3.6 Crunch Time

[glenn walker]

The Consumers actually don't want appraisers at their homes and It's sad but many appraisers are not very nice to the borrowers and often leaving the property with borrowers feeling like they paid for someone whose not working for them.

That's true appraisers are working for the lender but consumers don't normally pay for other services were their told they aren't the customer and they can't even choose their own appraiser. PUBLIC TRUST isn't built on this kind of model.

 

[Airstream]

The Consumers actually don't want appraisers at their homes and It's sad but many appraisers are not very nice to the borrowers and often leaving the property with borrowers feeling like they paid for someone whose not working for them.

That's true appraisers are working for the lender but consumers don't normally pay for other services were their told they aren't the customer and they can't even choose their own appraiser. PUBLIC TRUST isn't built on this kind of model.

The problem with the appraisal process is banks charge the borrower for the appraisal and then borrowers automatically think they hired the appraiser. AFter all they paid for it! This was especially true in the "old days" when we got paid at the door by the borrower.

 

[Steelers74]

Getting a lot of surveys from AMCs & lenders about 3.6 lately, I don't think they're gonna like my answers which I'm answering in the most pessimistic ways possible, much higher fees, much longer turn time and a plan to focus on FHA & other work while watching to see how the rollout plays out.

 

[Airstream]

Getting a lot of surveys from AMCs & lenders about 3.6 lately, I don't think they're gonna like my answers which I'm answering in the most pessimistic ways possible, much higher fees, much longer turn time and a plan to focus on FHA & other work while watching to see how the rollout plays out.

Many banks aren't ready. But 2 of the 3 direct lenders I work with on a consistent basis are all ordering 3.6. The other one I work with is still trying to figure things out. Then I have a high end lender that I may do just a few a year for..Not sure what they will do. I am just in the middle of doing my second 3.6. The only issue I have is in the sale comp grid (Total), there is a lag between putting data in on the keyboard and it entering on the form. Very frustrating. I asked the help desk and all they said is restart the computer. It did seem to fix the issue. I am trying a different workflow on my second 3.6. I am putting all the comparable sales in the grid. Looked at MLS and county assessor records, etc. Then will upload to the mobile app. Then inspect the house Saturday, and see how it all shakes out. That has been my typical workflow when I know the subject property.

 

[glenn walker]

The problem with the appraisal process is banks charge the borrower for the appraisal and then borrowers automatically think they hired the appraiser. AFter all they paid for it! This was especially true in the "old days" when we got paid at the door by the borrower.

True the fact is the lenders should be paying if they want to be the client and customer.

 

[KeyWhiz]

I tried Aivre when it first came out. After a few pages I decided that it sucked from my point of view. I have been with Bradford for just about as long as I can remember. Never found there products to be "glitchy". If they did have an issue, it was either fixed quickly or they had a short term workaround. Always easy to get ahold of support. So I decided to wait on Nighthawk. So far so good. Took the live online training and did my first test run a few days later. Got through it in only a couple of hours using an inspection from appraisal I just completed. Used my MLS data instead of theirs, since theirs is a little more cumbersome because of the way some agents fill out our MLS. In a week or two I am confident I will be able to submit 3.6 appraisals, if not sooner

Did my first 3.6 today with Nighthawk. Lucky in that it was a super-duper easy appraisal (few of those anymore these days) but not so lucky in how much longer to took me as, even though I took the course, I still had to learn it as I went along. But I suspect that learning curve will be pretty quick. Once you figure out where all the photos go and learn to navigate the grid and the rest of the software, most of it seems pretty simple. I don't see it taking that much longer (if at all) than the 2.6 once I get past that learning curve.

Found a couple of glitches though. One being that while it calculated the monthly time adjustments, it didn't import them into the grid. And didn't provide any way (that I saw) to see what the individual adjustments were. So I still had to do the calculations manually.

It also didn't import any listings. "We are working on that". I had to do those manually as well.

And then the report failed the compliance check and kicked it back with an error I couldn't understand and neither could the kid at tech support. Still waiting on a call back from them. Doesn't look like the client will be getting this report on time.

 

[Fernando]

The terms "poor, fair, average, good, and excellent" were not defined universally (subjective)

UAD defined what C1- C6 meant, same with Q1-Q6.
As an appraiser we may not have liked the particular definition but at least there was one to point to when a borrower or lender said, " but we think it's excellent", we're able to now say ,"no it doesn't meet the Condition rating of C1 because they have lived in it for 2+ years."

"Superior" is not specific enough as a "rating".
Is the property local rich guy "superior", international movie star "superior", or St. Peters Basilica "superior"?

The ratings system gave us Standard definitions.

I personally wish they would have expanded the ratings by adding a + & - for each rating to allow for the range in each rating. But, that's just my opinion.

Each appraiser defines their "poor, fair, etc" when comparing subject to the comps. Who cares how different appraisers define it as long as each appraiser is consistent in their adjustments because the final result of different appraisers should be within same narrow market range.
The UAD and 3.6 is a pathway for Fannie to use our data for AI models to eliminate human appraisers.

 

[Airstream]

Did my first 3.6 today with Nighthawk. Lucky in that it was a super-duper easy appraisal (few of those anymore these days) but not so lucky in how much longer to took me as, even though I took the course, I still had to learn it as I went along. But I suspect that learning curve will be pretty quick. Once you figure out where all the photos go and learn to navigate the grid and the rest of the software, most of it seems pretty simple. I don't see it taking that much longer (if at all) than the 2.6 once I get past that learning curve.

Found a couple of glitches though. One being that while it calculated the monthly time adjustments, it didn't import them into the grid. And didn't provide any way (that I saw) to see what the individual adjustments were. So I still had to do the calculations manually.

It also didn't import any listings. "We are working on that". I had to do those manually as well.

And then the report failed the compliance check and kicked it back with an error I couldn't understand and neither could the kid at tech support. Still waiting on a call back from them. Doesn't look like the client will be getting this report on time.

Welcome to beta testing. We should all wear caps with a big Beta on our caps.

 

[Fernando]

Hey.... at least the new form eliminates the requirement to drive the comps.

Are you serious? There will be lot of bad inaccurate appraisals in the future. And don't blame it on AI.

Huh.... I wonder why that sale over there on Flower Street it's so much higher than the others Oh well..... I got the height of the front door so we're all good.

 

[Fernando]

Which mobile app sketching software do you find the easiest to navigate?


Which 3.6 UAD software have you found is the best overall?

For my situation, I can get the basic exterior sketch from the county assessors and use that to start, then I edit to ANSI standards in the field (this wall is 0.1' longer and that wall is 0.1' shorter, etc.). Which mobile app sketching software is the easiest to edit existing sketches in the field?

Is it just me or do others also fudge on the ANSI measurements? What's the difference between 20.9 feet and 21 feet? Won't make much of gross area differences. Silly ANSI.