenth of an inch.

What impact on GLA and value would being .8" off even have? Why do you think that is so terrible?

I am no fan of appraisers' livelihood going away, but if these products truly can measure that accurately, I'm darn impressed.