UAD 3.6

[glenn walker]

I assume for a mega company like Core Logic ( now called Cotality), the appraisal software is a minor part of their holdings. As long as it breaks even or returns a small profit, that is probably all they want. It's about control - owning the software means they have access via vault storage of every appraisal we have ever done! How good is that ? And they can have divisions of the software for cloud BPO opinion and the like.

These companies want to control the process all along the food chain - the buying, the selling, the lending, and the data ( they purchased MLS ) and now the valuation. The GSE's go where the $ are. The appraiser is an expendable pawn- maybe they will leave us with a sliver of the market and a token amount of "independence" that they can trot out for show, in case the regulatory hammer

Their never taking your independence away, because nobody want's you as a paid employee with workmans comp, medical or paying you when it's slow.

Your guaranteed your going to be independent and on your own. Lol

 

[Mejappz]

Y'all might be mistaken. I believe that ALL of them are going fully "cloud" for generating reports. At least ACI and Click Forms are that I know for sure.

Now you will be able to download and save your work, but ... working on it will require being on the internet ...

Bradford is implementing a system that is completely different from what most appraisers are accustomed to. They are taking a significant risk, and I believe this will have consequences. Think of it like the Comp Cruncher. ACI faced major issues with ACI Sky, even when working with the 1004 form. I wouldn’t be surprised if smaller companies are the first to release the new form, and it likely won't be cloud-based.

 

[Dale Floyd]

I can’t answer for Alamode but I understood the report will still be generated locally and uploaded when completed. The appraiser will still be able to review, edit, spellcheck, whatever on their system before it’s signed. Whatever one does, will surely be the protocol across the board since all these form providers had a seat at the table.

 

[Alsie35]

Bradford is implementing a system that is completely different from what most appraisers are accustomed to. They are taking a significant risk, and I believe this will have consequences. Think of it like the Comp Cruncher. ACI faced major issues with ACI Sky, even when working with the 1004 form. I wouldn’t be surprised if smaller companies are the first to release the new form, and it likely won't be cloud-based.

ACI's new system is entirely cloud-based and from what I've seen - I won't say I don't like it til I've had a chance to do a test drive, but I generally DISLIKE all-cloud ANYTHING.

I watched Bradford's click forms video - dude sounded like he was narrating it while high on crack. He described it as: "we are now doing the XML file first - and that turns into "the report". Yeah - NO. And F-U while you're at it. You just go right ahead and do your XML file first dude. Very disappointing.

I may have to look into Alamode (despite not hearing much good about them). Its 100% new after all, so all bets are off for providers.

But the bottom line is: FANNIE has created an over-engineered bureaucrat-committee produced Frankenstein Monster here. I just can't see how this thing doesn't 'crash and burn' - and HARD - when they start mass use. Banks may think they want to hurry and go 'the new way' Jan 1 - but what if appraisers want no part of it and the ones that do suddenly give them "Pandemic turn times"?

As for me, I had no plans of retiring in Nov 2026 ... but ... we'll see - need to 'test drive' this thing before deciding. There is a point of diminishing returns at which point you go: 'well, let's cash in enough of our investments to bridge the gap til our SS vests at 67'. For us, its an option.

Average age of appraiser: 55+
Average age of 'software braniac' who is designing the new FANNIE FORM: 25? 30?? 35???

Fannie is going to get an unpleasant surprise if they think that something designed by the latter can be easily adapted to by the former.
The Gang up there might find out they UNDER-estimated the % of appraisers who will 'punch out' because of this - by like - A LOT.

 

[Mejappz]

He described it as: "we are now doing the XML file first - and that turns into "the report"

Right using Bradford means you won't be able to view the form until it's fully completed, which is quite different from how appraisers currently work. The new UAD is not about modernization; rather, it focuses on extracting more data points from your reports. These additional data points will not improve the quality of appraisals or enhance the accuracy of the GSEs' flawed model.

 

[Non Sequitur]

ACI's new system is entirely cloud-based and from what I've seen - I won't say I don't like it til I've had a chance to do a test drive, but I generally DISLIKE all-cloud ANYTHING.

Just like software evolved from a onetime buy to subscription based, we're evolving from local to cloud based. And part of that is the artificial intelligence integration, the computing power is based in the cloud for a large part of the application. Bradford, ala mode, ACI, etc. have different takes on how to fill the form (in the end it's still a form) but from what I've seen all are working on baking in their own versions of scan to sketch and photo recognition. IMO that's why none have a version to test drive yet, integrating all of the tech is a heavy lift. And here's my take, the software winner may be a company we haven't heard of yet (see below):

 

[sputnam]

Why are people taking a class for it. It's just a form to fill out right?

It's not a form at all... at least not in the sense that 'form' has always meant to appraisers.

 

[Alsie35]

Just like software evolved from a onetime buy to subscription based, we're evolving from local to cloud based. And part of that is the artificial intelligence integration, the computing power is based in the cloud for a large part of the application. Bradford, ala mode, ACI, etc. have different takes on how to fill the form (in the end it's still a form) but from what I've seen all are working on baking in their own versions of scan to sketch and photo recognition. IMO that's why none have a version to test drive yet, integrating all of the tech is a heavy pull. And here's my take, the software winner may be a company we haven't heard of yet (see below):

View attachment 100071

Then this is looking more and more like an "extinction level event". Personally I want no part of any of that hand held device scanning cloud based bull****. And I suspect I will not be alone in that sentiment.

I guess the best we can hope for is a reprieve extending the deadline on this nightmare. Either way I'm not too worried any longer, because the choices now seem clear.

 

[Non Sequitur]

Then this is looking more and more like an "extinction level event". Personally I want no part of any of that hand held device scanning cloud based bull****. And I suspect I will not be alone in that sentiment.

I guess the best we can hope for is a reprieve extending the deadline on this nightmare. Either way I'm not too worried any longer, because the choices now seem clear.

I hope you’re wrong, but my gut agrees with you. And it’s not just software, TAF just appointed members of RSDS and Accurity to the board of trustees. They will advocate for their business models, which fall in line with the direction of data collectors in the field and a few appraisers licensed in multiple states signing off on a ridiculous amount of reports daily. And make no mistake about it, those appraisers will be desk jockeys making $20-$30 an hour if that.

 

[Bobby Bucks]

One thing Fannie has clearly not factored into the equation is when appraisers realize the Logan’s Run goal of the new UAD, they will likely encounter mucho monkey wrenches in their state of the art system which will not exactly compliment the efficiency they are pursuing. Train wreck meet Luddite.