. . . But what can UAD software not do?
Worth a look. Whatever the software cannot do, an appraiser (or someone else) must do!
UAD is “Uniform Appraisal Dataset.” Data set. Not analysis set . . .
It appears that (with minor exceptions), appraisers are expected to continue with the un-modernized, legacy appraisal process: 1) pick comps; 2) make adjustments.
My current impression of the several for-profit providers of appraiser software for the new URAR – is simple: They provide a practical way to provide data-entry. Today’s software does provide some efficiencies and advantages. The data entry can be:
- Manual type-in or talk-in;
- Pick list selection;
- Automated.
Automation does present itself in subject property inspection, as well as perhaps some comparable scoring from photos and overhead imagery. Downloads from internet data sources are easy now.
Also, prior/historical information is to become publicly available, regardless of general confidentiality concepts. Artificial Intelligence (AI) will soon emplace and fill in data fields.
Simply put, technology and data standardization (MISMO and the UAD URAR) streamlines and automates data collection and entry into a database.
So what does the UAD 3.6 not do? What can it not do?
It cannot do analysis. Computers can run algorithms. Models require judgment.
A basic premise of data science (with or without AI) is that expert judgment and modeling expertise is necessary along with math and statistics. Data does not become useful information until analysis is applied. UAD 3.6 is a data standard. The new URAR is a method to build a data base. Put numbers into boxes (values into variables). It does not do analysis. It is not a model!
UAD software can do algorithms. It cannot magically decide which algorithm to run. This must be done by an appraiser, or a programmer, or any human (or substitute human – AI). But even AI is the reflection of prior human decisions.
UAD 3.6 (for-a -fee) appraiser software does provide some algorithms. And even graphs. And maps. But those algorithms and graphs and pictures and maps require decisions by the expert, the analyst. Someone has to make the modeling decisions. The appraiser must understand and select the model.
The user-created data-collect-and-report URAR 3.6 form cannot and should not perform pre-selected algorithms. Third-party data entry software can assist in appraisal analysis. However . . . It is the analyst/appraiser who must make decisions and judgments. An opinion, not a mathematical end!
Appraisers must be competent in today’s data-centric methods. UAD 3.6 does not do judgment.