The Appraisal Subcommittee Busted

[George Hatch]

So, are you saying you went to The Valuation Expo? What's the plan if appraisers are eliminated? Pdc's....Artificial intelligence?

I don't see how there can be a valuation expo with no one to do the analysis for a valuation.

I'd never go to one of those. They've always been oriented to the corporate interests. And selling stuff to appraisers. Besides that, I got no use for Vegas.

 

[Non Sequitur]

We should have met up. I also visited to see the mess for myself. Not a lot of the "partnering" talk we used to hear about appraisers and AMC needing to work together.

And the **** going on at AI right now is incredible.

For the first time in 25 years, I was about to join AI because of what Cindy was saying. I believe advocating for your profession is a duty we all have and for the first time in 25 years AI has a president who was starting to do that. And now it appears the old guard is trying to push her out. If she goes, every residential appraiser should quit that organization.

If I ran AI, every member associated with an AMC or advocates for them, would have their membership revoked.

I've put my application on hold until they decide which way they want to go.

Where you there when the COO of Class was on stage? Holy moly, he gets the award for tone deaf. I was sitting by the guy who asked about bidding and blast offerings, pretty funny he didn't pick up that his company does that. "Well, don't work for them" was a pretty classless response but not unexpected.

Anyway, yes the software offerings are incredible. I'm not sure who's going to pay for all of it, I asked but just got a lot of side eye.

What's going on with Cindy is beyond shameful, and there is some chest beating going on. The optics are terrible and the reputational risk is high, but it is a big power play and the ones behind the move would rather burn the org down than watch it move in a different direction.

 

[chad hampton]

In most professions, professional trade shows are geared to the people working in their profession. But not in this ****ed up profession. At this point, I wish every "thought leader" in the profession would just pack up and go away. Time to start over.

 

[George Hatch]

I wouldn't have ever called Valuation Expo a trade show. I'd call it a corporate summit. If they didn't need the revenues from the ticket sales they probably wouldn't even bother inviting appraisers to attend.

 

[chad hampton]

Where you there when the COO of Class was on stage? Holy moly, he gets the award for tone deaf. I was sitting by the guy who asked about bidding and blast offerings, pretty funny he didn't pick up that his company does that. "Well, don't work for them" was a pretty classless response but not unexpected.

Anyway, yes the software offerings are incredible. I'm not sure who's going to pay for all of it, I asked but just got a lot of side eye.

What's going on with Cindy is beyond shameful, and there is some chest beating going on. The optics are terrible and the reputational risk is high, but it is a big power play and the ones behind the move would rather burn the org down than watch it move in a different direction.

The guy from restbai was a real piece of work too.

I only made it into a few of the presentations. I was told I needed to pay another $500 to hear these "value visionaries" and other various jackasses talk. So I snuck in when I could.

 

[Surf Cat]

That would mean that The Appraisal Institute has no reason to exist......Fannie Mae/Freddie guidelines would have to be rewritten. To become an appraiser, all the schools would have to change the education protocol to how to appraise from a desk. The licensing examination would have to change.

Then there's the AMC's whose bread and butter is skimming appraiser fees. Can they make enough $$ on PDC's and hybrid assignments?

Further into the future.....what happens when collateral underwriter's data garnered from appraisers starts not reflecting accurate price points on all areas?

And one more item.....it's been slow for awhile. What happens when things ramp up? No appraisers, no new data. Waive-o-rama?

 

[djd09]

sounds like every conspiracy is coming true...or as DW would say black helicopters

 

[Elliott]

We've seen how this all plays out many times. A few figure out how to game a system for profit, like Enron, MBS, or FTX, the regulators are easily duped because they are encouraged to be in on the scam, eventually the reality of the market hits, 'values' collapses and those responsible either go to prison or have built-in an escape plan (gov't types will blame AMCs). Either the adults will reform the system or the "Reformers" will cobble a worse system and declare it 'fixed.' TAF, ASC and AI have been all in on the 'bias' and PAREA scam.

 

[CGinMN]

The new appraisal forms and PDCs have a ton of new fields from which the GSEs think they can develop even better AVMs which will help them waive more appraisals. Computer vision will be used in automated review to ensure condition ratings are accurate. Once the new forms come out, and are in usage for a year, the GSE AVMs will probably get better and waivers will gradually increase. If the whole point of the UAD was to improve automated valuation and automated reviews, then the whole point of the new UAD is to improve upon it. I don’t know that more data is going to make for better outcomes. More accurate ratings should help. As with the UAD, it depends upon compliance by appraisers and reviewers, and controlling appraiser behavior is something that has not been easy and has come with unintended consequences.

 

[Surf Cat]

it depends upon compliance by appraisers and reviewers, and controlling appraiser behavior is something that has not been easy and has come with unintended consequences.

I actually think that appraisers are quite flexible and able to roll with the changes. New forms, new ratings, more commentary, charts and graphs, Etc.

Rolling with it for a pittance however, that's the problem.

We are all quite capable of being a property data collector. It fits right in with our skill set and we'd be good at it. But I won't even go start the car for 50 bucks....