UAD 3.6 discussion

[Overimprovement]

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.

But honestly, most of the boilerplate crap was forced on us by clients and later AMCs requiring it.

Or am I the only one who ever had to comment in the report that subject is not within x feet of an active drilling site?

And yes many of the canned comments were specific to certain clients, but after awhile you just say screw it and include them all in every report unless you want 100 different templates...

 

[Overimprovement]

The new forms are setup for automated review. No need for human reviewers going forward. This will increase the number of licensed appraisers without work even more.

Call me chicken little all you want but this profession is near death.

 

[Non Sequitur]

Just about everything will be automated, think easy button. Don't believe me? Start at the 4:20 mark in the video below. Every software vendor is headed the same way.

Edit: And be prepared for subscription and per use fees. None of them are spending tons of money without plans for big returns.

NightHawk - Appraising Reimagined | Bradford Technologies

With NightHawk, speed matters and in the first 10 seconds of starting a report, NightHawk retrieves information from multiple sources.

www.bradfordsoftware.com

 

[glenn walker]

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.

The " i" you keep using is the problem just because you as one lone appraiser does things a certain way has no bearance on how the other 99% do it. Get the "I" out of your analysis on appraisal issues and life and start looking at the bigger view.

You're going to be surprised to discover a whole new prospective on things.

 

[timd354]

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."

A lack of knowledge has never stopped the average stunod from potificating on any particular subject.

 

[timd354]

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.

Actually, I have a pretty good idea as to what will be involved as I have closely studied numerous sample reports for all property types using the new form and have already started training my underwriters on how to underwrite the new reports. Like anything else new, there will be a burn-in period, but in the long term, I beleive that underwriting appraisals reported on the new form will be easier and more efficient than appraisals reported on the existing form.....but you just keep on thinking whatever you want to keep on thinking as it really does not matter as no matter what you are thinking, the new form is a reality that is going to happen whether you, me or anyone else likes it or not.

 

[timd354]

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."

Stop using logic to argue with those whom are immune to it.

 

[timd354]

But honestly, most of the boilerplate crap was forced on us by clients and later AMCs requiring it.

Or am I the only one who ever had to comment in the report that subject is not within x feet of an active drilling site?

And yes many of the canned comments were specific to certain clients, but after awhile you just say screw it and include them all in every report unless you want 100 different templates...

No doubt that some AMC and lenders are partially at fault, but so are some appraisers, especially the boilerplate crap that I see on a regualr basis that disclaims that appraisers know anything about condition, quality, home constuction, construction costs, etc.

 

[glenn walker]

But honestly, most of the boilerplate crap was forced on us by clients and later AMCs requiring it.

Or am I the only one who ever had to comment in the report that subject is not within x feet of an active drilling site?

And yes many of the canned comments were specific to certain clients, but after awhile you just say screw it and include them all in every report unless you want 100 different templates...

The X feet of drilling sites, wells etc
was implemented into HUD and GSE guidelines over 50 year's ago.

The AMCs have nothing to do with those stips except to remind appraisers they are in the guidelines. Frankly they shouldn't have to babysit the appraisers should know the rules.

 

[J Grant]

AI Overview


+8

Lenders on Reddit have mixed opinions on the new UAD 3.6 appraisal form, with some expressing concerns about increased workload and potential cost increases, while others see it as a necessary modernization of the appraisal process. Many lenders anticipate higher appraisal fees due to the increased data requirements and complexity of the new form. Some are also concerned about the potential impact on appraisal factories and the need to adapt to new software and workflows.

Here's a more detailed breakdown of lender opinions:
Concerns:

• Increased Workload and Complexity:
  The new UAD 3.6 form requires more detailed data and analysis, which could significantly increase the time and effort required for each appraisal.
  
  
• Potential for Higher Fees:
  Many lenders anticipate that the increased workload will necessitate higher appraisal fees to compensate for the additional time and effort.
  
  
• Impact on Appraisal Factories:
  Some lenders worry that the new form could further incentivize appraisal factories, which may prioritize speed over quality, potentially leading to issues with data accuracy and consistency.
  
  
• Software Adaptation:
  Lenders will need to invest in new appraisal software or upgrade existing software to be compatible with the UAD 3.6 format.
  
  
• Liability Concerns:
  Some lenders are concerned about the increased liability associated with estimating repairs or other property-related issues on the new form.