Todays Bombshell Executive Order Ends Traditional Appraisals.

[George Hatch]

I havn't looked into it at all, but how much longer could the inspection take? The inspection is not really where the time is spent.

That's my thinking. You'll slow down overall, moreso in the kitchen; but much of the rest of it will just amount to documenting what you were already seeing. I think the details look overwhelming because they formatted their examples on 20-lines/letter with 1" margins rather that 80 lines/legal with 1/4" margins. It's the higher page count that's freaking people out.

 

[Surf Cat]

There have been several recent webinars featuring appraisers who are actually using UAD 3.6. What are those appraisers saying about the impact to inspection time?

All I've seen in the webinars are people talking about the UAD 3.6 and inputting on their desktops. Are there tablet webinars, videos using 3.6?

 

[Joe Flacco]

That's my thinking. You'll slow down overall, moreso in the kitchen; but much of the rest of it will just amount to documenting what you were already seeing. I think the details look overwhelming because they formatted their examples on 20-lines/letter with 1" margins rather that 80 lines/legal with 1/4" margins. It's the higher page count that's freaking people out.

What do you have to do in the kitchen?

 

[George Hatch]

IMO the most credible information came from the appraiser who actually completed the first 3.6 and sat down for a video interview. He was very dogmatic about it and described it in detail and as I recall he said it took 2-3 times as long in the field as a typical 1004 assignment. I'm sure if he had said it only took 30 minutes he would have been recruited for more interviews from the alphabet soup people.

2-3 times longer in an inspection would generally only add ~30 minutes to the 15-min interior inspection a lot of appraisers use (myself included). They're not spending any more time on their research, comps pics or their drive times.

 

[Tom D]

Some of you brainiacs should open a 3.6 form. You can do it with alaode. Then see how long it takes to go thru a few things. After you stop screaming no mas no mas, let us know how you feel now about it.

I'ts there to try, too much speculation here. Also, lt didn't seem to follow your inspection route. I bet you are going to be bouncing back and forth on da pad. That surely will speed up the inspectiin. Hahahaha.

 

[George Hatch]

The simple fix for the format being out of order is to change your order.

 

[TerryRohrer]

IMO the most credible information came from the appraiser who actually completed the first 3.6 and sat down for a video interview. He was very dogmatic about it and described it in detail and as I recall he said it took 2-3 times as long in the field as a typical 1004 assignment. I'm sure if he had said it only took 30 minutes he would have been recruited for more interviews from the alphabet soup people.

We really don't know anything yet, because nothing about the "system" is complete. From what I gather, only SFREP has a functional software, including a third party inspection app and a report software. Total and ACI are not even close to functional. Some of the new kids are full of promise, but don't have completed software yet (completed to mean both a mobile app and desktop report generator). Nor is the delivery system ready. Reports I have seen suggest there have been about 100 reports to the GSEs, all manually entered. The lenders' systems are reportedly way behind. Of course, insiders will tell you that none of these facts are accurate, but they will not provide any, so you rely on what you get!

I think appraisers' reactions are (quite) a bit overblown, but the unknowns are the problem. I haven't wasted time studying the minutia yet, but if AMCs, lenders, and the GSEs want to quibble about every little thing that doesn't make any difference to an appraiser, or their task, then they can grind the whole system into the ground. I suspect that is why some fields are "optional"...until the data flow begins functioning and steadying out. Then, the scope of work will be ramped up over the next months or years. And on a whim, they can revise the forms to add more.

 

[Surf Cat]

The implication is that wifi will necessarily be at the site you are visiting.

Can you imagine the looks on homeowner's faces when you ask "ma'am may I get your Wi-Fi password in order to conduct this inspection?"

 

[George Hatch]

Maybe there are other reasons, but....
The main reason I can think of for needing wifi would be if it was a cloud application, not a freestanding app (or an inspection-only component) on your device. I can see why the appraisalware vendors would want the 100% cloud app, but it's hard to imagine ALL of them going that way.

Do up your inspection onsite and upload later that day to write the rest of the report. All of your work still ends up on someone else's computer but at least they don't have to attempt to build software that will run on any computer or with any version of Windows.

 

[Bobby Bucks]

2-3 times longer in an inspection would generally only add ~30 minutes to the 15-min interior inspection a lot of appraisers use (myself included). They're not spending any more time on their research, comps pics or their drive times.

I said "in the field", not interior time. Most 1004 residential assignments require the appraiser to observe the interior, the exterior and the site.

We really don't know anything yet, because nothing about the "system" is complete. From what I gather, only SFREP has a functional software, including a third party inspection app and a report software. Total and ACI are not even close to functional. Some of the new kids are full of promise, but don't have completed software yet (completed to mean both a mobile app and desktop report generator). Nor is the delivery system ready. Reports I have seen suggest there have been about 100 reports to the GSEs, all manually entered. The lenders' systems are reportedly way behind. Of course, insiders will tell you that none of these facts are accurate, but they will not provide any, so you rely on what you get!

I think appraisers' reactions are (quite) a bit overblown, but the unknowns are the problem. I haven't wasted time studying the minutia yet, but if AMCs, lenders, and the GSEs want to quibble about every little thing that doesn't make any difference to an appraiser, or their task, then they can grind the whole system into the ground. I suspect that is why some fields are "optional"...until the data flow begins functioning and steadying out. Then, the scope of work will be ramped up over the next months or years. And on a whim, they can revise the forms to add more.

The amount of misinformation coming from the 3.6 pushers and their AMC partners is staggering. It's become a carnival card trick.