UAD 3.6 discussion

[timd354]

they are on the 8th year of the secret 3 year hybrid pilot...so dont hold your breathing waiting for three point six...this is all a distraction from the illegal waivers scheme

What is illegal about appraisal waivers?

 

[Dublin ohio]

I hear you. But what comes first, the chicken or the egg? If there is no software ready how the heck can anyone deliver the first 3.6 report? I get this is a heavy but something isn't lining up. And heaven forbid an uptick in origination volume, will the GSEs blame boots on the ground appraisers for a 3.6 bottleneck? And FWIW, I don't think the software vendors are the loose nut in this mess.

My main client (lender owned AMC) that was one of the first AMCs I signed up with back at the beginning has said absolutely nothing about 3.6. Neither have the few direct lenders I do a few for here and there. Anybody that deals with direct lenders hear anything. The only requests I get as far as being "ready" for 3.6 are the usual AMCs

 

[J Grant]

I hear you. But what comes first, the chicken or the egg? If there is no software ready how the heck can anyone deliver the first 3.6 report? I get this is a heavy but something isn't lining up. And heaven forbid an uptick in origination volume, will the GSEs blame boots on the ground appraisers for a 3.6 bottleneck? And FWIW, I don't think the software vendors are the loose nut in this mess.

I do not understand software mechanics, and the form providers are being tight-lipped with information, but my impression is that UAD 3.6 was designed as a cloud interface, and the software ALAMODE, ACI, etc are form-based with drop-down menus, saved templates, etc, and that UAD 3.6 is not compatible with taht. Which will add enormous time to filling out each appraisal as if from scratch, each and every time. There may be other glitches as well on the provider end or on the lender receiver end.

 

[Surf Cat]

And heaven forbid an uptick in origination volume, will the GSEs blame boots on the ground appraisers for a 3.6 bottleneck?

The waiving, value acceptance numbers will be off the charts... the only orders being produced will be the ones where the savvy purchases are demanding an appraisal as opposed to a waiver.

 

[djd09]

Wells Fargo Fires Loan Officers Accused Of Abusing Appraisal Waivers​

Wells Fargo Fires Loan Officers Accused Of Abusing Appraisal Waivers

Wells Fargo has been cracking down on loan officers in the past few weeks over allegations of widespread abuse of appraisal waivers in the past two years.

nationalmortgageprofessional.com

wire fraud is perfectly legal....well duh

 

[Tom D]

So, what is worst.
Loan officers abusing appraisal waivers
OR
Loan officers asking for a comp check.

And will there be a hvcc for loan offices.

 

[NC Appraising]

Wells Fargo Fires Loan Officers Accused Of Abusing Appraisal Waivers​

Wells Fargo Fires Loan Officers Accused Of Abusing Appraisal Waivers

Wells Fargo has been cracking down on loan officers in the past few weeks over allegations of widespread abuse of appraisal waivers in the past two years.

nationalmortgageprofessional.com

wire fraud is perfectly legal....well duh

Old article....but, unless things have changed....

The GSEs have the best AVMs in the business.

Why are they allowing the lender or the borrower, through the lender to input their opinion of value. So stupid..

Fill out the application, and if the GSEs AVM doesn't make value for the loan or waiver to work, order an appraisal.

What's next? Allowing the lender to give their opinion on the borrowers credit score? Are we going to waive credit scores next. Their putting down 20% no credit check is necessary do to the lower risk

 

[djd09]

Old article....but, unless things have changed....

The GSEs have the best AVMs in the business.

Why are they allowing the lender or the borrower, through the lender to input their opinion of value. So stupid..

Fill out the application, and if the GSEs AVM doesn't make value for the loan or waiver to work, order an appraisal.

What's next? Allowing the lender to give their opinion on the borrowers credit score? Are we going to waive credit scores next. Their putting down 20% no credit check is necessary do to the lower risk

can you name one address that has received a waiver...me neither...but you have been around long enough to know mortgage brokers do what mortgage brokers do

 

[glenn walker]

The waiving, value acceptance numbers will be off the charts... the only orders being produced will be the ones where the savvy purchases are demanding an appraisal as opposed to a waiver.

A savvy purchaser is rarely getting a loan that needs an appraisal or a waiver but more people have probably been hurt by low appraisals than high ones. A low appraisal rarely saves a buyer money it just requires him to come out of pocket with his hard earned cash. In 38 years never had anyone thank me for coming in low and more than a few threaten to file a complaint.

 

[OSU Beavers]

A savvy purchaser is rarely getting a loan that needs an appraisal or a waiver but more people have probably been hurt by low appraisals than high ones. A low appraisal rarely saves a buyer money it just requires him to come out of pocket with his hard earned cash. In 38 years never had anyone thank me for coming in low and more than a few threaten to file a complaint.

I have been thanked twice in 27 years for saving the borrower/investor from over paying.