UAD 3.6 floorplan required?

[J Grant]

I see the future of a res appraiser being multi licensed. In NC you can be an appraiser, a home inspector and a re broker AND a pdr dude.

4 potential income streams is better than just one

Imo, appraising might work part-time for retired or semi-retired. For anyone else, why bother if you can not make enough full-time income from it? Do something else.
PDC collection pays too low to count except as a side gig. And even there, it's questionable.

RE sales is extremely competitive and requires an extrovert sales personality ( which most applicants lack.) Appraisal and home inspection are the best match - . Multiple licenses cost a fortune to maintain and time every two years, taking mandatory CE, plus a part-time employee is competing against full-time employees, who are better positioned to get and maintain business.

 

[NC Appraising]

The property data collectors are undoubtedly able to determine if a floor plan has a functional issue. You guys should just stick to signing the reports and making sure your E & O policy is up to date.

It's not for them to determine.

It's for you since you did not inspect the property.

Examples, sqft over attached garage, but cannot be accessed via the main dwelling.

Or

The bonus room that can only be accessed by going through the bedroom

That's why they are requiring floor plans
..they don't have the experience to spot functional issues and without a floor plan
1. it becomes a he said she said...
2. Functional obsolescence would be harder to spot

 

[Carnivore]

I knew the negative nancy's would cCome along and comment. That's ok. I already know the in's and out's pro's and con's

 

[Carnivore]

It's all about Risk Assessment . Credit is king Collateral is 2nd fiddle

 

[Bobby Bucks]

It's not for them to determine.

It's for you since you did not inspect the property.

Examples, sqft over attached garage, but cannot be accessed via the main dwelling.

Or

The bonus room that can only be accessed by going through the bedroom

That's why they are requiring floor plans
..they don't have the experience to spot functional issues and without a floor plan
1. it becomes a he said she said...
2. Functional obsolescence would be harder to spot

I forget the sarcasm emoticon for that post. I can't wait to see a DPC floor plan of a 100 year old farm house of 4,000 SF which was originally 1,000 SF.

 

[NC Appraising]

I forget the sarcasm emoticon for that post. I can't wait to see a DPC floor plan of a 100 year old farm house of 4,000 SF which was originally 1,000 SF.

I never know with you....lol

 

[Carnivore]

The GSE's have expanded what they will or will not securitize.
The GSE are using AI. Not sure how they are using it. I wonder how they are dealing with the paragraph below:


AI’s promise hinges on two fault lines: hallucination and alignment. The former invents facts with the confidence of a press secretary on deadline; the latter misreads intent like a diplomat mistaking choreography for consensus. Until we tame both, we’re not building intelligence—we’re rehearsing illusion.”

 

[Essexfenwick]

I already said that in posts above, and Bobby Bucks agreed - if they start using more and more PDC collectors and making appraisers use software instead of developing skills to extract adjustments and analyze a market, they will lose the benchmark of expertise to even review the results and see when things are off.

AI does use tremendous electricity, and it can not just "do" an appraisal - even if it can replace certain appraisal functions or augment them, AI will always need human oversight -it learns from humans and already is learning how to lie and deceive - the potential for skewed results and fraud is tremendous.

There is no added profit to lenders by fast or cheap valuations - the lender does not pay for the appraisal ( the consumer does), and if it goes faster, so what - the lenders will not make any more money because the volume of loans is a finite amount. Boorowers are not going to run out and spend hundreds of thousands to buy a house just because a valuation is cheap and done in a day..

I think the endgame is for speed and initially savings. They really want a credit card speed for mortgage origination. LOs are totally toast as well. AI can ask the right questions and organize the loan 24-7 365 for free.

For appraisal all AI needs is the data. When MLS services consolidated and erased regional protected markets I knew we were on borrowed time. Values could be a range and macro lending and AI determine how the borrower and property fit the macro risk profile.



May still need appraisers for legal work and hard money loans. For those an MAI or SRA will be valuable.

 

[TC]

I forget the sarcasm emoticon for that post. I can't wait to see a DPC floor plan of a 100 year old farm house of 4,000 SF which was originally 1,000 SF.

I spent an hour measuring that one.

 

[J Grant]

I think the endgame is for speed and initially savings. They really want a credit card speed for mortgage origination. LOs are totally toast as well. AI can ask the right questions and organize the loan 24-7 365 for free.

For appraisal all AI needs is the data. When MLS services consolidated and erased regional protected markets I knew we were on borrowed time. Values could be a range and macro lending and AI determine how the borrower and property fit the macro risk profile.



May still need appraisers for legal work and hard money loans. For those an MAI or SRA will be valuable.

This is your opinion.
You way overestimate, in my opinion, what AI is capable of, or at least capable of in the near future . Speed has to be tempered with the time needed to vet borrowers and properties—these loans are hundreds of thousands of dollars each and backed by US taxpayers. It is not ordering sneakers on Amazon.