Why the New UAD is DOA

[alebrewer]

Fannie released an SEL Wednesday that will affect appraisers. The bulk of the SEL had to do with an expansion of loan options for properties with ADU's. The interesting part of the SEL, though, was that - in order for lenders to take advantage of the expanded loan offerings, they would have to utilize the 3.6 report delivery option. The expanded offerings go into effect 3/31. Which means - in order for lenders to take advantage of the new loan options WRT ADU's, they'll have to deliver the loan package with a 3.6 appraisal. Problem is, no one can deliver an appraisal in 3.6 yet. This should be interesting...

 

[Sadie]

I have sat through one of his demo's. I think his software has the ability to tie into an MLS, as well as the ability to upload data sets. Either way - the appraiser is choosing the neighborhood boundaries, DNA parameters, etc. At least that's my understanding.

Spark is cr@p in my area. I tried it and it made more work than it saved.

 

[Sadie]

Fannie released an SEL Wednesday that will affect appraisers. The bulk of the SEL had to do with an expansion of loan options for properties with ADU's. The interesting part of the SEL, though, was that - in order for lenders to take advantage of the expanded loan offerings, they would have to utilize the 3.6 report delivery option. The expanded offerings go into effect 3/31. Which means - in order for lenders to take advantage of the new loan options WRT ADU's, they'll have to deliver the loan package with a 3.6 appraisal. Problem is, no one can deliver an appraisal in 3.6 yet. This should be interesting...

I am not sure if the software providers will be ready. This is a monumental undertaking for them.

 

[alebrewer]

Spark is cr@p in my area. I tried it and it made more work than it saved.

I really like Spark - at least for the data mapping into the report. It saved me probably an hour a file not having to type everything. Also pretty handy for identifying prior transfers.

 

[chad hampton]

The "You were supposed to be measuring threshold elevation, ceiling height, window height, water well depth and flow rate, water feature depth, water feature linear footage, comparables considered but not used, etc." anyway crowd are going to be upset with you.

That is funny when those people jump on here or Facebook, etc.,and talk about how this was something you were supposed to be doing the whole time. Especially when you know some of them owned larger shops or appraisal mills or AMCs. If you’ve ever known anyone that worked at those places, you know, they were all about turn and burn as fast as you can. If anybody catches anything, you’ll fix it on the back end. I’ve known guys that have run regional offices for some of these large companies. They never made it more than a year because they couldn’t stand what was being produced and how staff was treated. Yet those same people speak for revaa as though they are a perfect example of what the appraisal profession should be.

That’s why they’ve earned their moniker of snake oil pushers.

 

[chad hampton]

I am not sure if the software providers will be ready. This is a monumental undertaking for them.

I’d still be shocked if this wasn’t pushed well in the 2027. But who knows, maybe the software providers will suddenly come up with something that works. I think it goes back to what was promised. When they were brought into the GSE’s, I assume the discussion first revolved around this is what we’d like to do, can it be done and what will be the upfront cost for the GSE’s to create a new reporting system. And what is a reasonable timetable? I can’t imagine the GSE’s just said this is what we’re doing and you have to come up with it.

 

[Non Sequitur]

Fannie released an SEL Wednesday that will affect appraisers. The bulk of the SEL had to do with an expansion of loan options for properties with ADU's. The interesting part of the SEL, though, was that - in order for lenders to take advantage of the expanded loan offerings, they would have to utilize the 3.6 report delivery option. The expanded offerings go into effect 3/31. Which means - in order for lenders to take advantage of the new loan options WRT ADU's, they'll have to deliver the loan package with a 3.6 appraisal. Problem is, no one can deliver an appraisal in 3.6 yet. This should be interesting...

Good catch, thanks for pointing that out. Another blame appraisers situation brewing.

 

[alebrewer]

Good catch, thanks for pointing that out. Another blame appraisers situation brewing.

haha. Possibly, although I'm not sure how. For once, I think the appraisers are actually the ones being proactive (at least the ones who plan on performing this service).

 

[Non Sequitur]

haha. Possibly, although I'm not sure how. For once, I think the appraisers are actually the ones being proactive (at least the ones who plan on performing this service).

I'm not saying appraisers are the choke point, but it all rolls downhill. If a lender has a few in the pipeline with no way to get a 3.6 report, I highly doubt fingers will point at the GSEs, the buzzards selling useless classes, software providers, or the AMCs.

 

[alebrewer]

I'm not saying appraisers are the choke point, but it all rolls downhill. If a lender has a few in the pipeline with no way to get a 3.6 report, I highly doubt fingers will point at the GSEs, the buzzards selling useless classes, software providers, or the AMCs.

Again, possibly. And then again - you may be looking for boogeymen, Sequitur. I am one of those lenders - and if the software providers have no viable product that allows appraisers to do their jobs, I know we wouldn't blame appraisers for that. I just don't see others doing so either. Maybe I'm naive.

More likely, I think it will force the big three to step up their game. I think AIVRE and Freedom are pretty close - certainly close enough to have something in place by March. The big three have nothing that I can tell. And if appraisers HAVE to be able to deliver 3.6 in April - they're gonna buy a solution that is working. And once they've bought in, it's gonna be difficult to get them to switch providers.