That’s very kind of you. Thank you.

Not a final push. I’m just catching my breath. Many of the things we need to do will never happen under any DEI driven administration.

Just reread that. Still an excellent analysis six years later. These are the final hours in the industry. One last push for a string of your articles? You have been among the best most informed writers the appraisal industry has known in recent history. Thank you.

This should not come as a surprise to anyone.

https://appraisersblogs.com/mismo-blueprint-2-eliminate-appraisers

However, today a friend of mine has a friend that was at a recent Fannie meeting where they directly said their goal is to have to get 90% less appraisals ASAP.

Where is the Fed, CFPB, Congress, OCC???

DAMN IF THIS MAKES ANY SENSE OR REASON AT ALL.
At least the you know who’s will go down TOO!!!

I havent done, and will not do work for Clear Crapital. Their past record among appraisers is not one that makes me willing to do business with them.

The best I can say about them is ‘at least they arent Clear Value’, though it is so hard to tell them apart based on reputations.

Clear Capital, a national real estate valuation technology company, today announced it has completed the acquisition of CubiCasa, a Finland-based proptech startup.
– https://www.clearcapital.com/clear-capital-completes-acquisition-of-cubicasa/

And I can tell you with 100% certainty, although they got “acquired” by a US company, the images CubiCasa is using for their AI models are DEFINITELY NOT in the USA.

Lindsey if we write MAYBE they will respond thoughtfully or consider our concerns.

Maybe they wont.

One thing is absolutely certain though. If we dont tell them there is a problem we are concerned about, they cant know we want their help on it.

It’s really cute you have hope on our government. Ain’t gonna happen though. Our government is more worthless than tits on a bull. I know, I worked for Social Security. Boy do they waste money!

So, send this to your congress Rep and Senator.

I am really wondering of there is some sort of Disclosure that is being provided to the consumer that their personal photos are going to be fed into this AI and shared with who knows who? I am often asked who will see these photos? I feel like WE as appraisers need to disclose that we have ZERO control over where their personal photos are ending up. – I have been thinking about how to word another disclaimer in my reports on this topic. If it was me I would certainly want to OPT OUT of “them” sharing my personal photos – if that is even possible?

Exactly!

The GSE boilerplate unlimited reliance statements do NOT constitute a permission by the property owner or borrower to use data in an appraisal PAID FOR BY THE BORROWER for other unintended purposes.

Then there is the issue of privacy itself. I can legally take pictures from the street if a comp. What I can NEVER do without permission is to attempt to photograph a property interior.

So FNMA is bench testing a process in which they violate property owner privacy rights in all 50 states?

One where they misrepresent the purpose and scope of the appraisal to the borrowers or owners?

Its time to shut FNMA down. FHA; VA and even Freddie Mac can fill that void. At least until Freddie adopts the same insanely dishonest policies.

Yet FHFA remains silent.

I don’t suppose you have a link for this – sorry, I’m not in my office, but would be happy to forward this to anyone who will listen.

First of all it was a necessary evil for the time it was implemented. It wasn’t to reinvent the entire appraisal industry. It was a logical conclusion it was the Biden administration given the false racist appraiser narrative being pushed to in fact reinvent the valuation industry by eliminate appraisers for mortgage transactions. And, I may add, this is not intended to be political. Only the facts and that is not political just the root cause of why we are all complaining on this blog.

umm The ” BIDEN ” administration is pushing ? come on the desk top appraisals was conceived under the Trump administration during COVID. Why get pollical?

The ending to that document was almost perfect. So very well suited for what appraisers are dealing with today. Be sure to read that on page 138 right before the Glossary.

Someone should tell HUD, Brookings, FHFA, PAVE, and everyone whom agreed with them… They’ve created far more risk then benefit with their attack on the appraisal industry. Monetizing the CU databases image repository will not offset the losses.

And that my friend is what I’m going to do right now. A fine cigar and glass of iced down bourbon on my front porch. Waiting for the crickets to wake up.

Great points PD. To understand where we are now, perspective on the past may be helpful. I remember reading this 150 pg well researched report several years after I first started as an appraiser. ‘Guaranteed to fail. Fannie, Freddie, the debacle of mortgage finance.’ Research keywords: Fannie wind down.

This was a highly illuminating and educational read. Reasons why for the past decade and longer many appraisers refused to engage in cost cutting, outsourcing, focusing on liability protection rather than volume. Because one day not too far into the future, the system could once again buckle under it’s own weight. Despite the complexity of the subject matter, an appraisers take away is relatively simple; We’re on our own. The system is not designed around studious risk management.

One could write an entirely new book on the parallels from then to now, detailing the myriad of work arounds to capitalization, management, accountability, the political nature of the systems. Finish with the death blow to entire generations of youth whom languish in the age of artificially propped markets which never end. The below is a great educational tool on GSE structure and management to better understand what is happening today. History repeats.

The miracles of fractional reserve lending. Now with a myriad of more advanced technical systems, even more derivatives, and new new new work arounds to artificially prop markets and conceal risk exposure. A key element of the emerging systems functionality is to remove the human element. Like moths to a flame the people came back, willing to believe.

Current status of the plunge protection team; Tap dancing on a bubble. Cigar and whiskey in hand.

https://files.stlouisfed.org/files/htdocs/conferences/gse/White.pdf