Hybrid

[hastalavista]

UAD is funny. C3=good, C4=avg. No different. And 3 C3's can have different adjustments for each. At least if I had a AVG subject and AVG+ comp, it made perfect sense when I adjusted. C1 is new, I'll give them that, congrats on the achievement. Hope the brain wizards didn't spend to much valuable time and money on the stroke of creative genius that is the UAD.

Maybe they need to get some actual working appraisers involved? I know a few world class appraisers that would be happy to help.

The condition/quality ratings are effectively the same used by MSV (Marshall & Swift): A recognized source for our industry (and, adopted by the GSEs before MSV was purchased by Corelogic... so hopefully no one will try to make a conspiracy link on that! ).


The logic/rationale behind having a uniform rating system isn't the issue (at least I don't think it is). And, as you point out, that's UAD.
How the information is being used is the issue (for many). That's CU (not the issue you raise, I get that).

If I had a magic wand, I'd waive it and change the grid analysis system to what ResGuy had suggested: Keep the C's/Q's for the subject, rank the comparables superior/similar/inferior to the subject, make the adjustments and describe the ranking differences that warrant the adjustment.


BTW, is it me, or has the volume of discussion on CU (in regard to it being used as an appraisal-review mechanism rather than what it was intended to be used as, a risk-analysis mechanism) decreased? I don't see the same number of posts complaining about CU as I thought I saw a year or two ago?
If that is the case, is it a matter of appraisers not thinking it a big deal anymore, or is a matter of the lenders not using it as a review-mechanism as much as they did when it first rolled out? (I think the latter).

 

[djd09]

Antony Jenkins: His time at Barclays from the Libor scandal to the time he tried to ban free banks

http://www.cityam.com/219709/antony...ys-libor-scandal-time-he-tried-ban-free-banks

Must be some conspiracy.

 

[timd354]

You are biased which make the uad bias. But your bias for fannie is true blue.

Again, please specifically list the ways in which the UAD is specifically biased or has caused you or any other appraiser to change his or her value opinion or to alter the results of the appraisal in any manner from reporting the results of the same appraisal in a non-UAD format on a 1004.

 

[timd354]

The condition/quality ratings are effectively the same used by MSV (Marshall & Swift). A recognized source for our industry (and, adopted by the GSEs before MSV was purchased by Corelogic... so hopefully no one will try to make a conspiracy link on that! ).

Denis, the UAD Quality/Condition ratings are not the same as the M&S ratings and were not adopted from the M&S ratings. They were created after considering the pros and cons of numerous different rating systems used by appraisers and assessors and were internally created, not copied from any source. BTW, some of rating systems we looked at had as few as 3 condition or quality ratings and some of which had as more than 20

 

[chad hampton]

If I had a magic wand, I'd waive it and change the grid analysis system to what ResGuy had suggested: Keep the C's/Q's for the subject, rank the comparables superior/similar/inferior to the subject, make the adjustments and describe the ranking differences that warrant the adjustment.

That would make the most sense. Never thought of that.

 

[timd354]

Antony Jenkins: His time at Barclays from the Libor scandal to the time he tried to ban free banks

http://www.cityam.com/219709/antony...ys-libor-scandal-time-he-tried-ban-free-banks

Must be some conspiracy.

Try carefully reading the article you linked, Jenkins was hired by Barclays after the Libor scandal had already broken...the Libor manipulation happen before he worked there and he was brought in to clean up the mess. Of course, the actual facts won't get in the way of your loony conspiracy scandals. Unlike some people, he is a highly respected, successful and competent individual all of which makes some people quite jealous

 

[hastalavista]

Denis, the UAD Quality/Condition ratings are not the same as the M&S ratings and were not adopted from the M&S ratings. They were created after considering the pros and cons of numerous different rating systems used by appraisers and assessors and were internally created, not copied from any source. BTW, some of rating systems we looked at had as few as 3 condition or quality ratings and some of which had as more than 20

I should have said "similar" vs. "effectively the same".

 

[hastalavista]

That would make the most sense. Never thought of that.

I didn't either; credit ResGuy.
(being the humble guy he is, he'll probably blush! )

 

[djd09]

Try carefully reading the article you linked, Jenkins was hired by Barclays after the Libor scandal had already broken...the Libor manipulation happen before he worked there and he was brought in to clean up the mess. Of course, the actual facts won't get in the way of your loony conspiracy scandals. Unlike some people, he is a highly respected, successful and competent individual all of which makes some people quite jealous

Now wonder the fannie uad is garbage.

But to be politically correct, good effort.

Funny how the writers of the forms do not use them. But have access to CU. Makes one wonder who is sleeping with who.

 

[bnmappraisal]

BTW, is it me, or has the volume of discussion on CU (in regard to it being used as an appraisal-review mechanism rather than what it was intended to be used as, a risk-analysis mechanism) decreased? I don't see the same number of posts complaining about CU as I thought I saw a year or two ago?
If that is the case, is it a matter of appraisers not thinking it a big deal anymore, or is a matter of the lenders not using it as a review-mechanism as much as they did when it first rolled out? (I think the latter).

Good point Denis.

Even appraisers I personally know and speak with have hardly mentioned it either in the past year or so.

I tend to agree with you (my bold) that lenders are using it less as a "review-mechanism"