UAD 3.6 discussion

[timd354]

I’ve never listed F or F as a client on any of the thousands of reports I’ve done over the last 24 years. If they want to be a client, they need to get in on the front end. It’s a little odd how they can come in two years after the fact and say, the appraisal was deficient. Don’t they have representatives working on the front end of things or is everything reactive?

For better or for worse, the way the mortgage finance system works in this country (including Fannie, Freddie, and the FHA) is on a lender reps and warrants model, which means that these entities all publish specifications and guidelines (including appraisal requirements) that mortgage lenders who sell their loans to them are expected to adhere to. These guidelines and specifications are enforced via post-close QA with the lenders penalized for deficient loans, which can include the lender being forced to repurchase deficient loans or pay an additional fee. While you may not have Fannie, Freddie or FHA as a direct client, you know (or should know) whether an appraisal a mortgage lender ordered from you is expected to conform to FHA or GSE guidelines, and any competent residential appraiser should have a working knowledge of FHA (if they do FHA appraisals) and GSE appraisal requirements.

 

[timd354]

I haven't heard much from our panel appraisers at this point. Heck - I've had several folks I've visited with who haven't even heard of UAD 3.6 yet. This thing is gonna hit a bunch of appraisers right in the face.

Any appraiser who has not at least heard of UAD 3.6 by now is likely an incompetent dope who does not even bother to try tp keep apprised of what is going on in their supposed profession.

 

[alebrewer]

Any appraiser who has not at least heard of UAD 3.6 by now is likely an incompetent dope who does not even bother to try tp keep apprised of what is going on in their supposed profession.

I try not to judge. I'm no one's keeper but myself - heck I don't even get to do that most of the time. Been my experience that anytime someone decries 'incompetent dope' they end up eating their words.

 

[djd09]

just remember...fannie accepted millions of no doc loans and received the largest bailout in the history of world...and who is the dope

 

[NC Appraising]

What a mess. Even if they hit the 9/01 release date, that gives an indie appraiser how long to work through an industry changing workflow?

Another issue indie appraisers aren't going to like, if your clients aren't talking about fees that's because there are no plans to change their fee structure. And the whispers I'm hearing are the large Staff/AMC hybrid companies (RSDS, Accurity, True Footage, Class) and the smaller tag along wanna-be firms aren't planning on raising fees in an effort to gain market share from anyone who does, which is mostly indie appraisers. Someone I trust runs a national panel was approached with a "Are fees are staying the same" pitch. Good luck ladies and gents, tough times ahead.

Your sources appear to be accurate....gut feeling only....one must wonder if these large national firms have signed, agreed, or something with these large mortgage bankers to do these hybrids or the new UAD.

Coincidence that they are looking for appraisers near the release date?


They drive all of the IFA out...volume picks up...two avenues.
1. Increase waivers.
2. National firms hire newbs/perea to complete the work.


Here is the email

I’m xxxx, the Recruiting Manager at True Footage—the largest residential appraisal firm in the U.S.



We’re growing and actively looking for Certified Residential Appraisers in the

Raleigh and Greensboro markets.



If you’re committed to quality and want the backing of a supportive, tech-savvy team—we want to hear from you.

 

[glenn walker]

Appraisers should not use terms like "coming in low." The $ amount is the supported market value opinion. The OMV might be higher than, lower than, or the sme $ amount as a sale contract price.
We do; "come in low" to get thanks from anyone.
The deal can be renegotiated in price or the buyer can come up with cash. Their choice. And some deals might die. Parties can do whatever they want.

Why ? Isn't that what everyone else involved n a purchase say when it comes in low ? You can't change facts just by using different labels.

 

[timd354]

I try not to judge. I'm no one's keeper but myself - heck I don't even get to do that most of the time. Been my experience that anytime someone decries 'incompetent dope' they end up eating their words.

I have eaten my words many times before, but I won't be eating my words this time as there is no chance that any residential appraiser who has not even heard of UAD 3.6 at this point, which is years after it was announced would not be considered an incompetent dope in my mind....you may have a different opinion, but maybe your expectations of what constitutes a professional is different than mine.

 

[alebrewer]

I have eaten my words many times before, but I won't be eating my words this time as there is no chance that any residential appraiser who has not even heard of UAD 3.6 at this point, which is years after it was announced would not be considered an incompetent dope in my mind....you may have a different opinion, but maybe your expectations of what constitutes a professional is different than mine.

If calling folks incompetent dopes is what you consider professional, I'd hazard you aren't incorrect.

 

[NC Appraising]

There is a podcast and one appraiser is saying there is a undersupply of appraisers in California and the appraisers have a backlog.

Another appraiser wants to get rid of licensed.

Would that not be a dream come true for the national appraisal firms.

It's scary what our so called representatives or peers are thinking.

 

[timd354]

just remember...fannie accepted millions of no doc loans and received the largest bailout in the history of world...and who is the dope

Nice whataboutism....but I don't know anyone who would argue that the GSE's and a lot of other players in the mortgage industry did not do a bunch of stupid sh*t prior to the 2008 debacle...however that has nothing to do with some appraisers who have currently demonstrated a level of profound incompetence and a lack of professionalism.