Have you received a bid request for a 3.6 report?

[shrubberyvaluation]

This is very different from the 1004MC.

Has more thought gone into it though? The 1004MC looks like someone crammed it the night before it was released. A horrible form that anyone with half a brain could find the problems with it.

 

[shrubberyvaluation]

It's not going to be adopted like the 1004MC.

It's not like going from typewriter to software either. Typewriter to software improved efficiency and productivity, but appraisers were hesitant about the tech. That is not what is happening here. What is happening here is a major move backwards in efficiency and productivity.

It seems the move is to gather even more data, probably to sell it to make money off of us in other ways.

 

[George Hatch]

It's not going to be adopted like the 1004MC.

It's not like going from typewriter to software either. Typewriter to software improved efficiency and productivity, but appraisers were hesitant about the tech. That is not what is happening here. What is happening here is a major move backwards in efficiency and productivity.

It's true that its "a major move backwards in efficiency and productivity" ...for the appraisers. Who apparently are not part of the math.

I think the question for the users is exactly what percentage of the appraisers they need to make this transition. My PFA guess is the hard floor isn't 100% or even 80% of everyone.

I also think that most appraisers would go if they thought fee was right. The AMCs and the lenders obviously won't want to pay extra and the appraisers won't want the same. I think the meeting of the minds will still happen, though. Where that settles at will probably be dependent upon what other alternatives each side actually has.

 

[shrubberyvaluation]

It's true that its "a major move backwards in efficiency and productivity" ...for the appraisers. Who apparently are not part of the math.

I think the question for the users is exactly what percentage of the appraisers they need to make this transition. My PFA guess is the hard floor isn't 100% or even 80% of everyone.

I remember when that guy from Fannie Mae was coming on here telling us how they cared so much for appraisers and the proof was because they made the new 3.6 form. Laughable. Its a move backwards for consumers and those backing the loans also (us the taxpayer).

 

[Vermonter]

I have one local credit union saying they don't think the rollout will happen on time, but another local bank that uses Mercury Network saying they're on track for starting 3.6 ordering on 9/7 and...

"To meet secondary market requirements, all appraisal reports received on or after November 2 will need to be UAD 3.6 compliant."

GSEs are full steam ahead so don't think we will see much delay if any. My bet is they force it and let it play out.

 

[Non Sequitur]

I have one local credit union saying they don't think the rollout will happen on time, but another local bank that uses Mercury Network saying they're on track for starting 3.6 ordering on 9/7 and...


GSEs are full steam ahead so don't think we will see much delay if any. My bet is they force it and let it play out.

Bolding mine. If any lender is serious about 3.6 that date is about right to be sure the pipeline of 2.6 orders is closed before Nov.

 

[J Grant]

I remember when the 1004mc came online. When first introduced there were no available apps for automating the grid. People were fretting about the length of time it would take to manually run multiple queries and how you couldn't even do a median of sale/list instead of the median sale / median list. Because it had never come up before for them, many appraisers didn't even know what the difference was between the average vs the median.

Some of the appraisalware vendors responded by building apps that they intended to sell to appraisers as an extra module, but a few appraisers (including me) developed Excel-based worksheets that could accurately populate the entire grid with a single MLS query/export, and then we offered the distribution as freeware so that appraisers didn't have to pay a dime extra to do it. IIRC my freeware distribution had ~15,000 downloads all by itself. (I wasn't even doing GSE appraisals and never had use for the worksheet. I just did it because appraisers had no money to be buying these from the appraisalware vendors and because they were stressed.)

So by the time the 1004mc became required, there were several apps available (a couple were free). Everyone had access to apps that would populate the grid using a 3minute process. I could hit "results" on an MLS query, mark/export the results into an .xls file format and copy/paste those results into the worksheet in 3min or less. My worksheet even included the 1004mc form itself. Just fill the rest of the form out and print to a pdf or copy/paste into an xml addendum.

The point being, whatever requirements they can come up with I am confident that most appraisers are capable of learning what they need to learn in order to meet those expectations. I saw the group do it - albeit on a narrower scale - in a matter of weeks. I am confident the appraisalware vendors will eventually refine their apps so that they'll be easy to use.

The MC form was an add-on to the existing forms. The MC form is a nothing burger in comparison

UAD 3.6 is a beast - requiring numerous detailed new data fields and using a different operating system that seems part cloud-based ( the drop-down menus). It seems the forms providers are having an extremely difficult time syncing it up - despite having spent months on it.

 

[OSU Beavers]

No 3.6 orders yet, just weird stuff. BoA flex desktops, REOs, Land, pre-forclosure drive-bys, and no comp nightmares.

I have only had one normal 1004 SFR purchase appraisal all year!

 

[TC]

I remember when the 1004mc came online.

Some of the appraisalware vendors responded by building apps that they intended to sell to appraisers as an extra module, but a few appraisers (including me) developed Excel-based worksheets that could accurately populate the entire grid with a single MLS query/export, and then we offered the distribution as freeware so that appraisers didn't have to pay a dime extra to do it. IIRC my freeware distribution had ~15,000 downloads all by itself. (I wasn't even doing GSE appraisals and never had use for the worksheet. I just did it because appraisers had no money to be buying these from the appraisalware vendors and because they were stressed.)

I was one of the 15K, thanks again.

 

[George Hatch]

Kind of you to say. I appreciate the feedback.