UAD 3.6

[Fernando]

YOU may become a "Data Provider". But I will NOT. (See meme below)

I DO agree with you that the "UAD 3.6 Abomination" will be impossible to fully implement in 12 months as they initially planned. I am willing to keep working into 2027 if it is delayed - but no longer. Not wasting a single SECOND looking at anything "Abomination"-related.

View attachment 105072

I like the term "UAD 3.6 Abomination." So appropriate.
Did you started it or is it out in appraisal world?

 

[Fernando]

The sad part is (and this only helps Danny's points) when I get another appraiser's report when I am doing the new assignment, I shake my head with disappointment. Basements counted in GLA, detached offices, ADUs counted in GLA, Rooms without a heat source counted in GLA, Rooms with 6-foot ceilings counted in GLA, etc. And that is just the subject property physical characteristics. The comparable sales selection is often laughable.

Nothing makes me angrier than a converted storage building being counted in the GLA in another appraisers report. Honestly, there are a lot of Fernando's out there.

I wouldn't include a converted storage building into GLA but as long as appraiser compares subject characteristics to comps characteristics and be consistent, the appraised value should come out the same even if not follow ANSI or Fannie guidelines.

 

[Alsie35]

I like the term "UAD 3.6 Abomination." So appropriate.
Did you started it or is it out in appraisal world?

I "Coined" it, yes. Right here on the AF.

I encourage everyone to use it to your heart's content.

 

[Bobby Bucks]

I "Coined" it, yes. Right here on the AF.

I encourage everyone to use it to your heart's content.

Not only is it a colorful term, it's accurate too....credible by appraisal standards. We'll soon find out how many of those industry "Mr. Haneys" who bombard us with emails about changes in the industry are actually on our side. I'll buy something from the first one who uses the term favorably. When replying to client, lender or AMC surveys I will probably call it the Uniform Abomination Dataset to make it more professional, *LOL* plus who knows, it may get picked up by one of their machines and end up in a mass email and they'll have egg all over on their face. Wouldn't that be a hoot?

 

[J Grant]

The sad part is (and this only helps Danny's points) when I get another appraiser's report when I am doing the new assignment, I shake my head with disappointment. Basements counted in GLA, detached offices, ADUs counted in GLA, Rooms without a heat source counted in GLA, Rooms with 6-foot ceilings counted in GLA, etc. And that is just the subject property physical characteristics. The comparable sales selection is often laughable.

Nothing makes me angrier than a converted storage building being counted in the GLA in another appraisers report. Honestly, there are a lot of Fernando's out there.

The hypocrisy of the GSE's is that they enable and abet the AMC system, which underpays appraisers and incentivizes the AMC to choose the less competent, with results as you describe.

The UAD 3.6 will get more detailed data , but wrt credible valuation, It is not more data that is needed, it is more competence. Leaving the AMC and poor pay and tight deadlines and lack of firewall in place will not solve that problem.

 

[Tim Hicks (Texas)]

I wonder if it has been studied if the new UAD 3.6 is biased in any way?