Tagged: photos

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...

Appraisal / Appraisal News / Appraisal Technology / Appraisers News / Trending / Valuation Technology

Fannie, Freddie's Offshore Gambit Imperils Privacy of Millions 37

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...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Fannie & Freddie's AI Appraisal Photo Recognition 46

Fannie & Freddie’s AI Appraisal Photo Recognition

A colleague recently shared an important heads up regarding Fannie Mae and Freddie Mac’s plans to implement photo recognition AI to analyze appraisal photos. This technology can scan a single photo and extract over 100 data points related to quality, condition, and repairs. For example, it can identify flooring types, appliance models, and even assess light levels in a room. Later this year, the GSEs plan to run all appraisal reports through this AI and cross-check the appraiser’s stated quality and condition ratings. If the AI’s analysis differs significantly from the appraiser’s, it will automatically generate a complaint letter to...

Appraisal / Appraisal News / Appraisal Technology / Appraisers News / Fannie Mae - Freddie Mac / Trending

Agent Management Company 10

Agent Management Company, a Familiar Ring

We will call it “AGENT MANAGEMENT COMPANY”. We will ensure that the use of runners is prohibited…  Public trust. It’s a real thing. It appears that this recent lawsuit that the NAR LOST has exposed antitrust, collusion and price fixing between agents. I am thinking about creating a new AMC. We will call it an “AGENT MANAGEMENT COMPANY”. We will create a buffer per say between the buyers agent and the sellers agent thereby protecting the buyer and seller. We will have a roster of approved agents nationwide. They will be thoroughly vetted. Routinely background checked. Ensure they are fully...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / NAR

Fannie Mae Filed a Complaint Against Me 39

Fannie Mae Filed a Complaint Against Me

An appraiser shared the following with us which was posted on one of the appraisers’ groups. Fannie Mae filed a complaint against me with my state appraisal board. Here’s what happened. The Report In June of 2021, I completed an appraisal for a conventional purchase. The appraisal was ordered by an AMC on behalf of a lender. At that time, the real estate market was still being wildly affected by the COVID pandemic. Remote work was in full swing, and consumers were desperately seeking to get out of the cities. Prices for all types of residential properties were rising rapidly,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Collateral Underwriter

Mortgage Application Volume Nearing Historic Low 32

Mortgage Application Volume Nearing Historic Low

Appraisers, I’m almost reluctant to distribute this article, but the reality is what it is. Per the Mortgage Bankers Association (MBA), the loan application volume is at another low point in our history. The article in Mortgage News Daily titled “Mortgage Application Volume at Lowest Levels Since 1996” in this link provides context. For a related perspective, the article contains a graph, which can be expanded to show mortgage rates and application volume for decades. The brown line in the graph shows 30 year mortgage rates – since early 1971. The light blue indicates the loan application volume, which corresponds...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

And Why Is the Second Appraisal Always the “Correct Value?” 19

And Why Is the Second Appraisal Always the “Correct Value?”

On Friday morning, May 19, I was one of five expert witnesses (and the only as an appraiser) to testify on the topic of appraisal bias in front of the Appraisal Subcommittee (ASC). During the first hour of testimony, our fourth grandchild was born. My wife was in the audience and stepped out of the hearing (the nerve!) to take the call from my oldest son on the news of our new granddaughter. The Appraisal Subcommittee (ASC) held a second hearing on challenges facing the appraisal industry, including barriers to entering the profession and racial bias in home appraisals. The...

Appraisal / Snippets / Trending

Marin City Discrimination Case Settled 30

Marin City Discrimination Case Settled

It’s unfortunate that this case was SETTLED in the way it was, because in reality, nothing about racial discrimination and disparate treatment was actually proven at a full trial…  The first case that’s been adjudicated claiming appraiser discrimination has been SETTLED by the defendant appraiser and the plaintiffs, with the judge “dismissing all claims with prejudice”, meaning it cannot be re-opened by the plaintiffs, but it can be appealed to a higher court by the defendant. From what I know, this case never went to a full trial. Motions were only presented to the presiding judge, who made this ruling....

Appraisal / Appraisal News / Appraisers News / Trending

The Real Cause of the Home Value Gap Is the Income Gap 77

The Real Cause of the Home Value Gap Is the Income Gap

Blaming appraisers for the income gap will never solve the real underlying problem… Blaming appraisers for the income gap is as ridiculous as blaming appraisers for gun violence and gas prices. I watched the January 24, 2023 ASC Appraisal Bias hearing. Comments were requested after the hearing. This letter is my comment. I’ve been a real estate appraiser in Los Angeles, California for 40 years. I’ve been a licensed California Certified Residential Appraiser since licenses were first offered in 1993/1994. I’m a Latino woman who speaks English and Spanish. I appraise property in the diverse county of Los Angeles and...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

House Measurement by Property Data Collector Gone Wrong 142

House Measurement by Property Data Collector Gone Wrong

The lender allowed an unlicensed property data collector give bad data to the appraiser… I work for this lender and they will not let my trainee inspect. The owners are now underwater by more than $100,000…  I’m sad and I’m mad! I recently took on a measure job for a client who was questioning the square footage of their home. The couple bought the house at the height of the market last year. They paid 12% over list price to get the house. They put an appraisal waiver in the contract which meant they could not walk away if the...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

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