3.6 Policy Exception

[Sandra Koutsopoulos]

This is going to be an interesting 6 months. Hey borrower, do you want the $500 appraisal we can have back in 48 hours or the $1000 appraisal that will take 2 weeks

Actually, I LIKE that opportunity! Too logical. Neva gonna happen.

 

[timd354]

So, no responsibility or accountability to the GSE's for their rollout of the UAD 3.6?

I have no idea who is ultimately at fault for the bumpy rollout of UAD 3.6 and don't really care as there is not a damn thing I can do to change any of it anyhow.....However, the whole episode does provide another excuse for the usual whiners to whine even more about how awful everything is. The best part is that some of the biggest whiners on the AF have been whining about awful it is to be an appraiser for well over a decade now. Either things are not nearly as bad as these whiners have claimed over the years, or they are masochists, or they have no other marketable skills aside from doing mortgage-related appraising.

 

[Sadie]

I have no idea who is ultimately at fault for the bumpy rollout of UAD 3.6 and don't really care as there is not a damn thing I can do to change any of it anyhow.....However, the whole episode does provide another excuse for the usual whiners to whine even more about how awful everything is. The best part is that some of the biggest whiners on the AF have been whining about awful it is to be an appraiser for well over a decade now. Either things are not nearly as bad as these whiners have claimed over the years, or they are masochists, or they have no other marketable skills aside from doing mortgage-related appraising.

Want some cheese with that whine?

 

[Sandra Koutsopoulos]

OKAY, so with the pressure of impending chaos being relieved for a bit, is it feasible/likely that the software gurus will actually make their software user friendly so we can all move along, earn our dough and have less tech-stress? One would think with all the sophisticated AI stuff that can answer any question on any topic you can think of, that software creators could smooth the rough edges and make it all work together.

Maybe they should ask AI to create the software, and just step back and see what they come up with. Wouldn't it be slick if the 2.6 COULD convert to 3.6, and then just add the extra bits they want? It seems most people's experiences with the 3.6 is start/stop, hit a wall, turn around, lose stuff, then comply with the robots' instructions. Not being able to see across all the comps at once, or pick/choose/change & upload photos is another buggar. Can't print the report, save, adjust & move forward with it? Gotta be a smoother more user-friendly process.

I will say, tho, that I'm sure many appraisers, lenders, L/Os and Realtors are happy to anticipate no Armageddon on Nov 2.

 

[J Grant]

I have no idea who is ultimately at fault for the bumpy rollout of UAD 3.6 and don't really care as there is not a damn thing I can do to change any of it anyhow.....However, the whole episode does provide another excuse for the usual whiners to whine even more about how awful everything is. The best part is that some of the biggest whiners on the AF have been whining about awful it is to be an appraiser for well over a decade now. Either things are not nearly as bad as these whiners have claimed over the years, or they are masochists, or they have no other marketable skills aside from doing mortgage-related appraising.

Lol- when you whine about whiners, does that make you a super whiner?

 

[glenn walker]

Appraisers love big conspiracys.

What if this is the big trap laid by
the Money Center Banks,GSEs, and the Wall Street mortgage funds ?

We told you the systems problems are the appraisers-their holding us hostage and their software techs are too small to be able to create new products to manage even the simplest form filling products.

Immediately increase the use of our time tested waivers and end the full appraisal for anything not rural or complex. This is the time to have a new beggining. Super Intelligence is officially now our partner.

 

[Sadie]

OKAY, so with the pressure of impending chaos being relieved for a bit, is it feasible/likely that the software gurus will actually make their software user friendly so we can all move along, earn our dough and have less tech-stress? One would think with all the sophisticated AI stuff that can answer any question on any topic you can think of, that software creators could smooth the rough edges and make it all work together.

Maybe they should ask AI to create the software, and just step back and see what they come up with. Wouldn't it be slick if the 2.6 COULD convert to 3.6, and then just add the extra bits they want? It seems most people's experiences with the 3.6 is start/stop, hit a wall, turn around, lose stuff, then comply with the robots' instructions. Not being able to see across all the comps at once, or pick/choose/change & upload photos is another buggar. Can't print the report, save, adjust & move forward with it? Gotta be a smoother more user-friendly process.

I will say, tho, that I'm sure many appraisers, lenders, L/Os and Realtors are happy to anticipate no Armageddon on Nov 2.

100% 2.6 could convert to 3.6. But somewhere along the line it was decided to revamp the whole process. Why, oh why is beyond me. It should have been phased in with baby steps. Yes a dynamic form is good, but when its too complicated its purpose is defeated.

 

[timd354]

100% 2.6 could convert to 3.6. But somewhere along the line it was decided to revamp the whole process. Why, oh why is beyond me. It should have been phased in with baby steps. Yes a dynamic form is good, but when its too complicated its purpose is defeated.

The reason they did not make 2.6 convertible to 3.6 is that UAD 2.6 specification operates on the older MISMO version 2 architecture in which many of the data fields are highly restrictive and text-dependent and they wanted to move to a model that which is more data-centric and in which the data fields are more standardized. There was simply no way that they could have made the changes they desired and made the two versions compatible. Not saying that I agree (or disagree) with their approach, but I know why they did what they did.

 

[Sadie]

The reason they did not make 2.6 convertible to 3.6 is that UAD 2.6 specification operates on the older MISMO version 2 architecture in which many of the data fields are highly restrictive and text-dependent and they wanted to move to a model that which is more data-centric and in which the data fields are more standardized. There was simply no way that they could have made the changes they desired and made the two versions compatible. Not saying that I agree (or disagree) with their approach, but I know why they did what they did.

Perhaps the conversion should have been the 2.6 to the new platform, then convert to the 3.6. Starting with a known entity and slowly incorporate the dynamics into it. Because the way its happening now isn't cutting it. There was a way to make the changes, only it would have been a more gradual change instead of whatever this is.

UAD was supposed to make the date more standardized, and it did, to a point. The GSEs should have realized by now that appraisers will always find a way to make put their own stamp on things, even when its a check the box type of thing.

 

[Gerry Sauceda]

There’s obviously a lot of frustration with the new 3.6 format, and I understand it. It’s more detailed, more cumbersome, and it’s going to take longer to complete, especially in the beginning.
But at this point, the change is coming whether we like it or not. So I think the bigger-picture issue really comes down to two things: time and money.
As the learning curve improves, we’ll get faster and our workflows will get better, but I still don’t see 3.6 taking the same amount of time as 2.6. There is simply more reporting involved.
And if the reporting takes more time, then fees are going to have to adjust accordingly. That’s just the economics of it. We only have so many hours in a day and only so much production capacity.
The chips are going to fall where they may, but I think higher fees should be expected as the market figures out what the true time commitment of these assignments looks like.