Tagged: artificial intelligence

Automatic Review of Photos in Appraisal Reports 22

Automatic Review of Photos in Appraisal Reports

It means the statements in your appraisal reports about the actual component material, and its quality and current condition, can be challenged by computer software.  Folks, this news release (below) was in several publications on Wed, June 19, 2024. These kinds of releases are mostly factual, but are often embellished to present a particular ‘owner’ point of view to influence opinion about products. I remember listening to Jeff Bradford many years ago who discussed the early stage process to electronically review photos. He said it was pretty difficult then. But that was before we began hearing about “A.I.” – artificial...

Fannie, Freddie's Offshore Gambit Imperils Privacy of Millions 34

Fannie, Freddie’s Offshore Gambit Imperils Privacy of Millions

The offshore firm will data-mine millions of images showing the personal spaces of U.S. homeowners and tenants.  Fearing the Chinese government could access sensitive user data through the video app TikTok, House lawmakers passed a bill last month that would ban the app if it isn’t sold to new owners. But a greater peril looms. Mortgage giants Fannie Mae and Freddie Mac are reportedly “bench-testing” an arrangement with a foreign AI firm in which the offshore firm will data-mine millions of images showing the personal spaces of U.S. homeowners and tenants. If your home was appraised for a refinance or...

AI to Counter the Flawed Appraiser Bias Narrative 26

AI to Counter Flawed Appraiser Bias Narrative

In reality, appraisers have a great story to tell, but we have a long way to go to refocus the terribly flawed “appraiser bias” narrative onto facts and science.  Last week’s email from Cindy Chance, the CEO of the Appraisal Institute, marks an important and long overdue shift in the organization’s approach to addressing accusations of bias in the appraisal profession. For too long, appraisers have faced sweeping claims that their valuations are biased against certain groups, despite appraisers’ ethical standards, rigorous training, and lack of financial stake in transactions. As Chance acknowledges, the Institute should have done more to...

ChatGPT Appraisal Error Sparks Ethics Debate 40

ChatGPT Appraisal Error Sparks Ethics Debate

A recent post by an appraiser trainee on an online forum described a troubling situation involving the use of ChatGPT to generate content for an appraisal report. The trainee admitted to using ChatGPT to write a market summary section without properly reviewing it first. This resulted in factual inaccuracies making it into the final report delivered to the client. Upon discovering this, the client, a local bank, threatened to file a complaint against the trainee. The trainee is now considering falsely claiming to have personally written the problematic section in an attempt to avoid consequences. “Hey everyone, I recently used...

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