Are you currently doing appraisals with 3.6 form?

[alebrewer]

Reggora's offering has been stood up now. Couple of things that may set them apart: (1) if the order is placed through the Reggora portal, all the info in the portal will transfer/map over to the form (client info, borrower info, etc.), and (2) they're offering it for free. About a third of the way through my first test file.

 

[Fernando]

I admit I haven't done a UAD 3.6 report but for those who have, has the new report gotten better with the neighborhood boundaries.
I have an issue when subject is in a small pocket area but lacked data to do a good price trend analysis.
I like to have boundaries for small pocket and estimated price range and then have a more general neighborhood with its boundaries and price range information and such.
As of now I have to put additional comments explaining the differences.

 

[Fernando]

Again, I haven't don a UAD 3.6 report but under dimensions for the lot, can I type "See Plat Map"? It is acceptable with current form.

 

[Surf Cat]

has the new report gotten better with the neighborhood boundaries.

What does that mean? You decide the boundaries of the subject neighborhood. How would the 3.6 differentiate from this?

I have an issue when subject is in a small pocket area but lacked data to do a good price trend analysis.

Welcome to the club. So, do a market analysis of the entire market area due to an extreme lack of sales data in your pocket neighborhood for price trends. Easy peasy Japanese

 

[Fernando]

What does that mean? You decide the boundaries of the subject neighborhood. How would the 3.6 differentiate from this?


Welcome to the club. So, do a market analysis of the entire market area due to an extreme lack of sales data in your pocket neighborhood for price trends. Easy peasy Japanese

New UAD 3.6 didn't address pocket neighborhoods in a larger general neighborhood.
Wouldn't it be more relevant say in a pocket townhome subdivison that we like to know the range and median than just the neighborhood.
Yes, more work but it has more substance than pages and pages of bean counter details.

 

[DWiley]

I admit I haven't done a UAD 3.6 report but for those who have, has the new report gotten better with the neighborhood boundaries.

This is a fundamental shift in UAD 3.6. In a 3.6 report one provides the market area boundaries rather than the neighborhood boundaries.

 

[Non Sequitur]

Fewer participants would logically lead to higher fees.

Maybe. But the more likely outcome is lenders will push the waiver (Value Acceptance, ACE) and PDC buttons to close the deal (like they did during COVID) before they pay more and wait longer for a 3.6 report.

Most lenders aren't ordering 3.6 reports because they don't have to yet and they don't have time to beta test someone else's software/process. And look at it from the lender's perspective, what lucky borrower(s) do you pick for the beta test? And what do you tell the borrower? "Hey Mr./Ms. borrower, you're the lucky winner! Your appraisal fee is higher and will take longer because we want to beta test new appraisal software. Don't worry, your seller will understand the delay. Please send us the contract extension when you get it signed." Good luck with that.

I know it's hard for appraisers to swallow, but no one is coming to save us. Not the the insta-toot, not TAF or the rest of the useless alphabet soup in DC, and definitely not the GSEs. It's that simple.

 

[Fernando]

This is a fundamental shift in UAD 3.6. In a 3.6 report one provides the market area boundaries rather than the neighborhood boundaries.

Thanks DWiley, market area boundaries much clearer and better than neighborhood boundaries.