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

[J Grant]

My above post a paste from AI question what lenders need to do to prepare - sounds like fun ! ( sarcasm )

Of course, AI just regurgitates the data it is fed, and to make up for the torture of adapting it, lenders are promised an "edge" through automation!! What kind of edge will any of them have when they all adapt and use it ? ( none ). I still don't see what it does for lenders. If it automates anything on their end ( how?) it means some of their staff are replaced? Improved data quality - about properties, do the lenders care? If they do not hold the loan in-house, I doubt they care that the ceilings are reported at 10 feet with 3.6 rather than described as having volume ceilings. Their eyeballs will go right to the value to see if the loan works, just as now.

 

[NC Appraising]

Here to the Op of this thread

 

[J Grant]

Adam gave an honest read on what it is - a lot more data and a lot more time. Whether one spends more of the time on site or more of it in office, the total time will be longer.

 

[chad hampton]

Don't need no darn UAD class. I just wing it and send it in. Reviewers will teach me what needs to do.

I think you have the wrong impression of the review process in this profession. It’s usually the other way around, appraisers have to teach the reviewers. There’s a reason they are reviewing and not appraising.

 

[J Grant]

Being the first like the astronaut on the moon landing!
He was very generous with his time on the podcast and honest, not trying to make it worse or better than it is ( and its pretty bad, that came thorugh just by his neutral reporting )

 

[Alsie35]

Here to the Op of this thread

Every time I see one of these soft, slovenly, leering goobers, not one of whom has actually done anything of consequence for the world with his life, I just want to reach through the screen and slap them upside the head. The arrogance in their faux enthusiasm for 'The Abomination' is sickening.

It is what it is. A disheartening ****ing situation real appraisers are in.

 

[Alsie35]

I think you have the wrong impression of the review process in this profession. It’s usually the other way around, appraisers have to teach the reviewers. There’s a reason they are reviewing and not appraising.

Not this time, I am afraid. This **** is all form filling, zero appraising.

 

[J Grant]

Every time I see one of these soft, slovenly, leering goobers, not one of whom has actually done anything of consequence for the world with his life, I just want to reach through the screen and slap them upside the head. The arrogance in their faux enthusiasm for 'The Abomination' is sickening.

It is what it is. A disheartening ****ing situation real appraisers are in.

? The person interviewed is an appraiser. I did not see enthusiasm for the UAD.36 coming from him. He gave an honest answer about his personal experience doing his first one.

The PR enthusiasm comes from the GSE side and from the software tech bros who want to sell their products.

 

[Bobby Bucks]

Here to the Op of this thread

Thanks for posting that NC, in 28 minutes I learned more about the new "form" than in all the nonsense released from the GSEs, AMCs and software vendors. I conclude it will take much more time in the field and much more total time to complete than the current form. I'm still going to wait a few months before buying any new gadgets, waiting to see if they solve the other potential issues, camera, laser, voice to text, templates, etc.

 

[Sadie]

Here are key actions for lenders:

1. Technology & Systems:
   • Update Software: Ensure LOS, QC tools, and appraisal ordering platforms can ingest, process, and store the larger, more complex UAD 3.6 data files.
   • Vendor Coordination: Work with your tech providers to confirm system readiness and data mapping changes.
2. Process & Policy Updates:
   • Revise Workflows: Adjust appraisal ordering, review, and delivery processes to accommodate new requirements like explicit property type and scope of work definitions.
   • Update Engagement Letters: Align with AMCs on new standards and data requirements.
   • Review GSE Guides: Incorporate Fannie Mae and Freddie Mac's updated Selling Guide policies.
3. Staff Training & Communication:
   • Comprehensive Training: Educate all impacted staff (underwriters, processors, LOs) on the redesigned URAR, new data fields (e.g., combined bed/bath), and implications for risk.
   • Clear Communication: Proactively communicate UAD 3.6 expectations to AMCs and appraisers to ensure consistent adoption.
4. Data & Compliance:
   • Familiarize with Data: Understand the richer property characteristics (condition, quality, ADUs, floor plans) and market trend data.
   • QC Updates: Adapt internal quality control to validate the new data structures and formats.
5. Strategic Approach:
   • View as Opportunity: Treat UAD 3.6 as a chance to gain an edge through automation and improved data quality, not just a compliance hurdle.
   • Phased Rollout: Consider a gradual internal rollout to manage the transition effectively during the dual-delivery period.

yeah, I bet lenders are real excited about this. The ones I have spoken to are about as excited as we are.