Another one bites the dust

[Overimprovement]

If I hadn't already stopped appraising, this one would kill me...

The only decent AMC I ever encountered, FLS--Frisco Lending Services, just announced they are moving their platform over to ValueLink, IMHO one of the worst companies out there for appraisers. They were better than most direct lenders I ever worked with. They largely (entirely?) worked with FIMC.

I think there will be almost no direct lenders left and no even halfway decent AMCs left by the end of next year. If in fact UAD 3.6 does get implemented, that will pull the plug to an industry in the ICU to begin with, in critical condition.

RIP FLS.

 

[alebrewer]

I don't know... ValueLink isn't any worse than ValuTrac IMO (their current OMS). Fairway isn't their only client, but they are an ATP (affiliated third party). And yes - I think FLS is one of the good guys as well. UAD 3.6 launch is going to usher in a significant residential appraiser attrition. Should be an interesting few months.

 

[glenn walker]

I don't know... ValueLink isn't any worse than ValuTrac IMO (their current OMS). Fairway isn't their only client, but they are an ATP (affiliated third party). And yes - I think FLS is one of the good guys as well. UAD 3.6 launch is going to usher in a significant residential appraiser attrition. Should be an interesting few months.

The new 3.6 in my opinion will only push out ones who are already semi retired or close to renewals. Nobody who need's income to live quits over new forms. There will be plenty of online webinars and software providers giving virtual training.

My father used to say you will quit or retire the day either your brain or body says your done. As you get older for many change gets harder. When young it's exciting to learn new thing's and doesnt scare you.

 

[ucbruin]

The new 3.6 in my opinion will only push out ones who are already semi retired or close to renewals. Nobody who need's income to live quits over new forms. There will be plenty of online webinars and software providers giving virtual training.

My father used to say you will quit or retire the day either your brain or body says your done. As you get older for many change gets harder. When young it's exciting to learn new thing's and doesnt scare you.

You quit when you can afford to quit....

 

[Alsie35]

The new 3.6 in my opinion will only push out ones who are already semi retired or close to renewals. Nobody who need's income to live quits over new forms. There will be plenty of online webinars and software providers giving virtual training.

My father used to say you will quit or retire the day either your brain or body says your done. As you get older for many change gets harder. When young it's exciting to learn new thing's and doesnt scare you.

Then there are the people who worked and worked and worked and saved and saved and saved ... and then this thing came along, and made them take out the calculator ... and then ... they started yelling "HIP-HIP-HOORAY!!!!" No Joke.

 

[alebrewer]

The new 3.6 in my opinion will only push out ones who are already semi retired or close to renewals.

And what percentage of appraisers is that?...

 

[Alsie35]

And what percentage of appraisers is that?...

No one has any idea. Another unknown for Fannie to worry about. Or not worry about - and THEN - find out they SHOULD have worried about it.

 

[alebrewer]

According to Gemini, roughly 25% of the appraiser workforce is > 55. Sounds pretty significant to me, but I'm probably wrong.

 

[Alsie35]

According to Gemini, roughly 25% of the appraiser workforce is > 55. Sounds pretty significant to me, but I'm probably wrong.

I'll give you a clue - at one seminar by ACI, they shared the results of a poll - and about half that percentage said they would retire over this. So - 12.5% lets say. Call that "The Floor". Could it be significantly higher? Well, I refer you to your post, which provides a clue.

 

[Tom D]

Still to many appraisers left to walk around dead.