I am not doing the 3.6 FORM deal

[Fernando]

When I look at the form, it's a step by step long form for inexperienced appraisers to consider all the factors in looking at subject.
Experienced appraisers already know what to look for especially what is important in doing the appraisal.
I see the new form as a way for everyone who wants to be an appraiser to gather all the information and consider them in doing the appraisal.
It's also for the reviewer and reader to find the information as clearly that a 6th grader will understand.
Many of the info in our workfile are now in full disclosure in the new forms. It's excessive.
And to make matter worse, parts of the 1004MC is included into the form. And we know how useless that form can be (and manipulated).
GSE failed in making the concepts from 1004MC more specific in the new form.
And I was disappointed that the new form didn't clarify what they meant by contract date. Wearing my real estate hat, that's not the ratified date.
And don't get me going on their energy efficiency inquiries. Ugh.

 

[Sandra Koutsopoulos]

"...And I was disappointed that the new form didn't clarify what they meant by contract date. Wearing my real estate hat, that's not the ratified date...."

Nando, I'm surprised at you. The Offer to Purchase date is when somebody wrote what they wanted. The Contract Date is when the other side agreed to the final negotiated terms and amount. A contract requires both parties' agreement. One person alone does not make a contract unless they have a split personality and two separate identities, in which case they are probably not of sound mind and legally unable to enter into a contract anyhow. Your "real estate hat" is mistaken.

 

[Sandra Koutsopoulos]

I don't see any references to the impact the 3.6 form will have on Borrowers. I'm sure they are utterly clueless about this looming dark cloud drifting into their closing costs zone. If there are in fact fewer appraisers by the time the 3.6 is required, then LO's won't be able to move loans along as quickly, and if the remaining appraisers actually demand a higher fee for the additional time & BS they have to fill out, that will end up costing Consumers more moola.

It appears the 3.6 was invented/required due to the GSE's and then, as SHt rolls downhill, EVERYBODY needing appraisals will eventually require the 3.6. Has anybody asked Consumers if they want/need this new version and are gungho to pay more for it? O. Heck. No. And, not to leave the AMCs out, what's the prognosis for their business model if they can't get appraisers to spend the extra 'hour' or two it will take to complete this new-fangled POS? Maybe the GSE's think this is a great benefit to them.... initially.... but there will certainly be an adjustment period, and since appraisers are not indentured servants, we do have the choice to say "No!" and walk away. I doubt they've taken that fully into consideration.

 

[Phlyguy]

I do not plan on learning the new form, I will watch the **** show from afar.
Mid 2027 maybe I will see if there is a software that stands out from the others, consider how long it is taking appraisers to complete the form, and then consider the fees being paid (which I fully expect will be way too low).
Considering the scope of work creep over the past few years and the fact that all of the cookie cutter assignments seem to be getting waivers in my market, I do not think $1000 is a ridiculous fee for the new form.

 

[Jayjay25]

-Don’t allow certified appraisers to send licensed appraisers to complete inspections.

-Make the inspection more detailed and difficult so appraisers either quit or try and raise their fees.

-Remove requirement to drive by comparable sales further eliminating the need for appraisers to be in the field.

-Push for Taco Bell workers to do the inspection on the basis it’s cheaper and better for consumers further entrenching the AMC’s in the loop to “manage” the inspectors.

-Require the new inspectors (with a high rate of turnover due to low fees)to purchase the new software from the software vendors in order to send inspections results for hybrid or AVM use.

-Use less appraisers for valuations.

-GSE’s have more control over values

-AMC’s have more control over in house appraisers (how is this allowed?), indie appraisers and new data collectors.

-software vendors have an influx of new inspector clients.

-the appraiser, the only person licensed to perform the valuations, gets no say in the process and gets eliminated.


This industry is clearly controlled by the corrupt.

 

[nachocheesefries]

-Don’t allow certified appraisers to send licensed appraisers to complete inspections.

-Make the inspection more detailed and difficult so appraisers either quit or try and raise their fees.

-Remove requirement to drive by comparable sales further eliminating the need for appraisers to be in the field.

-Push for Taco Bell workers to do the inspection on the basis it’s cheaper and better for consumers further entrenching the AMC’s in the loop to “manage” the inspectors.

-Require the new inspectors (with a high rate of turnover due to low fees)to purchase the new software from the software vendors in order to send inspections results for hybrid or AVM use.

-Use less appraisers for valuations.

-GSE’s have more control over values

-AMC’s have more control over in house appraisers (how is this allowed?), indie appraisers and new data collectors.

-software vendors have an influx of new inspector clients.

-the appraiser, the only person licensed to perform the valuations, gets no say in the process and gets eliminated.


This industry is clearly controlled by the corrupt.

Yes, and where tf are the USPAP police? I can't see the final product but it appears that all FNMA appraisals are going to be reported on a form that no one can follow/understand/read except the f*ing computer?

Where are our professional institutions and state boards? A borrower is gonna have no clue what this gobbly gook is or how to interpret it.

100% Jay...the only people licensed and regulated to do this work are getting ready to be put in FNMA shackles in a dungeon checking boxes and told how to report their analysis. Check a box and shut up!

This is similar to how doctors retired or refused when medical charting went digital. Many of the older docs bailed because they refused to sit in front of a computer all day. They wanted to do the job and be in front of patients. All the data in the world doesn't mean **** if you can explain or understand what is moving the market. This is why new docs and nurses are often terrible at their jobs and can't see the entire picture. Trained to be hyper granular data collectors clicking on medical charts instead of interacting with their patients and growing their understanding.

This form is the end of a profession. Who would have signed up for this knowing you were going to be walking around a house with your head in an ipad all day, then come to an office and fill out the form some more but no typing or explaining anything. Just clicking clicking clicking. 3.6 is for robots, not humans.

 

[J Grant]

Yes, and where tf are the USPAP police? I can't see the final product but it appears that all FNMA appraisals are going to be reported on a form that no one can follow/understand/read except the f*ing computer?

Where are our professional institutions and state boards? A borrower is gonna have no clue what this gobbly gook is or how to interpret it.

100% Jay...the only people licensed and regulated to do this work are getting ready to be put in FNMA shackles in a dungeon checking boxes and told how to report their analysis. Check a box and shut up!

This is similar to how doctors retired or refused when medical charting went digital. Many of the older docs bailed because they refused to sit in front of a computer all day. They wanted to do the job and be in front of patients. All the data in the world doesn't mean **** if you can explain or understand what is moving the market. This is why new docs and nurses are often terrible at their jobs and can't see the entire picture. Trained to be hyper granular data collectors clicking on medical charts instead of interacting with their patients and growing their understanding.

This form is the end of a profession. Who would have signed up for this knowing you were going to be walking around a house with your head in an ipad all day, then come to an office and fill out the form some more but no typing or explaining anything. Just clicking clicking clicking. 3.6 is for robots, not humans.

The format does not allow a blank addendum page be added for additional narrative that might not fit in a box.

 

[DWiley]

I can't see the final product but it appears that all FNMA appraisals are going to be reported on a form that no one can follow/understand/read except the f*ing computer?

...A borrower is gonna have no clue what this gobbly gook is or how to interpret it.

I don't know how you can say this if you have actually seen samples of the output. If you have not seen those, you can find them here:

https://sf.freddiemac.com/docs/pdf/uad-sample-scenarios-combined.pdf

 

[Alsie35]

...

 

[shrubberyvaluation]

Where are our professional institutions and state boards? A borrower is gonna have no clue what this gobbly gook is or how to interpret it.

What do you mean, all they have to do is put the value on page one with a message on how to turn in the appraiser if the value is too low. Perhaps add some inflated AVM value under the appraiser's OMV.