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August 2023 » thefivestar.com 47 August 2023 E X P E R T I N S I G H T S It's used to understand real estate market trends and dynamics on a micro and macro level, which can be helpful for making strat- egy planning, policymaking, and investment decisions. And financial institutions and third-party vendors can leverage UAD data to develop proprietary models for property values and loan pricing. Q: What type of data is collected by property inspectors for valuations? Inspectors are able to collect a wide range of information that is important to the appraiser's valuation. For example, they can provide a floor plan to help identify func- tional concerns related to the interior layout of the dwelling. The floor plan breaks down each level of the structure while indicating the interior walls, staircases, and flow of rooms. The digital floor plan is also used to help understand the structure's gross living area. The inspectors also report the quality and condition of the dwelling's interior and exterior for updates/damages, identify any marketability or location issues, and provide photos of all rooms from multiple angles. Inspectors can capture virtually everything about the current condition of the property, including details about finishes, the type of flooring, the condition of the walls and windows, and any unique features. All of this data can then be relayed back to the apprais- er to form an accurate and comprehensive valuation of the property, often in a much faster timeframe than a full-scale appraisal. Q: How do you think the appraisal process might evolve over time? As technology improves, one likely pos- sibility is that artificial intelligence (AI) will be utilized to analyze data stored from the subject property as well as local neighborhood data and specific street metrics in order to come up with valuations. As we accumulate more and more data about properties, neighborhoods, and markets, AI also has the potential to play a transformative role in how we analyze and forecast housing market trends. However, it's important to note that even the most powerful technologies are still only tools. Human expertise will always be critical in the appraisal process to ensure every valu- ation makes sense and meets the needs of all parties involved. Subscribe to MortgagePoint and MortgagePoint Digital now! Call 800.856.8060 to take advantage of our special introductory offer! Experts you trust. People you know. News you want. MortgagePoint is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MortgagePoint Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MortgagePoint believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Magazine Brought to you by & Julia R. Gordon, Assistant Secretary for Housing and Federal Housing Commissioner of HUD, speaks to MortgagePoint about recent changes such as FHA's mortgage insurance premium reductions, an ongoing commitment to improving IT infrastructure, and how the arc of her career brought her to her current role. INAUGURAL ISSUE Closing the Homeownership Gap Y O U R T R U S T E D S O U R C E F O R M O R T G A G E B A N K I N G A N D S E R V I C I N G N E W S In this Issue OPPORTUNITY IS HIDING IN PLAIN SIGHT THE INDUSTRY'S FUTURE IS BEING WRITTEN TODAY SURVEYING TODAY'S LENDING LANDSCAPE THE POINT: Fannie Mae's Malloy Evans discusses how lessons learned from the 2008 housing crisis are being applied today toward the GSE's goal of keeping more Americans in their homes.