Poll - How Likely Are You To Retire Before Implementation Of The Uad 3.6 Abomination?

[Tim Hicks (Texas)]

If you don't take care of your property and it needs lots of work, an AVM is your saving grace. On the other hand, if you keep up your property and improve upon it non-stop, you will be asking for a real appraisal over your assumed low value AVM.

 

[glenn walker]

Your assuming the AVM or Waiver comes in lower than what a owner thinks his improvements are worth but we had seen many AVMs and Waivers be higher and owners didn't want an appraisal. It's heads or tails but once the borrowers elect to not take a waiver or AVM they can't go back if the appraiser brings the value in lower. Lmao )

 

[Tim Hicks (Texas)]

Your assuming the AVM or Waiver comes in lower than what a owner thinks his improvements are worth but we had seen many AVMs and Waivers be higher and owners didn't want an appraisal. It's heads or tails but once the borrowers elect to not take a waiver or AVM they can't go back if the appraiser brings the value in lower. Lmao )

You're*

Your first sentence is exactly what I said. However, if the waiver/AVM value is lower than expected, they will roll the dice on a real appraisal.

 

[Fernando]

It comes down to high fee to do the new form Abomination.
Old timers like me have gone through the changes in 1004 forms over 30 years ago and seen how the fees have not increased as much if we had gone into another career.
I'm not willing to work more for less fee especially if the new form Abomination to take its place.
Fannie pushing me to retirement which I don't want to.
I like to keep working but with low fees from Abomination form and social security rules penalizing me because I make more than the minimum from outside nonappraisal income, I'm in a dilemma what to do.

 

[chad hampton]

Until there’s a crash of some sort, nothing is changing. The unethical stakeholders will continue to issue waivers and ave to push value. They’re like mortgage brokers on steroids.

 

[Terrel L. Shields]

I'm not willing to work more for less fee

Hopefully all appraisers will think that way, but the cruel pinch of want may entice some appraisers to fold and take what is offered. I mean obviously someone is taking those $289 fees somewhere that we already hear about.

 

[djd09]

Until there’s a crash of some sort, nothing is changing. The unethical stakeholders will continue to issue waivers and ave to push value. They’re like mortgage brokers on steroids.

the same ones who have labeled appraisers racists are the ones pushing 3.6....and USPAP aint gonna save us

 

[glenn walker]

Until there’s a crash of some sort, nothing is changing. The unethical stakeholders will continue to issue waivers and ave to push value. They’re like mortgage brokers on steroids.

A crash wouldn't have any effect on appraisals because we learned that once values go down by 15% or more the original appraisals had been worthless on day one. If anything a crash would be proof that traditional appraisals were a outdated way to value most of the residential properties.

A new cost approach based methodology done by computers and market analytics would be done by anyone at a desk.

Few know that prior to WW-11 single family homes were mostly valued by the cost approach and lot or land value not using comparable sale's.

The Realtors used comparable sale's but lenders did not depend on them for loans as they believed the Realtors and brokers could very easily unite and create bogus inflated sales comparables.

 

[Fernando]

Hopefully all appraisers will think that way, but the cruel pinch of want may entice some appraisers to fold and take what is offered. I mean obviously someone is taking those $289 fees somewhere that we already hear about.

Lenders are counting on the $289 fee appraisers to continue working for them using the Abomination form.
Appraising is labor intensive and they will find out that there aren't enough cheap appraisers (like Glenn if he was working) to take their orders.

 

[Terrel L. Shields]

they will find out that there aren't enough cheap appraisers

If so, they will only argue to Congress that appraisers are not competent enough and want to replace them with AI and AVMs. Catch 22.