3.6 Crunch Time

[Fernando]

My guess...only a guess....they will switch to the new form. Banks switched to the new forms in the past. I don't know of anyone that ordered on the old 94 forms when the UAD forms came out. And eventually everyone was using the new UAD forms. Give them about a year.

old 94 form wasn't that much different with 2.6 except with the tedious UAD. 3.6 is a major change. I anticipate lots of problems in the beginning.

 

[Fernando]

Also this is a waterfront new construction, As soon as you hit the "waterfront" button a whole new page comes up that has to be filled out.

3.6 is so easy anyone can do it. Step by step handholding for anyone to complete different types of property. Why even need licensing?

 

[Dublin ohio]

3.6 is so easy anyone can do it. Step by step handholding for anyone to complete different types of property. Why even need licensing?

So, how many have you done?

 

[Fernando]

So, how many have you done?

None, I'm waiting til all the bugs are out and what 3.6 fees clients are willing to pay. Why should I subject myself to this terrible form until I'm forced to do it?
I'm not in business in losing money. Sucker.

 

[Dublin ohio]

None, I'm waiting til all the bugs are out and what 3.6 fees clients are willing to pay. Why should I subject myself to this terrible form until I'm forced to do it?
I'm not in business in losing money. Sucker.

Make up your mind. Is it easy or not. If it's easy what is keeping you from trying it.

 

[chad hampton]

I wouldn’t wait to see what clients are willing to pay. The GSE‘s favorite big five AMC‘s are all going to put these out to bid. The same way they’ve always done ever since they figured out they could get away with it.

 

[Fernando]

Make up your mind. Is it easy or not. If it's easy what is keeping you from trying it.

I'm not afraid to do it. It takes more time and why do it when it's not necessary now.
Reminds me when 1004MC was required on a certain date years ago.
I had my effective prior to that certain date so I wouldn't have to do the 1004MC.

 

[Vermonter]

I think I saw you mention that you have credit union clients. I had a chat with a credit union client and they said they haven't had to reprice their rates yet.

They said they are doing 4.99% for 5 year ARM and 5.875% for 10 year ARM. Super competitive right now.

Interesting. Very possible but all my clients seem to have changed course on 3.6s. I got one from this CU 2 weeks ago and another from a local bank last week. Now both have gone back to ordering 2.6s and rapid firing them at me.

Took on a massive portfolio estate assignment too so of course now they're going to hammer the ordering

 

[nachocheesefries]

Its now August - getting many calls - "are you ready for 3.6?"

I use ACI - for 35 years - don't want to change BUT -

1) ACI is ready on a technical basis, I guess. Couldn't get the report to the finish line - they acknowledged it, so perhaps its really not ready. Has anyone fully completed an ACI 3.6 to the point where it can be transmitted to a client ?

1A) No templates, no cloning, no kidding
1B) If a trainee works a file, the completed report cannot be sent to the supervisor through an office network - the files are in the ACI cloud or some other cloud - no kidding
2) Cloud-based .... At this point, ACI is going to regret this move.
3) All manual entry, no carry-forward fields. It's amazing, that any developer would create this type software.
4) Street Map and Sketch need to be completed on 2.6 and then pasted into the 3.6 report. If you dont let 2.6 software calculate proximity of comparables then you have nothing because 3.6 cn not do it. No kidding.
5) No color coded fields or sections - just a blast of white backgrond all "bleeding" together.

Positives you say ? Spell check as you go is nice. Software will notify you of areas in need of completion before a module is completed.

Have tried Appraise-it-pro: Not cloud-based, easy to use, templates = yes, carry forward fields = yes - likely other features I have not found yet.

Interested in the free Reggora software - have not received it yet - anyone have the demo ?

May have to use SFREP or Reggora for a year see if ACI can get it together. ACI has had plenty of time - no excuses - software malpractice (if there was such a thing).

To all software makers: Your #1 job was to create software that let ME - THE APPRAISER - complete the report in the SHORTEST AMOUNT OF TIME POSSIBLE. Apparently, you all didn't think of that.

So many appraisers missed the train leaving the station and are in the process of being left behind.

Legacy software providers have also been nodding off for the past two years and so have many of their customers. The 3.6 is an entire different product that requires an all new system and processes. ALL NEW...no matter what anyone says. No fault of appraisers, but most don't have the mental capacity to make the change. It is 5000 times worse than when the 1004 was last updated. There is no comparison. Its now or never people....

 

[Airstream]

Just got a request from an AMC for a 3.6 at $400. Insulting. My minimum is $600. I gave them a bid and told them their original price was insulting. And I can tell you after doing a waterfront property with 3.6 (first one on waterfront and it was new construction) my minimum for waterfront is going to $800. The grid just becomes crazy.