How many actually believe 3.6 will be fully implemented this year?

[Bobby Bucks]

I'm starting to think they are monkey wrenching it intentionally..... I so much as think of the word "pasta" and my phone starts showing me pasta.. This is rudimentary stuff and they can't get it straight?

I wonder who will be their scapegoat? The independent appraisers or the scholars who have been perfecting it for the last 8 years?

 

[tlark]

If it slows down the appraisal process, it could get major backfire from major banks. Many small banks keep loans in house and don't sell to gses.

In other words, if a bank is keeping the loan, the regulators are not going to force them to use 3.6.

The regulators won't care if it is 3.6 or not.

spot on, if the software venders are not scaled and there are too many delayed loan closing this may come to a halt before it get implemented. Our non-secondary lenders will never see this new form of reporting. The major lenders will have to cover delayed closings, cover missed loan locks and the fact that many lenders won't be able to receive reports in a timely fashion will be the biggest issue. The learning curve by staff at all levels will be impacted at these large and mid-tier lenders, fees will go up and we will not accept less or the same until this can be figured out. Our lenders know a $hi+ show is coming and it will at some point be implemented. I may be wrong and it may be forced fed at the Nov 1 date but this will impact lenders as well. Spoke with a u/w the other day of a mid-tier lender and they are in no hurry for this.

 

[HVNY]

A lot of appraisers are bending over backwards to comply with this. I've never seem an industry comply themselves as much into oblivion as the appraisal industry has.

 

[Essexfenwick]

A lot of appraisers are bending over backwards to comply with this. I've never seem an industry comply themselves as much into oblivion as the appraisal industry has.

Hint...it's not an "industry" so there's that.

 

[TerryRohrer]

Hint...it's not an "industry" so there's that.

Well, there it is, the Goofy Proclamation of the Day!

Care to share the well-thought-out, well-documented, logically sound reasoning that led to your determination?

 

[Surf Cat]

I haven’t heard anyone yet say there was a requirement to take an iPad and be mobile in the field. I have no interest in doing that. The appraisal inspection is such a critical part of the residential appraisal process, I don’t feel the need to stare at the screen and checking boxes when I should be taking my time walking around the house and developing opinions about the property.

It takes a photo of the den or it will get the hose again......it does this whenever it is told.....

 

[Sadie]

spot on, if the software venders are not scaled and there are too many delayed loan closing this may come to a halt before it get implemented. Our non-secondary lenders will never see this new form of reporting. The major lenders will have to cover delayed closings, cover missed loan locks and the fact that many lenders won't be able to receive reports in a timely fashion will be the biggest issue. The learning curve by staff at all levels will be impacted at these large and mid-tier lenders, fees will go up and we will not accept less or the same until this can be figured out. Our lenders know a $hi+ show is coming and it will at some point be implemented. I may be wrong and it may be forced fed at the Nov 1 date but this will impact lenders as well. Spoke with a u/w the other day of a mid-tier lender and they are in no hurry for this.

None of my non secondary market clients will be implementing this until there is no other option.