Subject: Don't just vent about UAD 3.6

[ucbruin]

"I have determined that I am not going to participate, I am out, I have other opportunities to make money and will attempt them..."




The "SECRET" to say NO....
Otherwise one adapts....

 

[Surf Cat]

I will keep my appraiser credentials and completed whatever non lender work I can, but after 24+ years of completing traditional lender appraisal work, I am done.

Keeping the license is a smart move.

With the careers coming to an end of many old school appraisers, the lack of new blood coming into the industry, many appraisers "passing" on doing the 3.6, plus the lenders not compensating appraisers for the additional work, something's got to give. Especially if there's a refi boom or new program to get the market involved in home buying where production ramps up.

The 3.6 will evolve. There will be new tools available to appraisers to complete it more expeditiously..... Lenders have always wanted appraisals yesterday. This is a big stick in the spokes of completing the appraisal in a timely manner that hasn't been fully realized yet as lending is slow.

 

[Essexfenwick]

Keeping the license is a smart move.

With the careers coming to an end of many old school appraisers, the lack of new blood coming into the industry, many appraisers "passing" on doing the 3.6, plus the lenders not compensating appraisers for the additional work, something's got to give. Especially if there's a refi boom or new program to get the market involved in home buying where production ramps up.

The 3.6 will evolve. There will be new tools available to appraisers to complete it more expeditiously..... Lenders have always wanted appraisals yesterday. This is a big stick in the spokes of completing the appraisal in a timely manner that hasn't been fully realized yet as lending is slow.

Nothing is going to "give" they are prepared for increasing waivers and going with avms at whatever amount is necessary. GSEs are switching to a data based valuation system with occasional rare appraisals ordered for targeted properties and if client wants one for avm value that they think is low.

 

[Surf Cat]

Nothing is going to "give" they are prepared for increasing waivers and going with avms at whatever amount is necessary. GSEs are switching to a data based valuation system with occasional rare appraisals ordered for targeted properties and if client wants one for avm value that they think is low.

This not directed at you personally Essexfenwick.....it's just me wondering out loud.

Why take eight frigging years to come out with a "system" to standardize appraisals with more granular reporting requirements that takes the appraiser twice as long to fill out if appraisers are going into extinction? Just so lenders can validate it more expeditiously and get away from appraiser commentary occasionally or rarely?

One would think a couple years back seeing the trend of the appraisal industry as a whole..... hybrids, then waivers, the powers that be would go "hey, looks like this 3.6 UAD is not going to be useful anymore" and come up with a one-page checkbox, no commentary, form that could be filled out by an Uber driver since hybrids and waivers are going so swimmingly.

What licensed appraiser is going to stick around, keep throwing money away on continuing education to keep their license active, E&O insurance, expensive uad 3.6 software packages, AI related tools to fill out the dang thing, for a fee that's not adequate for the work..... for an occasional, rare appraisal?

It doesn't add up.....

 

[J Grant]

This not directed at you personally Essexfenwick.....it's just me wondering out loud.

Why take eight frigging years to come out with a "system" to standardize appraisals with more granular reporting requirements that takes the appraiser twice as long to fill out if appraisers are going into extinction? Just so lenders can validate it more expeditiously and get away from appraiser commentary occasionally or rarely?

One would think a couple years back seeing the trend of the appraisal industry as a whole..... hybrids, then waivers, the powers that be would go "hey, looks like this 3.6 UAD is not going to be useful anymore" and come up with a one-page checkbox, no commentary, form that could be filled out by an Uber driver since hybrids and waivers are going so swimmingly.

What licensed appraiser is going to stick around, keep throwing money away on continuing education to keep their license active, E&O insurance, expensive uad 3.6 software packages, AI related tools to fill out the dang thing, for a fee that's not adequate for the work..... for an occasional, rare appraisal?

It doesn't add up.....

Imo, they developed 3.6 with expansion in mind, perhaps to introduce a version that says valuation instead of appraisal or appraiser assisted AI , to allow non appraisers to complete it. Similar to how PDR allow non appraisers to do the site work by replacing the word inspection with data collection.

I doubt they devoted 8 years and resources just for the diminishing slice of appraisals performed.

The fact that a bunch of tech bros jumped in with "software solutions " indicates that the dropdown online format, esp on a per report charge, is adaptable for non appraisers to fill out as well as for AI to populate..

 

[djd09]

hey chad...the mortgage brokers have been cut out of the loop