Survey Says… Bifurcation is a DUD!
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- Bias in Automated Valuation Models - February 28, 2022
“It’s a dud” is the unofficial results on bifurcated appraisals from the OREP / WorkingRE Magazine Appraisal Bifurcation Survey in the print edition of Working RE Magazine that is hitting your mailbox now, an overwhelming majority of appraisers want nothing to do with these products. Less than 10% of the respondents stated they were open to bifurcation products as the appraiser and only slightly more, 13.64% were open to data collection assignments. Fees, liability and a detriment to the profession were the main reasons appraisers will not consider only the data collection assignments.
The survey is still ongoing, but with over 4,000 responses thus far there is enough data to determine a definite pattern. Additionally, nearly 2,000 comments by appraisers were received.
The commentary overwhelmingly suggests that appraisers believe that the bifurcation model and the use of unlicensed, untrained and unaccountable contractors for key elements of collateral assessment will adversely affect the health and welfare of the housing finance system, increase their own liability and damage the public trust
To take the survey, click here.
To read the comments, click here.