Anyone complete a UAD 3.6 report ..... yet

[Non Sequitur]

The world has changed and the appraisal industry is still in the 1990s. Hate to say it, but it’s true. But is that a reason to replace independent appraisers? I say no because real estate is just too important. And the train isn’t just running us over, the real estate sales side is sucking air whether anyone admits it or not. Over 70% of realtors last year did not have a single transaction and some blame it on the low sales volume. But a large amount of transactions are being automated or taken by cloud brokerages. And on our side I believe a larger percentage than what the GSE‘s are admitting are taken by waivers or waivers plus PDC‘s. At this point there’s only a few seats left on the train and it’s get on or get ran over by the train.

An interesting podcast about what is happening right now in the real estate sales industry:

 

[J Grant]

The world has changed and the appraisal industry is still in the 1990s. Hate to say it, but it’s true. But is that a reason to replace independent appraisers? I say no because real estate is just too important. And the train isn’t just running us over, the real estate sales side is sucking air whether anyone admits it or not. Over 70% of realtors last year did not have a single transaction and some blame it on the low sales volume. But a large amount of transactions are being automated or taken by cloud brokerages. And on our side I believe a larger percentage than what the GSE‘s are admitting are taken by waivers or waivers plus PDC‘s. At this point there’s only a few seats left on the train and it’s get on or get ran over by the train.

An interesting podcast about what is happening right now in the real estate sales industry:

It was always the case that a large percentage of RE agents do few or sometimes no sales over a year. That is why nobody pays them a salary! It was always a field with superstar brokers and agents doing the lion's share and some competent mid-level agents, and then a bunch of non-performers who like seeing houses, socializing and handing out cards. They are usually married to a bread-winning spouse- those who are not quiet after a few years are replaced by others. It only takes a short time to take the classes, take the test, and get a license as a RE agent. The RE sales part is very hands-on and low-tech - even if they list their property on Zillow or use a cloud service to handle the closing $.

 

[glenn walker]

The C and R fees we appraisers get who work for lenders who do not use an AMC, thus we receive the fee the borrower paid /C and R for area without an AMC split taken.
It is not a fixed fee set by some agency.

.
Though C and R for appraisers VA as one of the metrics for a Cand R fee.

Do you know who sets the fees at direct lenders ? Or how most establish their fee schedules?

I think you would be shocked on how many large ones do it and no the fee being paid to you was not set by you and it's often less than what the AMC is paying their own appraisers net fee in your market

 

[NC Appraising]

One of my direct clients pays $200 over what my AMC clients pay (I rarely work for them....mostly ignore..but peak at the fee for my daily giggles..

Most of my direct clients use their fees, I do not set them.


Two of the largest lenders in the US orders directly. One is about $100 and $150 over the large AMCs.

Most may ask for your fee...but they pay you their fee.

Some of the largest AMCs ask for your fees....but you will rarely get an order, unless its complex.

 

[Alsie35]

Do you know who sets the fees at direct lenders ? Or how most establish their fee schedules?

I think you would be shocked on how many large ones do it and no the fee being paid to you was not set by you and it's often less than what the AMC is paying their own appraisers net fee in your market

Direct is NEVER less than what the AMCs pay, Glenn!

Down here (keeping in mind that our cost of living is a LOT less than the on the coasts ): Our 4 steady direct lenders pay, in rank order, $565, $575, $615, and $745 for 1004s. Rush orders or 1007s add a little "extra".

AMCs down here mostly pay between $425 - $475. A few offer in the 300s, but those are automatically turned down - (unless it's for a 2055 - then - "party down"! We LOVE our 2055s!!)

 

[HVNY]

Appraisal Port opt out for UGG 3.6 is on Jan 14th. I'm expecting to start doing these on the 25th...that is if the lenders are ready..

 

[Alsie35]

Appraisal Port opt out for UGG 3.6 is on Jan 14th. I'm expecting to start doing these on the 25th...that is if the lenders are ready..

OK. I'll ask - just where exactly on Appraisaport are you seeing this 'opt-out' feature? Because I can't find it - even with AI help.

Thanks.

 

[HVNY]

At the log on screen - before you log on

 

[HVNY]

This

 

[Fernando]

It's a heads up to see how many appraisers willing to work on the Abomination form and at what fee.