UAD 3.6 discussion

[Alsie35]

When business is slow or the appraisal orders for the existing form slow down or stop, most appraisers are going to accept assignments using the UAD 3.6 form. You may not like it, but that is how it is going to play out as much as you may wish otherwise.

I get it. In any event we plan on slowing down by the end of '26 anyway, so I am resigned to doing more work on fewer orders in the 3.6 system. In any event that will hopefully keep the "coming up to speed" manageable, time wise. We go on vacation in September, and I'll probably wait til then to give the new software a go. (After all, what are vacations for anyway?)

 

[timd354]

I get it. In any event we plan on slowing down by the end of '26 anyway, so I am resigned to doing more work on fewer orders in the 3.6 system. In any event that will hopefully keep the "coming up to speed" manageable, time wise. We go on vacation in September, and I'll probably wait til then to give the new software a go. (After all, what are vacations for anyway?)

Unless you do work for one of the lenders who is participating in the limited production beginning on Sept. 8th, you won't see any UAD orders until next January at the earliest. I would expect the percentage of appraisals that are UAD 3.6 to be pretty limited during the limited production period, but since I am not privy to exactly which lenders are particpating in the limited production period (with the exception of one large lender who told me they will not be particpating), I am not sure exactly what the percentage will be.

 

[chad hampton]

I've heard there isn't very good participation from the lenders to date. Doesn't make much sense since we were told that it was the users that wanted this.

I still put it at 50-50 that the entire thing is scrapped.

 

[cpursley]

With the start date just about 6 weeks away and no software out there to work with,

Is the form software ready not yet? If so, that's crazy.

 

[glenn walker]

Is the form software ready not yet? If so, that's crazy.

The Beta Testers for the biggest lenders all have the software and I have no idea who spreads these stories.

The providers are all ready to launch it to their subscribers when it goes into use next year. Lol

 

[Non Sequitur]

The Beta Testers for the biggest lenders all have the software and I have no idea who spreads these stories.

The providers are all ready to launch it to their subscribers when it goes into use next year. Lol

Several software providers have stated the GSEs have not approved any for release.

 

[glenn walker]

I've heard there isn't very good participation from the lenders to date. Doesn't make much sense since we were told that it was the users that wanted this.

I still put it at 50-50 that the entire thing is scrapped.

I wish you had some real money to bet because it's a done deal and it's been in the works for years. If Covid-19 hadn't come along it would have been in place in year 2021 or 2022.

We have no idea how exactly how much time and money's been dumped into this program and on the other new valuation products coming down stream as it's been fairly secretive but the three major software providers are heavily invested and the GSEs are full in and by mid 2026 you can kiss your old UAD forms good bye for good.

 

[timd354]

Several software providers have stated the GSEs have not approved any for release.

It is very possible that the software will only initially be released to a relatively small group of beta testers who are working for the lenders that are participating in the early adoption period beginning in September. I don't know that to be the case, but it would not surprise me.

 

[glenn walker]

It is very possible that the softwarte will only initally be released to a relatively small group of beta testers who are working for the lenders that are participating in the earleir adoption period beginning in September. I don't know that to be the case, but it would not surprise me.

Correct.

 

[Non Sequitur]

Correct.

Well, that sucks. Just release it and let appraisers test drive it, and some of the angst may disappear. But the course providers won’t have anything to sell. Almost like something was planned…..