UAD 3.6 discussion

[J Grant]

Wouldn't surprise me. They've paid their dues - sponsored plenty of conferences. Owner has a good tech bro look.

No idea what their company does or how they are trying to reinvent the wheel, but doubt I ever will know.

Looks like another auto-fill-in program. But they brag it is AI-driven, which means much of nothing since a simple search engine now is AI-driven.

All these wonder products claim they are revolutionizing the appraisal industry, and charge a fee for the use - a commonality.

 

[shrubberyvaluation]

This is exactly the trajectory. And to be fair - appraisers bear a significant amount of the blame. Had appraisers been willing to keep up with technology, and had they been doing actual analysis (instead of using a cheat sheet), we may have delayed the inevitable to some extent...

What technology do you mean? I use a computer, a laser, the internet, a cell phone. Zillow used all the technologies and they lost money buying in the hottest markets during COVID.

 

[Zoe]

I tried to find a poster that don't post much and quote them.

But the meaning of their post is they can see some resistance in the market for this new form. It was a good post they made. I can't find it to quote them.

However I agree with the poster in the meaning of their post.

In Essence, they were saying F/F don't hold the gold.

The Federally insured Banks hold the gold.

 

[Zoe]

Okay, I'll sum it up. I can see somebody in God knows where working for an AMC and using appraiser data for an appraisal and it taking forever to get the appraisal back. Worse, I can see somebody working for an AMC in India appraising a house in rural Tennessee and turning it around in an hour.

I can see turn times being a problem for the one who holds the gold and various other issues.

Is this because F/F got caught up in appraisal bias?

Idk. Were they thrown a life vest and this is the answer to credibility? Just please don't fire us. This is the answer. We can do it. We learned our lesson.

If Banks buck it, fannie and freddie can forget it.

 

[Zoe]

I'll elaborate. You mention coves and water depth on water front properties for good reason.

I can take you in the heart of Urban Memphis and if you don't know what you are doing, your comps will be off by one street. If you pick one side of street, you will have most comparable. If you pick the other side of street, you will have made a bad mistake. Census tract won't cover your azz.

Market Value definition is a very unique value definition and requires H&B use analysis.

 

[Zoe]

 

[Sadie]

It's not about the value - it's about getting free data gathering (form the appraiser ) for end use risk-related flood cert entry elevation ( so they can avoid paying for a survey)

I hope they're not relying on appraisers with Distos. Cause, I hate to break to them but some of us are lazy and will just eyeball it or make something up. And some of us will be diligent, but hit some weird thing sticking up from the ground and have a wildly inaccurate figure. Its a poor idea. OTOH, we as appraisers can band together and really mess up their data.

 

[OSU Beavers]

All of those new required data points, yet they ignore those that are important to buyers when deciding which neighborhoods to live or invest in. Number of homeless within 1000 feet of the subject, shootings or violent crime, presence of graffiti, chicken bones and empty Fireball bottles, multiple un-mowed or dead lawns, and number of abandoned junk cars on the street.

 

[Fernando]

So, you are saying that the designers of UAD 3.6 did what they said they were doing - providing structured data fields for information that needed to be there anyway.

GSE designed the new form to collect more data. Current UAD wasn't enough and needed more data for their computer models.
If GSEs really wanted a better form, they would have asked AI to improve the current 1004 and still keep it to two main pages.
The new form wasn't meant to be used for practical lending purposes but more for general public to understand the report with many many details of the property.
Some may look to the appraisal report as a substitute for a home inspection since appraisers will make comments on condition and observations.

 

[Surf Cat]

Some may look to the appraisal report as a substitute for a home inspection since appraisers will make comments on condition and observations.

Don't you make comments on condition or overall observations regarding the subject in your reports now?