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

[J Grant]

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.

We have been paying attention. What entitles you to declare with such certainly what is going to happen? The majority of appraisers are not planning to double their fees. I did not recommend doubling it. But a moderate fee increase is not going to make them suddenly ditch appraisals, whether you want to call that stuck in the 1990/s or not.

 

[J Grant]

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?

Even if in the future they eliminate appraisals ( which will not happen in full but even if they do at some point- then appraisers should make a decent living now and in the next few years so you can save some $ for when you are eliminated.

Keeping fees at a low level to hope to stave off replacement will not work - it has not worked to tame the AMC beast, and they're using hybrids and non-appraiser PDC collectors, despite appraisers caving to the low fee bids from AMC's.

 

[Sadie]

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!

Maybe the "don't have to drive comps" was a distraction to take the focus off the sh#t storm the 3.6 is.

 

[Doug Wegener]

https://www.reddit.com/r/appraisal/comments/1n0v81l/hamp_thomas_uad_36_goodbye_appraisers_judge_hamp

 

[Bobby Bucks]

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!

The fee shops 3 hours away with a dozen runner/trainees that undercut our fees will love it, those fee shop owners are the cheerleaders who can’t wait for the new form.

 

[chad hampton]

The fee shops 3 hours away with a dozen runner/trainees that undercut our fees will love it, those fee shop owners are the cheerleaders who can’t wait for the new form.

The thing about an appraisal mill is you can never keep the working appraisers happy and it’s constantly turning over. And eventually the managers even get tired of the bull**** as well. It’s been tried for 30 years with no real success as far as I can tell.

We think fees are bad for the independent fee appraiser, you have no idea what staff appraisers are working for. to make a living wage They have to do at least two or three a day, so you tell me if corners are being cut?

But the owners and chief in these firms are all best friends with regulators and the organizations, so a blind eye is turned.

 

[Fernando]

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.

Reviewers don't appraise but they check to make sure report followers lenders' and GSE's guidelines.
They'd been helpful for me since I have no one else to check my reports.

 

[NC Appraising]

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.

Perceived value....

The number one thing that reduced our perceived value.....Zillow.

I hate to say it, but it is the truth. When buyers can go online and get a value for free...the perceived value is free.

I have had several borrowers that asked me, why can't they just use zillow?

Then you have the AMCs that increased fees to the borrower....again perceived value. $600 for an appraisal? Zillow is free.

So that one guy is going to double the fee? Yeah right.

 

[J Grant]

The fee shops 3 hours away with a dozen runner/trainees that undercut our fees will love it, those fee shop owners are the cheerleaders who can’t wait for the new form.

Why would they love it?
How many fee mill shops exist with the AMC fee predation making it a split of a split? AMC hires the staff appraisers now, who churn out volume and travel long distances. Why appraisers succumb to working in those conditions at marginal pay is another matter-

 

[Sadie]

I thought of this the other day. With the push to go completely mobile, is it secure? As in whatever way you are accessing the programs is it secure? I would imagine so, but you're are putting all that confidential information out there on the great big cloud. Yes. you're cloud account is secure, but is your connection secure?