UAD 3.6 discussion

[timd354]

Oh no! You mean we now do not have a blank addendum page to add narrative comments that may not fit elsewhere?
Why?

The why is that users of appraisal reports got sick and tired of looking for the appraiser's narrative comments that are buried somewhere in a multi-page addendum, usually surrounded by a bunch of worthless boilerplate nonsense.

 

[glenn walker]

Imagine your reviewing lots of appraisals as are your Underwriters and none are organized the same way. It was a cluster F for our Underwriters and eats away valuable time and efficiency.

Worse the Jelly Beans who believed
10 pages of boiler plate addenda and disclosures are protecting them from liability and responsibility. Those waivers and desktop report's start looking better and better from a lenders perspective.
Lol )

 

[J Grant]

The why is that users of appraisal reports got sick and tired of looking for the appraiser's narrative comments that are buried somewhere in a multi-page addendum, usually surrounded by a bunch of worthless boilerplate nonsense.

I never heard of them sick and tired of it - the addendum page was the last page and clearly marked. Now they will really be sick and tired as they are forced to hunt down comments in various drop down sections with so much detail about minutes it will be hard to separate what is really important to value vs some inane factoid about a HERS rating or window thickness.

They need a blank page for narrative in this because some comments do not neatl fit into a category.

 

[cashcatz]

Imagine your reviewing lots of appraisals as are your Underwriters and none are organized the same way. It was a cluster F for our Underwriters and eats away valuable time and efficiency.

Exactly, it's especially annoying for commercial reports. Imagine having to review appraisals from 10 firms - all in different formats but still conveying the same basic info. Document standardization is a good thing. Even with software like phone apps and stuff, people expect predictable UX/UI patterns and get confused/annoyed if something goes off patterns. Said another way, people think they want customization and flexibility (sounds great!) but in reality, opinionated standardization is the better route in terms of quality and productivity. That said, you don't want to force things too much into a specific box/pattern - good solutions usually include an escape hatch.

 

[chad hampton]

Imagine your reviewing lots of appraisals as are your Underwriters and none are organized the same way. It was a cluster F for our Underwriters and eats away valuable time and efficiency.

Worse the Jelly Beans who believed
10 pages of boiler plate addenda and disclosures are protecting them from liability and responsibility. Those waivers and desktop report's start looking better and better from a lenders perspective.
Lol )

I actually agree with Glenn on this. I don’t do any reviews because reviews are for appraisers who can’t appraise, but I’ve seen plenty of reports over the years where every line on page one says “see addendum”. That’s unacceptable imo. I’ve always tried to condense my comments so they fit on those lines. I figure someone put the lines there, they must feel that’s enough info. I agree. Seems to have worked out fine after 23 years. The only area in which I have to expand is the HBU and final reconciliation/summary of sales comparison. everything goes on page 3 above the CA. I’ve written probably less than 10 reports in my life where I’ve needed an additional amendment page. That’s for very odd balls.

A normal solution to that would be to tell your appraisers - We’re not going to accept appraisal reports anymore that have see addendum on every line. I don’t think that played much of a factor in several floors worth of middle managers at the GSEs deciding to do what they’re trying to do.

 

[J Grant]

I actually agree with Glenn on this. I don’t do any reviews because reviews are for appraisers who can’t appraise, but I’ve seen plenty of reports over the years where every line on page one says “see addendum”. That’s unacceptable imo. I’ve always tried to condense my comments so they fit on those lines. I figure someone put the lines there, they must feel that’s enough info. I agree. Seems to have worked out fine after 23 years. The only area in which I have to expand is the HBU and final reconciliation/summary of sales comparison. everything goes on page 3 above the CA. I’ve written probably less than 10 reports in my life where I’ve needed an additional amendment page. That’s for very odd balls.

A normal solution to that would be to tell your appraisers - We’re not going to accept appraisal reports anymore that have see addendum on every line. I don’t think that played much of a factor in several floors worth of middle managers at the GSEs deciding to do what they’re trying to do.

I always put comments where appropriate in the sections of the report and then any additional narrative in the addendum.

I appraised and performed many field reviews at one point -searching for a comment in the addendum was not the problem. A click or flip through pages finds it in ten seconds. It was bad /cherry-picked comp choices, terrible adjustments, and sometimes other issues that were the problem.

 

[NC Appraising]

Yes, I cannot wait until the day that I no longer have to put in see addenda.

But, we all have to agree that we have a comment problem. Comment, comment...the form should be renamed "comment on this" form.

Maybe the new form will help....

But let's not kid ourselves. It's not all our fault. It's not like it's a private appraisal where we turn it in and it's done.

OR the UW will not be the only one to read it. We have different parties that reads it and will send it to the board.

We have to play this game....make sure we comment on this to avoid the rejection...less rejections, more work. "Getting out in front of it".

Typically, if we get a rejection, we add a canned statements. Overtime, it gets ridiculous, but we have to keep our score high.

We have 5 pages of LOE, Fannie, Freddie, FHA requirements, AMC requirements....

For example, the ANSI statement that all require us to make. 15% net that some want us to comment on, one mile, six month. Now you have support and comment on adjustments.

*****the lenders, AMCs, the gses all have blame in this comment on this game. I think the automatic review software they use are also to blame. AppraisalPort is one of the worst.

Then, we get "scored". All of the CYA, exceptions apply, are in there for a reason. We lose sleep and take meds over the score...being top tier.

Lastly, let's not forget that we already have canned statements built in...limiting conditions, certifications, etc.

 

[NC Appraising]

That being said, I also realize the churn and burn appraiser. They will fill their report with pages on pages of worthless dribble thinking their fooling someone...

It's just one big canned statement with a unsupported opinion of value. These reports are easy to spot...go to the neighborhood section....could be used for anything USA. It's the same canned statement for every neighborhood.


It's missing the meat where it counts.

 

[timd354]

I never heard of them sick and tired of it - the addendum page was the last page and clearly marked. Now they will really be sick and tired as they are forced to hunt down comments in various drop down sections with so much detail about minutes it will be hard to separate what is really important to value vs some inane factoid about a HERS rating or window thickness.

They need a blank page for narrative in this because some comments do not neatl fit into a category.

You have never been involved with underwriting appraisals so how would you know what the pain points are for lenders and their underwriters? Like usual, your lack of knowledge does not stop you from opining on something you know nothing about.

 

[J Grant]

You have never been involved with underwriting appraisals so how would you know what the pain points are for lenders and their underwriters? Like usual, your lack of knowledge does not stop you from opining on something you know nothing about.

I have interacted and spoken to a number of lenders and never heard of them searching for addendum comments as an issue, let a lone a "pain point" -
I used to sell RE as well and went to many closings, and at one point shared an agency with a mortgage broker, and I never heard anyone complain about the 100 mile trek and mountain climb they had to do ( sarcasm) to find the buried comment under a 100 lb boulder iin an addendum