3.6 Crunch Time

[Dublin ohio]

I have several clients like that. They are not switching to 3.6 until all the dust is settled.

Unless they are granted the exception, they will have no choice come November

 

[Vermonter]

Doesn't that beg the question as to why some lenders can't process the reports they receive?

If a loan is not going through a GSE, then yes, most likely a human is reading the report. I have several clients like that. They are not switching to 3.6 until all the dust is settled.

Probably a problem on the software side, not the human side. The GSEs say "here is the standard...figure it out". Everybody has a different appraisal software and then every client has a different app/program/process they use to unzip, prep and submit the report. Then they all like to put their own spin on it for whatever reason. Making for many potential stumbling points.

Upload to UCDP has been going on since the implementation of 2.6. This is a mess because of so much changing at once. It will get figured out eventually.

 

[cashcatz]

This puts ACI appraisers in a bad spot. No UAD 3.6 but if they don't renew they can't use 2.6.

How so, switching to a provider who has their act together takes a couple days, max. The main thing is to understand the UAD 3.6 standard from first principles.

 

[Alsie35]

Unless they are granted the exception, they will have no choice come November

Its an "exception" in name only. Its a de facto EXTENSION. GSEs have badically said they would accept 2.6 until May 27 for any lender desiring it.

Its typical GSE BS talk so they can clain they "stuck to the Nov 2 deadline" when they in fact EXTENDED the deadline by 6 months so as not to crash the RE mortgage market.


Cash: re: ACI - I believe Doug's point is that ACI 2.6 users now have to buy a SECOND software subscription for 3.6.

Which adds a new layer of SUCK to ACI's rank incompetence.

 

[Doug Wegener]

How so, switching to a provider who has their act together takes a couple days, max. The main thing is to understand the UAD 3.6 standard from first principles.

I've been using ACI for 33 years. I'm busy learning 3.6 and really no time to try and master a 2.6 program from somebody else that is going to be phased out anyway.

 

[Dublin ohio]

Its an "exception" in name only. Its a de facto EXTENSION. GSEs have badically said they would accept 2.6 until May 27 for any lender desiring it.

If that's the case, why not make it a blanket extension instead of a case by case

 

[Airstream]

If that's the case, why not make it a blanket extension instead of a case by case

There are all kinds of strings attached to an exception. The lender has to demonstrate a plan to become compliant. And has to move toward that. Still a mess.

 

[cashcatz]

I've been using ACI for 33 years. I'm busy learning 3.6 and really no time to try and master a 2.6 program from somebody else that is going to be phased out anyway.

UAD 3.6 is totally new, you're learning a new system no matter what, even for folks wanting to stay with their current provider. As for 2.6 - check out SFREP if you want something that feels familiar, and they have good pricing and all the forms - they are independent, great support, don't sell your data and most importantly: competent unlike ACI.

 

[Doug Wegener]

UAD 3.6 is totally new, you're learning a new system no matter what, even for folks wanting to stay with their current provider. As for 2.6 - check out SFREP if you want something that feels familiar, and they have good pricing and all the forms - they are independent, great support, don't sell your data and most importantly: competent unlike ACI.

I may.

 

[Tom D]

PS - even though it passed every E and O checkpoint and Alamode confirmed it by their tech guy remoting into my computer, it failed at the client level. I thought I was done with it... Then yesterday, from a client I had for years with no issues, the report came back with a mile-long revision request about insane 3.6 issues. To be continued...

Sorry to hear that. From my current 'just did my 1st 3.6 post', it only took me 4 hours starting to understand it, and still on widows 10. And everything went 'total' smoothly. I had started a template, so it wasn't from scratch. I recommend everyone at least do a template to begin to understand all the changes and minutia need. I hope i don't get a mile long 3.6 revision request. Dying to see what the minutia issues were. Possible to give us a pdf of just the issues.