Nobody Is Ready Yet For The UAD Crap

[George Hatch]

isnt that what i have been saying....the gse's are common crooks masked behind three letters...ask dw

I don't know about you, but I always expected the bankers to act like bankers. They're going to act in what they perceive to be their own best interests. Just as applies to the appraisers - we expect appraisers to act in their own interests.

I don't understand how anyone could claim to be surprised by these different factions pursuing their own interests.

 

[Fernando]

The GSEs are not an ally of the fee appraisers. They're bankers.

Hypothetically speaking, if they hold their deadline and only a small percentage of appraisers are participating that would change the the supply/demand dynamic for those Haves. At the expense of the Have-Nots. It might also lead to an increased use of their AVM+waiver or AVM+PDRs.

I wonder what percentage of appraisers will opt out of the GSE pipelines and what effect of the supply/demand dynamic and the fees that will presumably result? If (let's say) 10% or 15% of appraisers opt out will that have any effect on the fees being paid?

Lenders will realize the bottleneck when there are not enough appraisers to do the Abomination form.
Sure there will be few doing it but not enough and borrowers will get upset for delays.
Several years ago with the low mortgage rates, lenders were willing to pay me $1,000 for a 1004 because there weren't enough appraisers do take their orders.
And the $1,000 appraisal fee was worth it in locking in their low mortgage rate.

 

[djd09]

the gse's are now our competitors...who dont even follow their own rules they mandate to us...ask DW

 

[George Hatch]

Lenders will realize the bottleneck when there are not enough appraisers to do the Abomination form.
Sure there will be few doing it but not enough and borrowers will get upset for delays.
Several years ago with the low mortgage rates, lenders were willing to pay me $1,000 for a 1004 because there weren't enough appraisers do take their orders.
And the $1,000 appraisal fee was worth it in locking in their low mortgage rate.

So you DO understand how supply/demand functions in the marketplace. That's a step in the right direction.

Any appraiser who can find their groove in the new UAD should hope that most of their competitors give up and quit. And should consider sending thank-you cards to the GSEs for helping them out.

 

[J Grant]

According to all the frantic emails I'm getting from the Buzz about the 3.6 UAD, I'm the only one who isn't UAD 3.6 ready. It's lonely at the top.

You are really ahead of us all and have passed 3.6 and conquered 3.7 and are now preparing to deploy on a covert special ops mission to decipher UAD 3.8

 

[Fernando]

There will be a limited number of low fee appraisers willing to take the new form Abomination assignments.
Not enough appraisers and fees will go up to attract back appraisers.
That's how it will play out. GSEs and Lenders will learn the hard way in their blunder.

 

[djd09]

sometimes idk who he is and what hat he is wearing

chief appraiser
AQB chair
independent appraiser
or
gse lackey

anyways there may be enough adams to work out the 3.6 kinks...then i might do them...you?

 

[NC Appraising]

There will be a limited number of low fee appraisers willing to take the new form Abomination assignments.
Not enough appraisers and fees will go up to attract back appraisers.
That's how it will play out. GSEs and Lenders will learn the hard way in their blunder.

Or the GSEs will just open the spigot on their avms with pcrs? Remember, the GSEs do not have to use appraisals.

Covid all over again, just without the covid.

 

[Fernando]

Or the GSEs will just open the spigot on their avms with pcrs? Remember, the GSEs do not have to use appraisals.

Covid all over again, just without the covid.

The reason for the Abomination form is to collect more data on properties in fine tuning their AVMs to be more accurate in determining value.
Thus GSEs know their current AVMs are not accurate enough and maybe limited to cookie cutters to replace appraisers for now.

 

[George Hatch]

sometimes idk who he is and what hat he is wearing

chief appraiser
AQB chair
independent appraiser
or
gse lackey

anyways there may be enough adams to work out the 3.6 kinks...then i might do them...you?

I might consider it. If I can make more money appraising SFRs in my local than in doing what I do then it might be worth going back to being the one-trick pony. One thing I know from experience is that I can't do both GSE resd'l and comm at the same time. The timelines involved are too different.