Background / Industry Vetting
CubiCasa’s Digital GLA product is aligned to the same ANSI standards required by both Fannie Mae and Freddie Mac. It is being widely used in Property Data Collections, Hybrid Appraisals, Desktop Appraisals and Traditional Appraisals that are part of loans being actively purchased by both GSEs.
In 2021, CubiCasa’s GLA accuracy was reviewed by both GSEs and approved for use in their appraisal modernization programs.
Since then, CubiCasa has been used hundreds of thousands of times on Property Data Collections that are continually reviewed by the GSEs, Lenders, AMCs and individual appraisers who rely on the results.
Broader Discussion of GLA Accuracy in Valuation
First, it’s important to recognize that the traditional methods of GLA calculation are not perfectly reliable or consistent. Hand-drawn sketching methods – even from a highly trained appraiser – can be impacted by human error, and inconsistencies in process or standards from appraiser to appraiser and market to market.
To quantify this phenomenon, Clear Capital identified recent properties where it had performed two different appraisals on a home within one year of each other, by two different appraisers. We can then compare the variation in GLA between the two appraisers.
As you can see, there is a ~4% difference in GLA between two appraisers, and almost 5% of properties ended up with two different GLAs that were more than 15% apart. With this in mind, let’s take a look at CubiCasa’s reliability.
Next: Measuring CubiCasa Reliability
Determining how reliable a data source is for measurements comes down to two primary factors:
- Ground Truth Reliability. How close to “ground truth” is it?
- Consistency. How consistent is it from property to property?
Below are internal CubiCasa studies performed in 2021 that measure these factors. These findings have previously been shared with Fannie Mae and Freddie Mac.
Ground Truth Reliability Testing
On a sample of 55 properties, a trained Clear Capital Property Data Collector measured and sketched a home using traditional hand-drawn methods and performed a CubiCasa scan on the same property.
Goal: Ensure that CubiCasa’s calculations closely mirror those produced using traditional measuring methods.
Consistency Testing
On a sample of 50 properties, two different untrained individuals scanned the same property using CubiCasa. Prior to this test, the participants had never used CubiCasa.
Goal: Ensure that the results are relatively consistent from a CubiCasa scan, no matter who is performing the task.
The results from these studies imply that CubiCasa is superior to traditional appraisal methods with respect to reliability and internal consistency.
When the GLA output from a Digital Floor Plan solution like CubiCasa’s differs from some other source – such as a Prior Appraisal, Public Records or MLS – it’s important to review those cases in detail to identify where the differences stem from, and determine which source appears more credible and reliable, given the information available. We provide in-depth calculation details in the Digital GLA product to ensure our users can perform that level of assessment when needed. Many of those other sources of data will not offer the same level of auditability.
This is not to say that CubiCasa will always be perfectly correct; nor should we expect that from any source of GLA, as evidenced by the variances seen when two appraisers calculate GLA on the same property.
The most important thing is that we deliver a reliable and consistently-calculated result, and it’s clear from the studies above that this is the case with CubiCasa.
Appraiser Testimonials
I’ve been using CubiCasa for nearly two years now. I have found its measurements to be highly accurate and reliable. Occasionally, I double check measurements it takes. When doing so, I’ve found the measurements to be accurate. Its floor plans are professional looking and have added to the quality of my appraisal reports. My clients have expressed their appreciation for the quality of the floor plans! I’ve found the scanning to be very easy to use and a big-time saver. I appreciate the quick edit function that allows me to customize room labels and other aspects of the floor plan including the classification of different rooms and levels. I rarely have any issues. The few times I needed help with customer service, they are always quick to respond and have always helped resolve my issues in a positive and professional manner. CubiCasa has changed the way I perform my inspections. I highly recommend my fellow appraisers give it a try. I think you’ll be hooked!
Jamie Owen, Aspen Appraisal Services
To say that using CubiCasa has changed my appraisal business would be an understatement. I have found that inspections take 1/3 of the regular time due to the scanning software, which allows me to have a much greater weekly appraisal output. More importantly, I have found that the accuracy of the software is above and beyond what an appraiser can accomplish with a tape measure and/or hand held laser device, especially if a home is complicated with angles and open areas, etc.
I can be assured that my sketches are ANSI compliant and accurate as well as looking very professional, especially with interior walls and dimensions being provided. Honestly, I would never go back to the old fashion way of measuring which I had done for 37 years prior to using CubiCasa.
James Michael Green, Lake Norman Appraisal Company
It’s hard to believe that it has been 3 years since my very first CubiCasa Scan. The ways in which this one little app has changed my daily work life are innumerable. It was the impetus for me going completely digital, a feat I could not have imagined at the time. I now show up to inspections with just a phone and I am typically in and out of a standard property in less than 15 minutes. No more clipboard, pen, measuring wheel or laser to juggle. I have the confidence that the property measurements are being completed in alignment with ANSI standards and that within 24 hours the finished product will arrive in my inbox. The received scans are able to be edited and tailored to my client’s needs, and then easily imported into my reports. There is a friendly support staff available 24 hours if needed. Oh, and did I mention the cool factor? I 100% recommend this product to any appraiser looking to increase productivity and accuracy within their reports!
Nikki Rinkus, RSDS Appraisals
We’ve used Cubicasa (CC) for almost a year. It is easy to setup and use. I use CC on a ipad pro as I find it best to visualize on the larger screen. In conjunction with total for mobile we are truly paperless on our inspections/observations using a single device. I was skeptical at first but was convinced within the first few days. We have saved at least 20-30 minutes off each appraisal with this process. Homeowners are intrigued as to how we do it and are impressed with their detailed floorplan in their appraisal. Lender/clients appreciate the ANSI compliance and detail of the sketch (we get little or no pushback or revision for CC). As our profession is advancing through modernization for what we do every day, CC supports our commitment to improvement and quality.
Glen Calderon, ValcoMD
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