UAD 3.6: No need to drive comp photos

[Doug Wegener]

I may have missed it but I didn't see it in the UAD thread. Fannie Mae has removed the requirement to drive comp photos on the UAD 3.6 form. That is sort of big news, at least for me.

 

[Fernando]

More importantly, will lenders accept this.

 

[swandel1]

I don't believe it says one does not have to drive the comps, I believe it only says you can use 3rd party photos. It is kinda gray wording.

 

[Alsie35]

New GSE appraisal system:

Add 3 hours to the completion of each report for the same $$$, throw 'em a bone by removing comp driving, which at most takes 10 to 15 minutes.

I dunno, but somehow doesn't sound like a fair trade to me.

Whadda y'all think?

 

[swandel1]

New GSE appraisal system:

Add 3 hours to the completion of each report for the same $$$, throw 'em a bone by removing comp driving, which at most takes 10 to 15 minutes.

I dunno, but somehow doesn't sound like a fair trade to me.

Whadda y'all think?

I do a lot of rural work and driving those comps down literal goat paths at 5 mph can take a good 3 hours.

 

[Mark K]

Add 3 hours to the completion of each report for the same $$$, throw 'em a bone by removing comp driving, which at most takes 10 to 15 minutes.

10-15 minutes? I'm thinking you don't do many rural appraisals.

 

[Alsie35]

I do a lot of rural work and driving those comps down literal goat paths at 5 mph can take a good 3 hours.

Oh, trust me, when I used to drive up and down the mountains of Napa Valley I did exactly that too - but the vast majority of appraisals are not in such areas, but are in heavily populated areas where my comment is 100% dead-on. (BTW, those scenic Napa mountains drives are what allowed me to relax a little from the drudgery of day-in, day-out endless bedroom community inspections. While I would live nowhere but here in Texas, it doesn't have that lush mountain beauty).

They are throwing you a bone. Hope you enjoy that extra 3 hours saved by losing your eyesight looking at a glaring screen. I won't. We are retiring the day the "1004 Regime" is retired.

 

[Tim Hicks (Texas)]

Rural appraisals may be all that is left when the waiver and hybrid smoke clears.

 

[Alsie35]

10-15 minutes? I'm thinking you don't do many rural appraisals.

By the time you posted, it was already "asked and answered", counsel. (See above post).

You are right, I don't do ANY anymore - because we built up a business model that allowed us to eventually dispense with anything difficult and focus on making $$$. But it took a couple of decades to get there - and I have PLENTY of rural and mountain appraising experience under my belt - don't need any more as we wind it down!

No one will ever be able to develop a successful independent business like that under the "New Abomination Order". It is being erased from existence.

 

[Mark K]

We are retiring the day the "1004 Regime" is retired.

Perfect timing. I quit doing F/F SFR very shortly after the UAD was forced on us. Mostly retired last year but still do some work for the courts.