3.6 Policy Exception

[Tawfik Ahdab]

I am taking the Bradford nighthawk seminar and they just announced today that the 2.6 usage will be extended into March 2027

 

[Sadie]

I know a few appraisers who have tried taking a 3.6 order got several hours into it and realized they were wasting their time so they called the client to cancel it. They were all told just do it on a 2.6.

I can’t believe we’re even here discussing this. Why is producing what should be a fairly simple opinion of value report on a piece of real estate so goddamn complicated?

I'm on the lender side. We've received reports built in Total, SFREP, AIVRE, and Reggora.

You only know what you have received, you don't know what hoops the appraiser had to jump through to get the report to you. On your side, what do you think of the new reports?

 

[alebrewer]

You only know what you have received, you don't know what hoops the appraiser had to jump through to get the report to you.

You actually have no idea what I know and don't know. Nice of you to opine, though.

 

[Fernando]

As 11/2 comes closer, reality sets in. Lenders realizing the problems coming couldn't get enough appraisers to work on 3.6.
Appraisers knew of the problems but no one cared.
Now NAR steps in and realize the potential higher costs to buyers. Don't mess with NAR.

 

[timd354]

Let me guess, BOA, Chase and WF will be given waivers and the local and regional banks will be forced to submit 3.6 reports only. The smaller banks will end up as the Guinea pigs for Fannie & Freddie.

Read the announcement issued by the GSE's.....they are going give a waiver to any lender that asks for one. BY the way, BOA is one of the large lenders that is actually apparently ready for UAD 3.6 as I have seen quite a few UAD 3.6 appraisals from them...,.I also saw a UAD 3.6 from a small credit union the other day, which actually kind of surprised me.

 

[Fernando]

Read the announcement issued by the GSE's.....they are going give a waiver to any lender that asks for one. BY the way, BOA is one of the large lenders that is actually apparently ready for UAD 3.6 as I have seen quite a few UAD 3.6 appraisals from them...,.I also saw a UAD 3.6 from a small credit union the other day, which actually kind of surprised me.

I wouldn't be surprised if BOA will allow 2.6 again. Let beta testers like Dublin get the bugs out of appraisal software by next year.

 

[Sadie]

You actually have no idea what I know and don't know. Nice of you to opine, though.

I was basing it on what you said, that you are on the lending side and have received the reports, not written and submitted.

Also wondering what you think about the finished product, that you receive on the lending side.

 

[alebrewer]

I was basing it on what you said, that you are on the lending side and have received the reports, not written and submitted.

Also wondering what you think about the finished product, that you receive on the lending side.

It's always possible that folks can have more than one experience. The 3.6 is a dramatic improvement over the old forms.

 

[djd09]

who cares about ceiling heights...they are delusional

 

[Fernando]

who cares about ceiling heights...they are delusional

Appraisers should know when a ceiling height is not typical unless you're not an appraiser.