ValueNet

[Eli]

Just watch your outstanding invoices closely. AMC’s will close doors before you can spit in a big downturn. They will have a recording on their phones or it will be disconnected.

 

[George Hatch]

I get what you are saying and that is true. I am just not sure the user side understands residential real estate and / or data based on ideas coming out of them. Software / reporting platform is definitely the best place to make across the board changes to product.

The other way it could happen - and probably the more likely way - is if the GSEs simply call out what kind of documentation they want. Then just step out of the way and let the market devise it's own solutions.

Luv it or hate it, that's what happened with the 1004mc. When Fannie released their form with the intention of making it a requirement in a couple months there wasn't a single analytical tool set up to handle the analysis. Appraisers were stressing out at the idea of having to run multiple searches with their MLS and doing the calculations by hand. But by the time the form requirement went live there were dozens of 1004MC tools in circulation, including some that were built by appraisers and openly distributed as freeware.

So on the basis of that experience I have complete confidence that if/when the forms and the report content requirements change the tech vendors will be completely capable of building and distributing those solutions.

 

[Joe Flacco]

The other way it could happen - and probably the more likely way - is if the GSEs simply call out what kind of documentation they want. Then just step out of the way and let the market devise it's own solutions.

Luv it or hate it, that's what happened with the 1004mc. When Fannie released their form with the intention of making it a requirement in a couple months there wasn't a single analytical tool set up to handle the analysis. Appraisers were stressing out at the idea of having to run multiple searches with their MLS and doing the calculations by hand. But by the time the form requirement went live there were dozens of 1004MC tools in circulation, including some that were built by appraisers and openly distributed as freeware.

So on the basis of that experience I have complete confidence that if/when the forms and the report content requirements change the tech vendors will be completely capable of building and distributing those solutions.

Can't do things like 1004MC. That was a complete failure in the context of what we are talking about. I mean it got everybody to fill out a form but as far as consistency in reporting or usefulness of the form or reporting, that was a complete failure.

What they need is ideas about what they want and then let people from the appraisal side tell them what to do. Appraisal side as in the people that use MLS and the data on a daily basis. Not AMC people looking at appraisals or commercial appraisers, not mathematicians or data scientists.

 

[George Hatch]

I'm not saying the MC was a success, I'm just pointing out the example that if they ask the question we will come up with a way to answer it.

As for what will be meaningful to a user, I don't know who better than the user to make that determination. It's true that we're not that enamored with the way the URAR is set up, but Fannie/Freddie obviously thought the content worked for them when produced to specs. They need more appraiser competency in the design of their formats to better enable the appraisers who are using them to hit those benchmarks more efficiently, but again (and AFAICT) this is more of an SR2 issue than an SR1 issue.

Look at the "complaint" Danny mentioned he's getting from the lenders. It's hard for the casual reader to distinguish which SR1 developments were done well vs which are done poorly without getting into the data on their own. Appraisers understand how to produce the appraisal report that will pass the checklist without raising any red flags. Appraisers understand how to act expediently in their SR2 reports, which is not the same thing as being SR1 competent in their analyses.

In my view that's not a development issue, it's a documentation issue. The reader can't tell what the appraiser actually did or didn't do by simply looking at the checklist-enabled report.

 

[Joe Flacco]

It's too bad Biggers sold Alamode. I would have liked to meet him one day.

 

[George Hatch]

If you think the appraisal business has a lot of dirty dealing we're amateurs compared to what has gone on between these appraisalware companies. That's a cutthroat business by comparison.

 

[djd09]

yeah great. Trim - Wood - Average. ugh really meaningful.

 

[George Hatch]

I should also mention that the primary barrier to success of the MC is the fact that it's hard to come up with an effective trend analysis when using really small datasets that vary as much in composition and distribution as we normally deal with in most of our assignments.

Basically the same barrier that undermines the effectiveness of using an RA on larger amounts of raw unqualified data.

 

[CANative]

Holly ****.

This is a real answer? Poor Appraisers.

Umm..Appraisers offer products. Not banks et al.

This is why you are all getting raped and happily. You sat on your lorels. [possibly sic]

Hahaha. You all are way too funny. Just zero business acumen.

A real appraiser sets SOW, products, advises their client what they need to complete the job-to-be-done.

You retards just bend over and accept whatever’s coming.

So funny. You all residential ppl that hold an Appraisers license, violate USPAP everyday by not setting the SOW, product etc.

Appraisers offer valuation services. Users call them "products."


If it were up to a vote, I'd vote you off this island for 30 days.

 

[George Hatch]

I don't think Addie has a very high opinion of us.