UAD 3.6?

[Tom4value]

Ok, I am an old colger. I saw the new “form” of UAD 3.6 on the Fannie Mae website. Aside from a few kooky things (will leave that to you) what are most appraisers scared about?

 

[Dublin ohio]

As a fellow old codger, seems to me that most of the angst is actually the software and not understanding the 3.6 specs sufficiently before diving into the software

 

[FMV]

Oh, boy.. you did it now...lol.. can we say opening a can of whoop-+++!!

 

[OSU Beavers]

Most of the Optional fields on the "form" will soon become required by this AMC or that lender. Of course the fees will stay the same.

 

[Bobby Bucks]

I use SFREP software and began a practice 3.6 yesterday to use as a skeleton/template. I affectionally gave it the address of 101 Abomination Alley. I was amazed at the number of drop down menu options. With all that being said my biggest concern and doubt is when the software will actually work. Of course the 3.6 cheerleaders, apologists and simps who never complete 1004 forms or haven’t completed one in years will argue that 3.6 is long overdue, the software is flawless and Luddite appraisers are preventing it from being fully implemented.

 

[Non Sequitur]

As a fellow old codger, seems to me that most of the angst is actually the software and not understanding the 3.6 specs sufficiently before diving into the software

Fair point. But having attended several UAD 3.6 classes, seminars, and now a "boot camp", anyone who says UAD 3.6 isn't a lot more work is just flat out lying. Sure, there's changes in terminology like street scene photo is now subject access photo, garages are now referred to as storage space, GLA is gone and now broken down into levels/above grade, etc. Again, make no mistake the level of reporting is several factors higher. And the likely future of UAD 3.6 includes CubiCasa style floor plan addendums, more statistics that may "look" good but no one really understands, etc.

Beyond all of that, what keeps getting dismissed as a conspiracy theory is GSE work is transitioning into a software led process as opposed to an appraiser led process. In the not too distant future field work will be completed by someone other than the appraiser and the report auto filled and completed by software with an appraiser "reviewing" both then signing. An appraiser who completes an appraisal from cradle to grave will be an outlier for the most complex properties; But good luck getting paid a reasonable fee for that.

I wish everyone well. But don't take my word for it, if you're serious about staying in the game attend as many in person classes/seminars as you can afford. Then ask questions, and listen-really listen, you'll be surprised at what is being said in person.

 

[robertwells]

I use SFREP software and began a practice 3.6 yesterday to use as a skeleton/template. I affectionally gave it the address of 101 Abomination Alley. I was amazed at the number of drop down menu options. With all that being said my biggest concern and doubt is when the software will actually work. Of course the 3.6 cheerleaders, apologists and simps who never complete 1004 forms or haven’t completed one in years will argue that 3.6 is long overdue, the software is flawless and Luddite appraisers are preventing it from being fully implemented.

did you have some issues with the SFREP software? I am giving them a 6 month demo try, coming from ACI, but have not done one on it yet...

 

[Tom4value]

My software is up for renewal in a couple weeks so I got the call from the sales guy. Obviously, I wanted info of their 3.6 platform. Of course, it was sold as the best thing since sliced bread. “It does everything for you” was the going theme. It pulls all the data and helps quantify and this that and the other thing.

If that is true and other software programs do the same thing, two things pop out at me.

1.Appraisal files will basically go away. There will be nothing to put in them except the order form and a purchase contract. All the “data” and “support” will be uploaded to the report automatically. Which leads to:
2. Appraisers will do a lot less appraising and more just reviewing. There will be a point where appraisers will forget how to actually appraise. They won’t realize it or even care; until they are called to the carpet and have to defend in appraisal in court or an audit. They won’t know how to explain their work and it won’t matter, anyway, because they don’t have an appraisal file.

 

[Bobby Bucks]

did you have some issues with the SFREP software? I am giving them a 6 month demo try, coming from ACI, but have not done one on it yet...

I’ve been using SFREP for 30 years and have been very satisfied with their software. I haven’t uploaded a 3.6 report yet, but the first successful 3.6 delivery was with SFREP, there was a great deal of news about it. I’m no techie, but my belief is that once all the bugs are fixed with 3.6 all major software will basically work the same. The big question is how long will it take them to get the bugs out? They’ve been working on it 8 years, if 3.6 were a lender assignment Fannie would have been removed from the client’s panel and the 3.6 project would have been reassigned 7 years ago.

 

[Airstream]

I would say two basic things:
1. The 3.6 is going to require more information and more data. Maybe 20% more. Most of it can be easily captured, and much of it won't really make a difference. But in the classes I have been through the 3.6 has clearly more information. The fact the form for adjustments expands considerably is telling. I am not afraid of that.
2. The biggest issue to me is in fact the software. This is learning a completely different platform. How the dynamic form works etc will be the main issue for appraisers. And then there are all the bugs that will come up.

Really, the GSE's should move toward a more graduated implementation. Something like 30% in November, 50% in January, 75% in March, 100% in June. I think that would help us all learn the process and the form without getting stressed. And it would give time for the developers to clean up the programs.