Radian Ending Traditional Appraisals
In the news release, Radian, an AMC licensed in most US States says they will help their clients ‘transition’ away from traditional appraisals…
This news release was circulated yesterday, October 29, 2020, by the Radian Group Inc.
Radian Group (NYSE:RDN) will wind down its traditional appraisal business, which offers residential real estate appraisal services through a panel of independent contractor appraisers, to focus on core mortgage and real estate businesses driven by digital products and services.
This news is so fresh that their very attractively designed web site and associated pages still glowingly highlight how wonderful their ‘traditional appraisals’ are… at least as of about 8:30 pm PT on Oct. 29th when I checked it.
Per the news release, Radian apparently believes using their ‘digital business strategy’ is the wave of the future, and can produce property valuations equal to or better than having an actual breathing appraiser evaluate and report on properties on-site, in person. Radian appears to be embracing the “hybrid” appraisal model, based on what I read on their web site pages.
Radian is also an AMC licensed in most US States. But the news release says they will help their clients ‘transition’ away from traditional appraisals.
Looks like we might have to start up a famous ‘funding donation’ page and have currently working appraisers send bucks to be distributed to appraisers losing their livelihood… at least with this company.
Dave Towne on e-AppraisersDirectory.com
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“Radian apparently believes using their ‘digital business strategy’ is the wave of the future, and can produce property valuations equal to or better than having an actual breathing appraiser evaluate and report on properties on-site, in person. Radian appears to be embracing the “hybrid” appraisal model, based on what I read on their web site pages.”
[KEY WORDS; EQUAL OR BETTER]
The consumer wants answers, but I believe it is a BIG MISTAKE to believe blindly in something just because somebody “says so” and with a complete absence of factual, verifiable data.
So, when (not if) these properties go into bankruptcy are they going to use the same model to figure out the value for the properties then? I don’t think so and I’d start updating your attorney client list because surely they will be going after this AMC.
Get ready for foreclosure work !!!
If anyone has worked for this crooked company, make sure to get paid now.
AVM is not a foe of appraisers, rather it should be used by valuation professional – appraisers – to help them do their work faster, more efficiently and with more information. Gives us more time to do what we love, appraise, compare, be real estate economists, consult.
Technology is not the enemy; do appraisers have to figure out what changes and how to work with it, you bet, does that mean it will destroy the profession? – No!
Ultimately, taking a human out of the equation will fail. We’re not there yet, and even when the AVM is somewhere reliable you run into all the sorts of problems that an AVM cannot account for. Critical thinking….hand holding, flushing out details. Everything is always exactly what the bank tells us right……If my experience is worth anything, for the most part you have unqualified individuals on the other end of these bank requests, the f$#% up the details, they have a poor understanding of appraisal among other things.
It will go bad, and when things crash as I’m confident they will they can go after the AMCs relying on faulty AVMs. You’ll always need a human appraiser until properties are not bought and sold by humans. The amount of hand holding I do on any given day makes me confident. Adapt, it will be ok, but you have to adapt and find out how to use new technology to your advantage.
There must be something in the air, I saw valbridge offering free evaluations (ValNow). Go to their website, see what your property is worth, like the answer get an appraisal….yea cause that’s going to end well. It’s a lawsuit waiting to happen.
The reo asset manager servicer wants to skip the human appraisal… It appears they’re also into managing rentals, city projects, other lending services… Sounds like they’re trying to be the new ocwen. This is yet another in a long line of them, with hopeful dreams and aspirations. They’re going to run into a problem when they actually try to run ‘appraiser reconciled bpo’s’. When are these companies going to learn that attempting to reform the appraisal industry destroys their credibility, rather than helping it?
[“They’re going to run into a problem when they actually try to run ‘appraiser reconciled bpo’s’. When are these companies going to learn that attempting to reform the appraisal industry destroys their credibility, rather than helping it?”] (Mr. B.)
Along those lines
https://www.cnn.com/2020/10/29/business/economy-gdp-jobs-covid/index.html
America just posted a record GDP growth rate. Now brace for the slowdown
Come on y’all, whatever could go wrong?
Just trust Big Brother.
All will be well
Right on! Junk in Junk out what could go wrong. lol
Never heard of Radian.
They were Independent Settlement Solutions until 2020. Primarily REO and reviews.
ARBPO. Appraiser reconciled broker price opinion…
That’s like a peanut butter honey ham and pastry tortilla. The approach simply does not make sense. Price is not the same thing as value. The broker represents best interest of his client while the appraiser is the only non biased non advocate. They don’t mix like that. “The appraiser reconciles the price estimate.” So where does the ‘value’ come in? This is what happens when non qualified people are tasked with structuring something they know nothing about. And yes, hybrids only. That was a waste of time.
https://videos.radian.com/watch/m4JXxAiAKzdEUMQBrU5DtG?
Who the hell is Radiator
Are they in bed with classless??
Radian is the proper spelling. Per above poster, used to be called independent settlement solutions if that’s accurate. They had an appraisal buzz need appraisers solicitation from 05-22. I don’t know. They could work if you like remote hybrid. I can’t get my mind around it. Tech focused company, not an amc but similar as they’re a hub for default management. I want off the desk and back in the field though, or a real job and real benefits.