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How AI will transform the mortgage and appraisal industries

Housing Wire

Every business is on the brink of significant transformation driven by the potential of Artificial Intelligence (AI) and workflow automation, and the mortgage industry is no exception. HousingWire spoke with Gareth Borcherds , managing director at Ascent Software Group about how AI is speeding up processes in the mortgage industry.

Appraisal 396
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How data and technology can combat appraisal bias

Housing Wire

We often hear the statistic that the average appraiser is a 57-year-old white male. To break into appraising, you need to essentially apprentice with an existing appraiser, and for them to spend that much time training you often requires them to already have a close relationship with you.

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Overcoming 2023’s biggest appraisal challenges

Housing Wire

The GSEs have looked at the demand side and tried to reduce the number of mortgages that require a full appraisal or require an appraisal that takes less time from the appraiser. HW: What are the biggest appraisal challenges you foresee in the coming year, and how can they be mitigated?

Appraisal 355
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Fannie Mae: Appraisals are no longer the default option

Housing Wire

“The process encourages the use of emerging technologies to capture property information, imagery, and floor plans.” I think that not only drives this program, but paves the way for a better appraisal process when an appraisal is needed.” The whole home has to be scanned to produce a digital floorplan.”

Appraisal 458
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Clear Capital acquires Finnish digital floor plan firm

Housing Wire

The two are well acquainted – Clear Capital already utilized CubiCasa’s digital gross living area technology. The partnership will allow CubiCasa’s automated floor plan sketching technology to integrate with Clear Capital’s ClearInsight Platform, a mobile property data collection application.

Valuation 356
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From Forms to Reports: A Look at the UAD Overhaul

Appraisal Buzz

By now, most appraisers are aware that Fannie Mae and Freddie Mac (GSEs) have embarked on a complete overhaul of the Uniform Appraisal Dataset (UAD). These codes, or language, make sense to appraisers but confuse uninitiated readers of our reports. It all starts with the standard appraisal forms used in the mortgage process.

Appraisal 397
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Fannie Mae approves six vendors for controversial new valuation initiative

Housing Wire

Those options include value acceptance – formerly known as appraisal waivers – as well as “value acceptance plus property data and hybrid appraisals.” Our appraisal, property inspection, title and closing technologies are designed to plug into any digital platform.”

Valuation 384