UAD 3.6 discussion

[glenn walker]

mej was exposing the unethical stakeholders...like any good whistle blower...ask laglow

If he was a whistle blower he should
get Federal protection or is he just another person who rather than getting professional legal advice from a real lawyer listened to untrained people like you on social media Platform's ? who encouraged and cheered him on but
when they get in trouble the Brother Loves Friday Night Salvation Shows honest, highly, ethical and self righteous cheerleaders flee and never help that person financially or give anything of value.

But in all fairness when you can't even use a real name it's kinda hard to show up in person to help defend a so called fallen brother or sister. Just another evil Judas pretending to be a friend's helper.

 

[djd09]

If he was a whistle blower he should
get Federal protection or is he just another person who rather than getting professional legal advice from a real lawyer listened to untrained people like you on social media Platform's ? who encouraged and cheered him on but
when they get in trouble the Brother Loves Friday Night Salvation Shows honest, highly, ethical and self righteous cheerleaders flee and never help that person financially or give anything of value.

But in all fairness when you can't even use a real name it's kinda hard to show up in person to help defend a so called fallen brother or sister. Just another evil Judas pretending to be a friend's helper.

well...you dont need to worry about being blacklisted

 

[Surf Cat]

Here is "the rest of the story".

Yes—UAD 3.6 (certified by the GSEs as the new standardized appraisal format) can bring real benefits for lenders—especially in efficiency, data quality, and loan‐process clarity. Here’s a breakdown:

That's all based on AI regurgitating what these old A-holes with high salaries who don't even appraise say what it's going to do....

One major problem I see is that the AMC's whom hire the cheapest, bottom of the barrel, least experienced appraiser, they won't be able to convey in an articulate manner in the drop-down comment boxes without their canned, boilerplate comments. Big problem for lenders who want efficiency..... big problem for AMC's that don't want to pay customary and reasonable fees.

 

[J Grant]

Despite the press release from whoever wrote it,. I fail to see how UAD 3.6 offers benefits to lenders. The prboem lenders face is what every on the RE food chain faces - how to get more income. And none of the increased efficiency or computer programs have brought in any more income to loan officers, RE sales agents and brokers, and not to appraisers. In some cases, every new effeicncy actually decreases income.

Loan officers, like RE agents, are sales people. I don't; buy the increased efficiency a more detailed appraisal fofamt delivers but that aside, it won;t save the lenders any money and even if lenders dumped appraisals and used some instant valuaotin form it would not save them money either since the borrower covers the appraisal fee.

Lenders face the same existential problem- RE is not an industry where more volume or inventiveness is possible; it deals in a finite number of sales and refinances a year, no matter what. In a hot market, the sales and refi volume drive income up, only to see it wiped out in the inevitable slow cycle. That is the reality of the RE business. All the tech bros and managers make some money off the margins.

RE product - it is not like a sneaker manufacturer, that can design an amazing new sneaker or find a way to make them for half price and thus double its sales. RE is not an innovative business and it is stuck with the limited inventory depending on the market activity and interest rates beyond anyone control.

Appraisers, needless to say, have seen their fees most impacted, mainly from third-party AMC predation. If canned comments are not functional in the new UAD format, it might slow down some of the and burn folks who pump out AMC orders, and thus lead to a marginal fee increase.
Not having the ability to input any saved comments will increase turn time for all appraisers or at least the time needed to do an appraisal. That might lead to some measely fee increase.

 

[Tom D]

I'm practicing my new speedy check boxes typing for the new easier faster cheaper and more improved uad3. Now, to increase production and efficieny i will not check any negatve box, don't have time for original comment needed there. Dam those bad template comments.

Instead of the appraisal form to fill in, they should just have a long list of check boxes that tranfer into the form. Let's call my new improved uad3 speed check list form, the slimmed down uad3 version to make mo money.

 

[GWISC]

The problem is GSE’s say judgment is always “subjective.” And that is where I will have a bone to pick. Let’s just take an example of a large pole barn. That is more than just a reconciliation analysis. That has to be line adjustment. Pole Barns can run about 50,000 to 75,000 to build at a minimum.

I hear your pain. It's mine too. Appraising rural properties/farmettes will always be problematic. Not only do you need comps with pole buildings, but similar aged and sized pole buildings. Some are open sided and dirt floored. Some have thick concrete floors to accommodate heavy equipment. Also, do not forget about eave height. Tall pole buildings cost more to build. Let's not forget interior finished build-outs. How about 75+ year old barns which are in poor to good shape.

And don't get me going on multiple pole buildings on the subject property.

Sometimes you get lucky and find a comp with a similar sized and aged pole building to yours, only to find that the house is not similar to your subject's, and it may even be on vastly different sized acreage. You end up using it just for the bracketing.

Half of my appraisals are rural.

 

[J Grant]

AI, another credible source, lol. BTW, no serious lender posts anything on Reddit.....however maybe some stooges who work for lenders post nonsense on RedDIT.

As far as my source is concerned, my source is my experience supervising and training a staff of more than 50 underwriters plus another bunch of QA analysts, which I have been doing for almost 15 years now....so, yes I m very sure that I know what I am talking about regarding this subject.

If so, it is valid feedback you got that lenders seem to like the UAD 3.6- I understand only a limited release has been out.
As an appraiser, I will reserve judgment until I have used it on an assignment.

 

[Dublin ohio]

If so, it is valid feedback you got that lenders seem to like the UAD 3.6- I understand only a limited release has been out.
As an appraiser, I will reserve judgment until I have used it on an assignment.

The UAD 3.6 has been set, otherwise software companies couldn't be developing compatible software. The limited "release" is the trial period that starts in September and from what I have heard there are a very few lenders who are ready for it

 

[J Grant]

The UAD 3.6 has been set, otherwise software companies couldn't be developing compatible software. The limited "release" is the trial period that starts in September and from what I have heard there are a very few lenders who are ready for it

TMD claims some lenders have already tried it - otherwise, how could they have the positive reaction he reports?

My personal opinion, from what I know about lenders, is that they couldn't care less about forms and software wrt appraisals or valuations, their concern is income. As far as underwriting, it seems like more detailed work for them to review. But I am not on that end of the business and as you note, it is not even in use yet.

I watched a video today wrt filling out the software - looks tedious but not doable. So far Alamde reports no templates or saved comments, both of which will add time.

 

[Dublin ohio]

TMD claims some lenders have already tried it - otherwise, how could they have the positive reaction he reports

Working with "sample" reports is a long way from real time use. Underwriting practice from "sample" reports is not the same as dealing with different appraisers and submitting it to Fannie/Freddie and getting CU feedback. I don't doubt that the new format may be better for lenders in the long run. But initially I think it will be a steep learning curve for appraiser. Because if the reaction overall is anything like on this forum. Too many appraisers will approach with a predetermined negative opinion