UAD 3.6 discussion

[Fernando]

That gives me plenty of time for the webinar and then it may take 6 months to do a template. But i am going to be the leader in doing it, or end up in a mental hospital.

Because lenders aren't happy with the form (they finally see the abomination), they will have it modified and our early training will be wasted.
CE classes and the likes of George will benefit in teaching the too early version of the new form.

 

[Dublin ohio]

Because lenders aren't happy with the form

And you know that how?

 

[Fernando]

And you know that how?

None of my clients are requiring use of new form this year.
Everyone doesn't want to use it if not needed.

 

[sputnam]

None of my clients are requiring use of new form this year.
Everyone doesn't want to use it if not needed.

They are not requiring you to use it and won't until they are required to use it. Mostly due to the fact that, in business, change costs.... and if something is working, why fix it?

 

[Fernando]

They are not requiring you to use it and won't until they are required to use it. Mostly due to the fact that, in business, change costs.... and if something is working, why fix it?

Or let the "bugs" come out from other lenders' frustrations.
Or the new form would be changed significantly or not even implemented eventually.

 

[timd354]

View attachment 103579

No surprise, BOA is always a slow adopter to changes...which is smart as they let everyone else work through the bugs.

 

[Sadie]

I know that DWiley said appraisers were involved in the new forms design. But even all the box checking aside, it is unworkable. It is entirely possible that the appraisers involved are not actually earning a living doing F/F work, or they were not listened to. The sheer unwieldiness of the form is stunning.

 

[Fernando]

I was working on my sketch today and while working on the rest of the report and saw the photos, I realized I had the bedroom placement wrong in my report.
Would it have made my appraised value different? No.
The new form with the "useless" details on pages and pages won't really affect our appraised value.

 

[Dublin ohio]

Or let the "bugs" come out from other lenders' frustrations.
Or the new form would be changed significantly or not even implemented eventually.

There are not many "bugs" the lenders need to work out other than setting up their systems to receive and download the appraisals to CU. Other than that, it is internal familiarity they will be working on.

 

[Fernando]

There are not many "bugs" the lenders need to work out other than setting up their systems to receive and download the appraisals to CU. Other than that, it is internal familiarity they will be working on.

Appraisers have always adapt even when we had that USPAP monstrosity handbook put upon us.
And don't forget ANSI.
And 1004MC.
Whatever the form or if it exists, we will deal with it, the good and the bad.
For lenders, they will have to pay higher fees for sure.