AMC asking for UAD 3.6 fees, what's everyone thinking?

[Fernando]

UAD 3.6 Abomination is not working out as the GSEs had hoped. I'll hang around and see the chaos clients, lenders, appraisers, agents, consumers, and GSEs will face.
It's a terrible form and be interesting how it will play out.

 

[J Grant]

What planet do those people live in? No one is ready, every software loaded with bugs, lenders hate it. And they put a poll out?

Reminds me of those polls that say one color is no. Then another piece of the pie says also no, but in red.

Possibly the best-known automotive quote of all time is, “Any color the customer wants, as long as it’s black.” It was Henry Ford, describing his Model T.

 

[Jason Hill]

My initial fees will be $1,200-$1,500 depending on complexity. I fully expect to get zero assignments at this price point at first, other than my local banks. So I'll go part time for a month or 2 off during the good fishing season and let this all settle out, then start looking for a new job if it doesn't work out. I'm thinking I'll go be an HVAC technician or plumber. Will have to start all over at 50 but oh well, hard to make much money doing this anyway. Good luck everybody, its about to get crazy.

 

[Surf Cat]

My initial fees will be $1,200-$1,500 depending on complexity. I fully expect to get zero assignments

Lol..... I like the go big or go home mentality. Good thing your expectations are low with those numbers.

I'm thinking I'll go be an HVAC technician or plumber. Will have to start all over at 50 but oh well, hard to make much money doing this anyway.

At 50.....HVAC tech would be easier on the body.

It's funny, I got out of construction and went into appraising to save my body. Now in my mid 60s, I'm right back into that world on our rental and primary residence. Plus, I help out my wife's network of friends with dishwasher installs, garbage disposals, Appliance repair, easy electrical problems. I make more doing that than AMC work.

I enjoy solving problems and fixing things. There's a satisfaction with making someone real happy without an ROV or request for changes to poke you for a higher value. My body hurts after some of those gigs though, that's for sure.

 

[chad hampton]

I already get $900-$1,200 from my direct lender bank client. Only 4-6 a month from them though. Need to make another 3-5k a month from somewhere. Have a few other good clients, but inevitably I have to do 3-5 a month from some of the GSE's favorite breakfast club AMCs. What a piece of work those firms are. Surprised the GSE's like working with them so much.

Overall, not bad for a part time gig.
I'm going to let all my fellow appraiser's take classes and work out the bugs. I'll worry about this in 18 months when it might go live.

 

[Terrel L. Shields]

Am I the only one thinking that appraisers are contributing to their own demise with this new dynamic form? All of the data that will be aggregated on a daily basis across the country brings us one step closer to AI appraisals does it not?

No. obviously the goal is to replace the independent fee appraiser entirely except perhaps for the truly large complex property that won't fit on a form.

That should mean higher compensation, not less.

Should. But the cruel pinch of want forces appraisers to bid lower.

Possibly the best-known automotive quote of all time is, “Any color the customer wants, as long as it’s black.” It was Henry Ford, describing his Model T.

And the reason he lost ground to car makers who painted cars in different colors.

 

[Airstream]

Up $150 for a SFR.

 

[Sandra Koutsopoulos]

Up $150 for a SFR.

Make that $300 or more. After all, we are expected with the 3.6 to do something like a home inspector's job, and they garner more than $300 a pop, plus coming to a supportable value conclusion, which SHOULD pay more than $400 just by itself.

 

[Phil Snyder]

I'm going to be in the minority here....

I just completed my first 3.6 report using Aivre last week. I quoted a fee about 45% higher than my standard (cookie cutter house on a 2.6 "legacy" form) fee would have been. For reference, I'm in the Mid Atlantic region and this number started with a "7". I spent less than 2 hours in the form filling process, maybe another 30-40 minutes messing around with the attachments, reviewing and whatnot. I did get a revision request for some minor missing things, boxes not checked off that the software didn't catch, had the Lender and AMC names swapped in the wrong places.... basic stuff that could happen to anyone, particularly with a FIRST time user after ~25 years of Clickforms experience.

The AI portions of Aivre are pretty impressive, you upload the engagement letter (and AOS if a sale) to their portal and the AI extracts all the pertinent information and slaps it into the form for you. I'm oldschool in the sense that I've never paid for an additional service related to MLS/Public Records data input, Spark, etc. I just manually input all my stuff and then save them to a comps database for possible future use. If I end up going with Aivre, 95% of this process will be completed with the click of a mouse, just a matter of checking it all over for accuracy and moving on.

Dunno.... I think I might learn to LIKE the new way and appreciate the higher fees regardless of if the process is the same or possibly even LESS time per per report. I know the software (or use of their systems) is quite a bump in cost compared to Bradford.... but at this point I'm not even sure they're ever going to actually come out with Nighthawk, and aren't making a single peep about fees, except that it will be separate from the "legacy" forms which I'm paying ~$600/year for at the moment. Aivre tech/customer service is something I've not experienced in this business before, they respond in minutes flat and know their stuff.

 

[HVNY]

At the moment I cannot keep up with non lender work so I cannot even think about this. If/when I get slow I'll tune in. All AI is doing for me at the moment is slowing down my Windows 10..