Anyone complete a UAD 3.6 report ..... yet

[J Grant]

The protests themselves would be pointless in the sense that all of maybe two people would show up, hell even if all the appraisers in the area showed up.

BUT

The news about the impending planned protests, at least gives us a non-zero chance that someone with a brain in the administration, or close to it, with knowledge of the real estate markets, may give it some attention, and bring it up where it matters.

And this administration, all the way up to the very top, is uniquely positioned to understand the real estate markets and all of their peculiarities such as appraisal.

I would say that the odds of the 3.6 Abomination being delayed just ticked up a little bit.

Imo, the folks in this administration would likely side with the bankers and owners of big tech. That has been their poliices depsite popularist speeches. But if you can get action on it - go for it. I bet Trump looks down on appraisers unless they can be influenced to hit a number; his own financials are fraught with lawsuits about appraisals that highly overvalued his buildings. If anything, Trump would want no valuations at all and would let the market decide. He has fought to dismantle state and federal regulations and guardrails for AI, which could protect workers, but that is another topic.

If the lenders find it too cumbersome to transition to it on time, then it would be extended - I hope so! Appraisers would be demonized for trying to extend it, we are the low-hanging fruit scapegoats.

 

[djd09]

you know USPAP anit gonna save the appraiser...eh, george?

 

[Non Sequitur]

16 pages of data before the sales grid, 2-3 hours on site, more than double the work, software costs are likely to blow through the roof, BUT most appraisers only care that we don't have to drive comps for 3.6! Heee-haw!

 

[J Grant]

16 pages of data before the sales grid, 2-3 hours on site, more than double the work, software costs are likely to blow through the roof, BUT most appraisers only care that we don't have to drive comps for 3.6! Heee-haw!

Even with a time savings by not driving the comps, the present fees are so inadequate that any fee increase is not really a rise in fees but a long overdue catching up. There will be no time savings, as any time spent on the comps will double with more data fields and information to chase down, rising costs of doing business, and the never-ending increase in scrutiny and ROV requests, which add potential unforeseen layers of liability, stress, and time. Especially for those doing AMC work, the current fees are so subpar that they could double them and still be behind, and those of us doing direct lender work at full fee are also outstripped in rising costs and expenses, and compared to what other businesses charge.

My tax preparer fees almost doubled over the last four years, and my IT support guy charges 40% more than several years ago, as a comparison of professions.

 

[chad hampton]

They’ll have to send this thing back to the drawing board if site inspections start hitting the 60 min mark or more. We all know this wasn’t well thought out, but it will be short-lived if that’s the case. People aren’t waiting around their house for two hours when they go in for a refi.

 

[J Grant]

We can't stop the UAD 3.6. All we can do is charge more for the added time, stress, and scrutiny.

We do not have to do the report on site in their house, that is ridiculous advice from people trying to sell a mobile app. But there will be additional time spent on site no matter what software we use ot do not use, and additional time in the office and after the report is delivered as well.

 

[Non Sequitur]

They’ll have to send this thing back to the drawing board if site inspections start hitting the 60 min mark or more. We all know this wasn’t well thought out, but it will be short-lived if that’s the case. People aren’t waiting around their house for two hours when they go in for a refi.

Or they will just eliminate the need for full appraisals.

 

[J Grant]

Or they will just eliminate the need for full appraisals.

Please stop your rather obvious attempts at spreading fear about the outcome if people dare raise their fees. I sense an agenda behind it.

They can not just wholesale overnight eliminate the need for full appraisals, and certainly would not do so for a reasonable fee increase.

 

[Non Sequitur]

For the people who are paying attention, 80-90% of GSE loans are already eligible for something other than a full appraisal. The only reason waivers, PDCs, hybrids, etc. aren't dominating the market is because most lender policy and systems are stuck in the 1990s. Go ahead and "more than double" your fees or spend so much time on site that homeowners start to complain, this is America you are free to do so. But don't expect it to happen in a vacuum and don't expect lenders to just lay down and accept that pain point.

 

[chad hampton]

Or they will just eliminate the need for full appraisals.

I agree with this, that’s the ultimate plan. but the Uber drivers masquerading as license appraisers, collecting property data (whatever that means) we still have to be at the property for the same amount of time?

I mean, sure since they don’t have any license to protect, they will be cutting even more corners than usual, but in theory they will be?