UAD 3.6

[NC Appraising]

It is the 21st century. It is odd that they would exclude a type of internet provided simply because it does not require cables. Perhaps an area where they did not give it enough thought. In terms of value, I imagine in most cases it is not relevant. If I were to appraise a property that has no access to broadband it is very likely that the comps I chose would be similar in that regard.

Per AI, 88% use either cable, fiber or DSL.

Only 6% have satellite for internet


Per AI based on gse official documentation at appraisal events...

the gses align with the broader federal pushes....according updated benchmarks.

Marketability and livability
Post pandemic where remote work....gse stated that internet access is a necessary addition for today's world....without high speed internet perceived lower value in certain markets.


Remember, when this was being discussed starting in 2018....

Hughes was 29 mbps.
Starlink was not even commercially available.

 

[NC Appraising]

Here are some quick tips for appraisers....

https://singlefamily.fanniemae.com/media/43946/display

 

[Sadie]

It is the 21st century. It is odd that they would exclude a type of internet provided simply because it does not require cables. Perhaps an area where they did not give it enough thought. In terms of value, I imagine in most cases it is not relevant. If I were to appraise a property that has no access to broadband it is very likely that the comps I chose would be similar in that regard.

This is not about valuation, its about a data grab.

 

[Sadie]

I highly doubt it. Think about what all parties would have to do just to remove it. A monumental task. Heck, the software providers are already behind as it is.

Why would they? The GSEs aren't paying for it? They get to dictate everything and the borrower pays for it. Lol. It's a free service for them....we are the pawns.

But wait, isn't this 3.6 debacle supposed to make it easier to update and streamline changes?

 

[Raine]

Do someone knows when is this due? It has been advertised as making things more simple. But in my opinion is making things more miserable. I hope it is move to 2050. Anyone agrees with me? BTW Does this apply to FHA? Probably not

Where have you been?????

 

[Sadie]

Where have you been?????

Of course it applies to FHA. FHA SOW is Fannie guidelines plus theirs.

 

[Sandra Koutsopoulos]

This week I attended a local Realtor's Association meeting where they had services reps pitching their title & escrow companies etc, and agents pitching their properties. I had a little time to talk with the guy in charge, and we chatted about the appraisal changes on the horizon: 3.6. When I told him that the photos would be in a digital database, and we've been alerted to AI database "monetizing" the additional information that we collect, including accessibility to the private in-home photos of people who are just wanting to get a mortgage, he was alarmed and said he was unaware of any of this, and felt the privacy issue was a HUGE factor that ppl need to know about. He said it needs to be stopped; I said "good luck", GSE's want this. So, as I suspected, Realtors & homeowners will absolutely not be on-board with the 3.6, not to even mention the extra inspection time inside the property it would take to gather the tidbits, or the added borrower cost for the 3.6 appraisals. I told him more Realtors need to know about this and contact their political representatives... because.... it's COMING unless it's stopped.

 

[gregb]

Responded to a 8 question survey from a Too Big To Fail client. Their response..."As an fyi, zzz Bank will not be requiring the form at this time, however, we are preparing for the technology updates on our side should an appraiser wish to proceed with the 3.6 format."

 

[Sandra Koutsopoulos]

OOOoooooh!!! Appraiser's CHOICE of 2.6 or 3.6?!! Ummmm...2.6 please!

 

[Sadie]

This week I attended a local Realtor's Association meeting where they had services reps pitching their title & escrow companies etc, and agents pitching their properties. I had a little time to talk with the guy in charge, and we chatted about the appraisal changes on the horizon: 3.6. When I told him that the photos would be in a digital database, and we've been alerted to AI database "monetizing" the additional information that we collect, including accessibility to the private in-home photos of people who are just wanting to get a mortgage, he was alarmed and said he was unaware of any of this, and felt the privacy issue was a HUGE factor that ppl need to know about. He said it needs to be stopped; I said "good luck", GSE's want this. So, as I suspected, Realtors & homeowners will absolutely not be on-board with the 3.6, not to even mention the extra inspection time inside the property it would take to gather the tidbits, or the added borrower cost for the 3.6 appraisals. I told him more Realtors need to know about this and contact their political representatives... because.... it's COMING unless it's stopped.

The realtors have a bigger voice, than the appraisers, as do the lenders. We need their loud voices. We pay all those worthless dues to the realtor groups, how about a little something back?