Fraud is at record high levels, and so are notices of election and demand.

‘Appraisal modernization.’

Everyone jumping on board with AI llm systems is certainly not helping. But that’s one of the primary points of these systems, to obscure and diminish the voices of human intelligence which seeks corrective measures and accountability against these central systems. I think it’s safe to say that collectively, we’ve lost all control.

How many appraisers out there do you imagine are using AI to complete their CE as well as writing most of their report content and doing most of the research? Probably quite a few.

Re-read words like “Harmonize” which I think is a technical term for hoodwink the voters. The 222 page proposal literally strips away every single protection consumers have won over the past 50+ years. You got further than I did. I gave up at page 77 (I actually have work to do today – lots). Just the first 25 pages is enough to tell it is pure garbage!

This is the worst proposal to strip away so many consumer protections in one fell swoop EVER! I think they are draining the swamp so they can replace it with effluent direct from the congressional toilets.

My favorite line was that they want to give financials institutions more room ‘…to experiment with safe new procedures…’ which is WHY we had to pass regulations in the first place!

I haven’t been able to login to AF. Not sure if I’m blocked or what.

Needs to go viral. Please post a link on the AF for us would you please. An organized letter writing campaign? This website has 4+ rich years of disclosure, send them here.

This has been flying under the radar for 10 years, which is why we’ve all struggled for work despite upturns in lending volume. Re; Yesterdays article and all the privately submitted letters regarding commercial work and proposed hybrid regulation. They came out of the woodwork to object. To our surprise, confirmed by those article inclusions and this report, lenders have been gearing up for hybrids and testing them out in volume for a very long time now. Appraisers have been doing them by the millions.

They give token credit that the appraiser is the best person for the job of value analysis and then propose credits based avenues to licensing, simultaneously proposing a business model where fewer than 1/10th of the appraisers are needed to actually do the job. The lenders are likely to be most appreciative of having complete internal control over the valuation process without interference from this annoying vast network of independent state licensed appraisers. They’ll increase volume, consumer capture rate, and they’ll zip through these mortgage financing products before consumers have the necessary time to make sound financial decisions for themselves. One button mortgage. Already done.

Appraisers already ruined their own see addenda credibility with all this outsourced typing and inspection runner nonsense. Appraisers at large asked for a more automated climate by way of their weak standards in report development and over emphasis on quick easy automated approaches rather than holding to a more traditional labor intensive logical effort. Art not a science. The 48 hour turn time finally came home to roost.

Pg 90 and beyond are where it gets good from an appraisers perspective. We’ll just sweep the MERS clouded title issue under the rug, place emphasis on consumer savings, make sweeping assumptions about the credibility of hybrids based on the lenders benefit, and claim that because a portion of poorly informed millennial and older consumers want fast and easy, that traditional checks and balances systems are a thing of the past. Trust us, we’re here on behalf of consumers best interests.

I agree 100% Chris. I think this will be short lived

wait for the homeowner who just did a refinance that’s given $60, 000 more than he should have he then turns around figures it out and says I’m out of here.

how long do you actually think that this nonsense is going to last before somebody says we really need to go back to using live people again.

Didn’t you read. “Property appraisal practices were criticized in connection with the housing bubble and subsequent collapse in home prices.” We appraiser’s were the cause of the housing & banking meltdown. Not the banks, Not loan officers, Not no doc loans, Not toxic MBS, Not Moody’s and Standard &Poor’s fake credit ratings….. Remember. So eliminate the appraisal process and all will be well.

Well no sh**t

This could put us out of business