UAD 3.6

[donademo1]

Hello forum. It has been years since I visited, but I have a question/concern about the new UAD 3.6. To date I have not seen anything other than a few screen shots of small portions of the form. It seems odd to me that WE, the end user of the form, STILL have no idea what it will look like. Keep in mind, WE are expected to be using this form as soon as one year from now, and will be required to use it 18 months from now! Yet, as far as I know, WE the end users have not been involved in the development of the form and have not been asked to provide input. Frankly, how could we provide input when we can't see the form? I am speculating that this process will be extended for several more years, at which point i will be long since retired! Does anyone have a pdf of the entire form yet? If so, can you please share? Thanks!

The Industry's Guide to the New URAR

 

[donademo1]

I'm pretty sure they are setting up the software so that anybody with the app on their phone can go through the house and fill out the information and take photos step by step.

I have twin 32" monitors - now I have to do all /most input on my cellphone? LMAO or Cry?

 

[donademo1]

Curios as to how many appraisals a month you do?

I can’t imagine a per report fee model being sustainable for the providers.

I stopped doing coops and condos over 10 years ago and narrowed my coverage area to be most proficient. My base Conventional AMC fees are $375 for a 2055, $425 for a 1004 and $575 for a 1025. FHA is +$50. 90% of my work is at base level fees. SFR 1004 with ADU w/o rent schedule +$100, SFR 1004 with 1007 is +$175, with 216 from +$50, 1004D compliance inspection going from $150 for past 15 years to $175, ........... 8% of my work is Hi Value, 3 and 4 unit or waterfront with fee range from $500- $1500. A handful - maybe 2% is private GPAR work for estates or builders. My fees sadly fall under what is common, customary and reasonable. Reported AMC fee usually under $100 - $300 - if its reported at all by AMC - most don't and get away with it somehow.

SOW creep / lender special conditions have cut my maximum volume of work from 30 a month to 20 over my 25 years as an appraiser. Average fee going from $375 to $500 over 25 years made zero impact on inflation with productivity down 33%! Now with 3.6 the added time to do my hi quality level of work will near double - after a few dozen jobs/ 4-6 months to become fully familiar and proficient at 3.6. They will take 3xs longer in 1st month. I am informed we will be required to upload in both legacy and 3.6 formats for several months during transition. For a year I will only be doing SFR homes - and maybe forever. I can't afford to only raise my fees 50% if it takes twice as long - 3xs if our s/w vendors doesn't miraculously complete legacy form required as simple as ENV file conversion. The fools that will low ball fees will be overwhelmed with work and unable to meet even 5 BD turn times post inspection - and their garbage cost more % and time in long run with revisions. The bottom feeders with below average fees also have below average AMC quality scores and will choke miserably for the most part and AMCs and their/our clients will have to pass better appraiser fees along to consumers. 50% increase in fees is a very modest prediction. Many appraisers will either 1 simply no longer do lender GSE work or 2 retire. With average age of appraiser what near 60 could be 20% exiting over 3.6. With interest rates finally trending down after 3 years - cause for what 80% drop in mortgage originations and home sales at 29 year low mortgage originations and appraisal volume will become inverted - back to pandemic days with volume of work. Big AMCs with staff appraisers will have to pay to keep ones they have and the rest of us will be telling our AMC/lender clients what we heard during slow times "its a competitive market" base Conventional SFR fee is now $850 with 5 BD turn time $1100 for rush with 3 day TT. FHA+$100.

 

[donademo1]

Why are people taking a class for it. It's just a form to fill out right?

you are in for a rude awakening bro!

 

[donademo1]

ACI's new system is entirely cloud-based and from what I've seen - I won't say I don't like it til I've had a chance to do a test drive, but I generally DISLIKE all-cloud ANYTHING.

I watched Bradford's click forms video - dude sounded like he was narrating it while high on crack. He described it as: "we are now doing the XML file first - and that turns into "the report". Yeah - NO. And F-U while you're at it. You just go right ahead and do your XML file first dude. Very disappointing.

I may have to look into Alamode (despite not hearing much good about them). Its 100% new after all, so all bets are off for providers.

But the bottom line is: FANNIE has created an over-engineered bureaucrat-committee produced Frankenstein Monster here. I just can't see how this thing doesn't 'crash and burn' - and HARD - when they start mass use. Banks may think they want to hurry and go 'the new way' Jan 1 - but what if appraisers want no part of it and the ones that do suddenly give them "Pandemic turn times"?

As for me, I had no plans of retiring in Nov 2026 ... but ... we'll see - need to 'test drive' this thing before deciding. There is a point of diminishing returns at which point you go: 'well, let's cash in enough of our investments to bridge the gap til our SS vests at 67'. For us, its an option.

Average age of appraiser: 55+
Average age of 'software braniac' who is designing the new FANNIE FORM: 25? 30?? 35???

Fannie is going to get an unpleasant surprise if they think that something designed by the latter can be easily adapted to by the former.
The Gang up there might find out they UNDER-estimated the % of appraisers who will 'punch out' because of this - by like - A LOT.

100%

 

[Digger88]

you are in for a rude awakening bro!

maybe maybe not I spent a half hour with the form in Total and it seems fine. It'll be tedious for a bit but Spark will help out a lot just like they do now.

 

[Tom D]

The form is making FNMA more productive. This form is going to take more time to do, not be more appraiser productive.
Our 'price per time' spent fee isn't going to compensate the actual work load.

 

[chad hampton]

I’m not worrying about it till 2027

 

[Sadie]

Too many of our peers flat out suck and all of them fall under the "too many" you referred to. The need for much of boiler plate info is because of SUPPLIMENTAL LENDER REQUIREMENTS that require commentary. I expect we will be able to create common response drop down for each field like legacy UAD and hopefully for additional commentary as well but I fear creators frown on use of templates - they're not ones populating forms for a living and our proficiency is of little to no concern. The form being updated is precursor to phasing out need for human appraisers with only rare exceptions for GSE assignments.

Part of the need for templates is the last major/semi major update was 20 years ago. To account for changing USPAP, F/F and lender requirements, there are more add on forms and required clarifying statements.

 

[gregb]

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