Are you currently doing appraisals with 3.6 form?

[Trihard]

The fast approaching 3.6 deadline is a crisis according to the AMC/Buzz wing of the industry and a half dozen clowns in here who claim to be experts on the subject, but the real banks I deal with only ask questions about 3.6 and have been misled or confused by the entire matter. A few weeks ago I had 4 bid requests for 3.6 reports, for 2 of them, they were practically begging someone to take them. I’ve seen no 3.6 bid requests since, so I assume the little blue train is back in the roundhouse for more repairs. Methinks the only crisis is the next Buzz gathering which will probably have a dozen vendors for every paying appraiser at the event.

Tell them its $2k for the appraisal, basically a wage an attorney would charge for 8 hours worth of work. They are still trying to see if they can get away with $400 for 3.6 reports. **** them.

 

[gregb]

Anyone played ball with this company?

Hi Greg,

We are preparing for our launch in Santa Barbara MLS!

Before we can launch, we are looking for insight from local appraisers to ensure the data we've mapped is as accurate as possible and has been translated properly.

Accurate data is crucial for TrueTracts to function effectively and the sooner we can verify this, the sooner we can launch TrueTracts in your area. To validate this information, we're reaching out to local appraisers for a screen-sharing session (approximately 30-45 minutes).

Please let me know if you would be willing to participate and I will send over a link where you can select a time that works for you and when you'll be at your computer.

Best regards,

Madel dela Vega TrueTracts/Spark Support Lead | True Footage toll-free: 888.699.3450 email: madel.delavega@truefootage.tech web: truefootage.tech

 

[HVNY]

On a fake book 3.6 group that's where all the appraisers who are deep into trying to push out 3.6 are talking about this. Some seem like they are making some headway, but they seem to be struggling with simple stuff such as putting in photos... But there are also a lot of false prophets pushing it as well and all the AI talk is basically fantasy. From what I can gather, 50% of the appraisers are all in on this, and the other 50% like me are just waiting out the storm and sharpening our chainsaws.

 

[George Hatch]

Fewer participants would logically lead to higher fees.

 

[Surf Cat]

Anyone played ball with this company?

Hi Greg,

We are preparing for our launch in Santa Barbara MLS!

Before we can launch, we are looking for insight from local appraisers to ensure the data we've mapped is as accurate as possible and has been translated properly.

Accurate data is crucial for TrueTracts to function effectively and the sooner we can verify this, the sooner we can launch TrueTracts in your area. To validate this information, we're reaching out to local appraisers for a screen-sharing session (approximately 30-45 minutes).

Please let me know if you would be willing to participate and I will send over a link where you can select a time that works for you and when you'll be at your computer.

Best regards,

Madel dela Vega TrueTracts/Spark Support Lead | True Footage toll-free: 888.699.3450 email: madel.delavega@truefootage.tech web: truefootage.tech

Well.....True Footage made the $40 million gamble to get their valuation platform, which hinges directly on its W-2 staff appraiser model, plus using their AI and statistical analytics tools. They're taking the bull by the horns in the transition to the UAD 3.6 reporting standards.

Rather than acting as a traditional AMC that contracts third-party independent appraisers, True Footage gambled on an "anti-AMC" model. They built a full on operation model utilizing internal, W-2 employee appraisers equipped with specialized data tools (their data tools of course, Lol).

Now.... I'm a big fan of Spark ( liked it better when the developer owned it) I would take the meeting just for this aspect of learning how to transfer your MLS data into the new 3.6 using this tool. I liked Synapse too.... the same creator of Spark also developed that. But he sold both to True Footage. Synapse was changed to True Tracks.

There's no way I'm going to go back to caveman times to fill out an appraisal from scratch.... I want to be able to select the subject and comparable sales in the MLS, scrub the data of the anomalies, blow it into Spark for market trends, charts, and graphs. Plus, filling out the subject and the sales grid as well as the cost approach. Then blow it into the 3.6. I would take that meeting just for this.

If the call segwayed into becoming a W-2 employee, I'd nip that in the bud real quick.... I'm too damn old to become a staff employee for an hourly wage which would most likely equate to doing appraisals at half fee.

 

[djd09]

let the lab rats do them...

 

[GWISC]

I am going to practice on my house first to see what I need first. I would rather be one of the ones suggesting fees on the early outset of this new 3.6 rather than at the tail end when the clients dictate a low-ball fee. Either way, I feel the industry will cull itself of appraisers that will just retire rather than go through mental gymnastics to figure this thing out. I think the 3.6 will result in a true shortage of appraisers which may spell then end of the appraisal industry as lenders will certainly lobby for more waivers if they cannot find appraisers.

 

[djd09]

yeah sure get in early

 

[Fernando]

I wondered the same thing myself, though things have not been too slow for me.
It's possible but I've spoken to some clients about roll out and implementation. One large AMC just sent it's 200th report, nationwide... In my opinion, that indicates extremely poor readiness on both lender and appraiser side. The rep at this AMC told me he doesn't think rollout is going to be delayed based on what he's seen but I don't see how they can keep the timeline with the poor numbers being talked about.

I also receive requests (almost daily) to update my readiness level. Ignore.
Personally, I'll get ready when I'm ready to get ready... not before. And the horrible choices in software aren't doing us any favors.
Nighthawk STILL isn't ready. They say it can now deliver reports but it doesn't even integrate with the mobile app yet? AND you have to attend one of their "training" webinars to get access. By the way, the webinar is a near total waste of time.
I don't want a cloud based system either so that rules out nighthawk and several others.
TOTAL is, unsurprisingly, a TOTAL nightmare. Honestly, I left them ~16 years ago and never looked back. I would never buy another product from them again. This new product seems to be on par with their previous products though.
So SFREP? IMHO that's the only real option.
And what's with these companies trying to charge us a per report fee for the software?! Utter insanity. Nighthawk originally said it was going to be per report but I don't know if they backed off from that yet. They likely will if they want to have a chance... but honestly I think they're arrogant enough to think they can push forward with that model.
My biggest thing right now is pricing. For the amount of work, I think reasonable quotes for a basic SFR is $700-800+ depending on market area. Understandably so, appraisers are not sharing their pricing but I think that is a mistake. We have a tremendous opportunity to restructure pricing/compensation but that doesn't seem to be happening. Compared to when I first started 25+ years ago, fees being paid now are despicably low for the ever increasing amount of work required...
Anyway, sorry for the highjack... End Rant...

UAD 3.6 has made it more complicated for all. I hate to be a reviewer (unless paid more money) to check on reports if done correctly. Being a single appraiser office, I rely on the reviewers to be my final checker on my reports to pass Fannie expectations.

 

[Steelers74]

I am still getting the surveys and I always answer the most pessimistic of answers such as not ready yet, not sure yet if will accept any, expected fee increases over $200+, extended turn times 3 to 5 days longer, etc.