UAD 3.6 discussion

[Tom D]

The fannie mae automated appraisal factory is being put into place. They now have a simple checkbox recipe that their CU avm can look over in 10 seconds.
I'm also assuming that once fannie has enough of the new uads on file, an appraiser won't be needed, period. CU will do the market grid itself, just need someone to do a decent inspection. Why the current splitting of the appraisal process., it isn't faster or cheaper. They will only need subject info to imput into the system, to feed the avm.

But i also believe they will need some appraisers for those loopey properties, the highs and the rurals and unique. Now those appraisers may make a decent living, probable will be a fannie direct order system to appraiser. Cloud based, instantly given to CU.

 

[timd354]

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

A lender would have no reason to complain to an appraiser about this issue unless it was that appraiser's own addendum(s) that were a disorganized mess. Some appraisers (perhaps including yourself) do an excellent job of orgnaizing their comments within the addenda but far too many appraisers do not and I can tell you this is a real issue for underwriters, who are under time pressure to complete a certain number of files every day and do not have the time to weed through pages and pages of disorganized addenda which are typically in some nonsensical, random order with relevant comments often buried in the middle of several pages of meaningless boilerplate. It can also end up costing the appraiser additional time and annoyance as I have seen files that were pended for additional commentary or explanation from the appraiser because the underwriter understandbly missed the one or two comments that already addressed the issue, but which were buried in the middle of page 3 of a 6 page addendum (which is not an atypical example) comprised of mostly irrelevant, useless boilerplate nonsense.

It has also amazed me how often users of appraisals will exprerss a concern about how appraisals are done or reported only to be met with complaints from many appraisers that the user's concerns are not legitimate and then these same appriasers bitterly complain about users expanding alternatives to appraisers.

 

[J Grant]

A lender would have no reason to complain to an appraiser about this issue unless it was that appraiser's own addendum(s) that were a disorganized mess. Some appraisers (perhaps including yourself) do an excellent job of orgnaizing their comments within the addenda but far too many appraisers do not and I can tell you this is a real issue for underwriters, who are under time pressure to complete a certain number of files every day and do not have the time to weed through pages and pages of disorganized addenda which are typically in some nonsensical, random order with relevant comments often buried in the middle of several pages of meaningless boilerplate. It can also end up costing the appraiser additional time and annoyance as I have seen files that were pended for additional commentary or explanation from the appraiser because the underwriter understandbly missed the one or two comments that already addressed the issue, but which were buried in the middle of page 3 of a 6 page addendum (which is not an atypical example) comprised of mostly irrelevant, useless boilerplate nonsense.

It has also amazed me how often users of appraisals will exprerss a concern about how appraisals are done or reported only to be met with complaints from many appraisers that the user's concerns are not legitimate and then these same appriasers bitterly complain about users expanding alternatives to appraisers.

Again, the many lenders I interacted with over the years never voiced a concern about of all things, having to read comments on an addendum. They are concerned about did the deal work or not wrt the value or a problem with the property.
The new "dynamic form" will take far more time for lenders and UW to pore through the biblical tome of trivial data about aspects of the property, such as the height of a foyer or % of window coverage , and they will be hunting for comments in numerous sections rather than just in one addendum page.

 

[cashcatz]

Again, the many lenders I interacted with over the years never voiced a concern about of all things, having to read comments on an addendum. They are concerned about did the deal work or not wrt the value or a problem with the property.
The new "dynamic form" will take far more time for lenders and UW to pore through the biblical tome of trivial data about aspects of the property, such as the height of a foyer or % of window coverage , and they will be hunting for comments in numerous sections rather than just in one addendum page.

You're thinking in terms of "form", the software will extract that away into more of a workflow. Well, hopefully lol.

 

[timd354]

Again, the many lenders I interacted with over the years never voiced a concern about of all things, having to read comments on an addendum. They are concerned about did the deal work or not wrt the value or a problem with the property.
The new "dynamic form" will take far more time for lenders and UW to pore through the biblical tome of trivial data about aspects of the property, such as the height of a foyer or % of window coverage , and they will be hunting for comments in numerous sections rather than just in one addendum page.

You have no idea what you are talking about, butthat is not unusual here on the AF.

 

[J Grant]

You have no idea what you are talking about, butthat is not unusual here on the AF.

I think close to three decades in the RE business including years as an agent when I shared offices with mortgage lendes gave me as good an idea as you seem to have - about their supposed intense problems with reading comments on the addendum page.

Neither of us knows how much more pain there will be for them to pore over the data and comments in sections in UAD 3.6 since it has not rolled out yet.

 

[BRCJR]

Neither of us knows how much more pain there will be for them to pore over the data and comments in sections in UAD 3.6 since it has not rolled out yet.

Then how can you say this:

"The new "dynamic form" will take far more time for lenders and UW to pore through the biblical tome of trivial data about aspects of the property, such as the height of a foyer or % of window coverage , and they will be hunting for comments in numerous sections rather than just in one addendum page."

 

[Dublin ohio]

I think close to three decades in the RE business including years as an agent when I shared offices with mortgage lendes gave me as good an idea as you seem to have - about their supposed intense problems with reading comments on the addendum page.

How many times have you received a stip about a specific item and your response is "it is already in the report on the addendum page".

 

[djd09]

the poor reviewers and underwriters had to read the whole report...pity party

 

[djd09]

and what happened to versions 3.1, 3.2, 3.3, 3.4, 3.5....