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

[Tom D]

I'm not dreading it, if my fee goes to $750. So i sit at the computer longer.

 

[Vermonter]

I'm not dreading it, if my fee goes to $750. So i sit at the computer longer.

This is the key right here. Do some practice assignments, figure out how much longer a 3.6 assignment will take and adjust your hourly rate to compensate.

 

[djd09]

Imagine 8 years of splitting the atom, announcing there is a delay and burning the midnight oil brainstorming how to blame the ones who have been waiting to use a faulty product that was never finished.

8 years to make a form...and they wonder where the conspiracy theorists get their material

 

[Sadie]

You’re dealing with world class narcissists. They won’t admit there’s a delay until October 31.

I’ll do them. I was told it’s a reporting change only. And since it’s modernization, I assume that means they made it easier I’m sure they didn’t turn 2 meaningful pages in 30.

When I say huge staffing cuts, about 1200 layoffs since 04/25. That is a lot of people who could have streamlined the process. Also, this is probably why they started farming out their REO appraisals. No one there to process anything. A lot of long time staffers are gone, Think of the loss of institutional knowledge.

 

[Sadie]

I'm not dreading it, if my fee goes to $750. So i sit at the computer longer.

Too low go higher.

 

[Sadie]

So this is a Google AI search results:

Overall, about 25% to 30% of mortgage loans guaranteed by the GSEs (Fannie Mae and Freddie Mac) receive appraisal waivers. These waivers are determined using automated underwriting systems like Desktop Underwriter®. [1, 2]
Appraisal waiver rates vary by the purpose of the loan: [1]

• Purchase Loans: Generally account for the lowest waiver use. Waivers are granted on about 11% to 20% of purchase originations.
• Cash-Out Refinances: Waivers are used on roughly 18% to 25% of cash-out loans.
• No Cash-Out Refinances: Historically these have the highest waiver rate, making up over 40% to 50% of these specific transactions. [1, 2, 3, 4, 5]

Waiver shares are sensitive to mortgage interest rates and currently sit below the 50% market peak seen in 2021. Additionally, newer hybrid programs like Freddie's ACE+PDR and Fannie's Value Acceptance + Property Data capture an additional 2% to 3% of the market

Whether this is accurate or this will change I have no basis for predicting. But I do believe PDCs will increase and many appraisals will be hybrid work based upon all the job postings on Indeed.

I get waiving for a no cash out refi. This is not new. But the other two? IMO a recipe for disaster.

 

[autobot]

I got philosophical/legal issues with whole way the 3.6 regime is constructed.
It should be on open, completely free, publicly accessible app that can be downloaded and run off WWW. But also constructed that its easy for 3rd parties to "embrace and extend".

Instead is some "standard" list of requirements that you need special 3rd party developer software to even think about opening files to see what those requirements might be.

Where is the Adult Supervision?

What the 3.6 is and does is pretty simple in the big scheme of things and modern software, and the whole thing could've been done by a mildly talented IT undergrad in a couple months. But all seems to have been created in complete secrecy, with outside input or hearings.

I'm predicting that when 3.6 starts causing major problems and slowly but surely those reasonable start getting doxxed, people will be horrified.

I wouldn't be surprised if Govt trying to force 3.6 after Nov 2 triggers a major crash in post-Covid RE bubble. RE prices got grossly inflated, have hung "defying gravity" in this bad economy, then suddenly on Nov2 a large % of mortgages that require a 3.6 wont be happening. And it wont be just that lots of older Appraisers are choosing retirement, it will be some serious problems with 3.6 itself, and maybe some lawsuits and court orders to block many Govt backed mortgages, due to some knotty legal issues. Could big political turmoil related to Mid-terms on Nov 4 play a role? Perfect Storm? I figure any big legal/court action wont explode the day after Nov2, but more like after the winter RE lull, which would match the results of the Mid-terms being sworn in.

 

[Dublin ohio]

Instead is some "standard" list of requirements that you need special 3rd party developer software to even think about opening files to see what those requirements might be.

The requirements for UAD 3.6 are readily available to the public.

 

[shrubberyvaluation]

It's the exact opposite if there are cells of Class Valuation or True Footage staff appraisers in a market. They will sit on top of your fees like a 2,000 lb gorilla and not budge. It's funny that the lenders go to congress and complain that there are not enough appraisers. But when there is enough, they do everything possible to manipulate the appraisal fee for it to be the lowest possible.

Speaking of gorillas, there is some company called Land Gorilla. Never worked with them, they wouldn't budge with very unfriendly terms they have that would stiff the appraiser.

 

[shrubberyvaluation]

8 years to make a form...and they wonder where the conspiracy theorists get their material

How long did the 1004mc take. I bet I could make a better form overnight while drunk.