UAD 3.6 discussion

[Essexfenwick]

For as much bull**** that the appraisers have to go through, I almost feel just as bad for the software providers. Imagine being them, and having an invested millions of dollars over this time too perfect appraisal software and work all the bugs out, only to be told, if you want stay in business, you’re gonna have to re-design a whole new system. I assume the GSEs paid the software providers a good bit of money for this change?

I can’t imagine they will ever make the money they have invested into this change off of appraisers.

I know appraisers that aren't even aware of any of it. So many aren't going to offer 3.6. legacy forms or wait a long time for the diminished appraiser (inspector) population and understaffed impoverished software providers. If there's a refi boomlet it will be a total disaster with 3.6 dynamic data driven ecosystem bull crap and legacy forms swirling in a tornado of fecal fondue.

 

[alebrewer]

The issue is....why does the AMC or the lender keep using bad appraisers?

The bar for acceptable quality appraisals is extremely low in the residential mortgage securitization space. I personally believe the reasons for this are at least twofold: (1) the users of our services aren't willing to pay what it would take to produce credible reports, and (2) the (end) users of our reports aren't as much interested in the quality of the report as the data contained within it. They have their automated review to catch the items they believe to be meaningful to them - the rest is white noise. What they want is the data - and it's much more cost effective to acquire that data cheaply than costly (as evidenced by the move to PDR and value acceptance).

 

[Alsie35]

I know appraisers that aren't even aware of any of it. So many aren't going to offer 3.6. legacy forms or wait a long time for the diminished appraiser (inspector) population and understaffed impoverished software providers. If there's a refi boomlet it will be a total disaster with 3.6 dynamic data driven ecosystem bull crap and legacy forms swirling in a tornado of fecal fondue.

THIS. COMING IN 2026. Bank on it. (My best guess .. or hope ... is that it will cause the GSEs to delay the full implementation of the UAD 3.6 Abomination in order to prevent total chaos once interest rates get cut several times next year. I can hope, can't I? )

 

[cashcatz]

fecal fondue

Welp, it's official - this one is going into my phrase rotation.

 

[J Grant]

For as much bull**** that the appraisers have to go through, I almost feel just as bad for the software providers. Imagine being them, and having an invested millions of dollars over this time too perfect appraisal software and work all the bugs out, only to be told, if you want stay in business, you’re gonna have to re-design a whole new system. I assume the GSEs paid the software providers a good bit of money for this change?

I can’t imagine they will ever make the money they have invested into this change off of appraisers.

I feel sorry for small companies, but Alamode is now owned by Cotality (formerly Core Logic ), which has deep pockets. I believe their large competitor, ACI, is also corporate-owned. I hope legacy companies like ALAMODE will buy out or copy any better version offered by a startup.

 

[cashcatz]

I feel sorry for small companies, but Alamode is now owned by Cotality (formerly Core Logic ), which has deep pockets. I believe their large competitor, ACI, is also corporate-owned. I hope legacy companies like ALAMODE will buy out or copy any better version offered by a startup.

I wonder how large ACI actually is, Alamode/Cotality has like 75% of the residential appraisal form market.

 

[J Grant]

I wonder how large ACI actually is, Alamode/Cotality has like 75% of the residential appraisal form market.

It used to be a big player - I don't keep up with it anymore.

 

[djd09]

For as much bull**** that the appraisers have to go through, I almost feel just as bad for the software providers. Imagine being them, and having an invested millions of dollars over this time too perfect appraisal software and work all the bugs out, only to be told, if you want stay in business, you’re gonna have to re-design a whole new system. I assume the GSEs paid the software providers a good bit of money for this change?

I can’t imagine they will ever make the money they have invested into this change off of appraisers.

appraisers would be better off to write the report with pen and paper...

 

[NC Appraising]

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