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UWM Appraisal Direct - Too good to be true?

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I'm trying to understand if what UWM is doing is beneficial to the industry. Are you all upset that I mentioned a company name in asking my question? I am merely trying understand if this will allow for faster appraisals to be completed? One of the most worrisome parts of closing a transaction can be the time between ordering an appraisal and its completion and with so many transactions happening these days, more pressure is put on appraisers by companies and clients to get appraisals completed faster and faster. Is the direction presented in the announcement beneficial to appraisers (allows them to earn relatively similar fees per appraisal but makes their completion faster) and to the lender (faster appraisal means they close faster and reduces risk of a closing falling apart).

I work in real estate and the company I work for is trying to sell a commercial property and the buyer's lender has said the appraisers on their list are backed up anywhere from 6-10 weeks. This means the likelihood for the transaction to close with paperwork, appraisal, holidays, etc. is at the earliest mid-November, but potentially after the first of the year. Now they are using a local lender, but if it was a more national lender, could they speed up the appraisal process.
 
I never posted anything about it being "big news", someone else posted those words. I asked what everyone's thoughts were on the subject. Maybe UWM isn't a big player in the industry. Is 60,000 closings per month not heavy volume?
There's two threads on the forums with the title "Too good to be true?" by different people, as if it's some sort of earth shattering news. Since 2012, I've been doing only direct assignments with lenders on other portals (many large lenders) so I'm just asking why this particular one is such a big deal (especially considering they don't pay nearly as much as the others).
 
It's big news for people doing UWM assignments already through AMC and others working with mostly AMC that would like to cut out AMC. That's about it. It's not really news for those that don't work with AMC already. I'm sure all appraisers working with AMC happy to sign up with them direct.
 
I signed up just to see what its all about. They want a minimum of $39/month plus $15 per order.

No thank you
 
You guys are smoking crack. Give me portal over AMC all day. If have any AMC clients at all then I am first in line to sign up with UWM for direct.
 
There's two threads on the forums with the title "Too good to be true?" by different people, as if it's some sort of earth shattering news. Since 2012, I've been doing only direct assignments with lenders on other portals (many large lenders) so I'm just asking why this particular one is such a big deal (especially considering they don't pay nearly as much as the others).
Guess the thread title was catchy. In all honestly, I did not realize there was another thread, let alone similar title. I realized after posting that you can only access a search function once approved as a member. If there is a admin or mod, they can merge the threads.

For second part of your post, 60,000 stood out to me to be a high volume. It may not be. Also helpful to know they aren't doing anything new.

Appreciate all the feedback.
 
UWM is the #1 wholesale mortgage lender in the nation with over 60,000 closings per month,

I love these type of boasts. We are #1, the BEST on planet earth, with 6 Billion hamburgers sold. Come on, it's 2021, you don't lead with 'we are #1'......
 
Thank you both for your replies. I am surprised there are not more posts or news about such a large firm like UWM making this announcement. By their own acknowledgement, UWM has 60,000 closings per month.
They want me, they called me.
 
I haven’t seen much chatter online about this news so I wanted to get some thoughts from those in the industry. It appears that UWM is white labeling software from Anow, which is owned by Voxtur. I am not advocating for its use, just wanting to understand more about how it benefits appraisers and how it could impact the industry.

https://www.uwm.com/appraisal-direct

Benefits:

Full appraisal amount paid directly to you with no appraisal management fee — For example, if a borrower pays $500 for an order, the entire fee goes to you. UWM doesn’t make $1 on the order. No appraisal management fees. You work directly with UWM.

Next-day payment — Get paid the following business day after successful completion of the appraisal.

Consistent business — UWM is the #1 wholesale mortgage lender in the nation with over 60,000 closings per month, so there will be no shortage of opportunities for you with UWM Appraisal Direct.

Strong partnership — We take pride in the entire mortgage process and will work closely with you to make sure that we are collectively successful.

https://www.housingwire.com/articles/uwm-launches-AMC-free-appraisal-program/

https://nationalmortgageprofessional.com/news/uwm-announces-direct-appraisal-service

Key Takeaways:
  • The UWM Appraisal Direct team will manage the entire process from start to finish, including scheduling, execution and delivery of the appraisal.
  • New streamlined process will deliver accurate appraisals faster, and at a reduced cost for borrowers. It also allows UWM to gain an industry advantage with faster closing times.
  • Appraisers who work with UWM Appraisal Direct will receive the full appraisal fee paid by the borrower.
  • The service launches October 1, 2021, and will be open to all brokers doing business with UWM.
Is this new product as beneficial as they are making it sound? Seems like it could shake up the industry or maybe not. Would love to hear opinions from everyone.

Thanks in advance.
I got an invite the other day. I will not be changing software and have no use for the other "features" of Anow. I'm not going to pay a mo/yr fee for the privilege of potentially getting assignments from a client. I don't even pay upload/delivery fees to AMCs, I charge that fee back to the client. There are plenty of lenders/banks that pay full fee and work directly with appraisers. Too good to be true? I think not. It looks more like a gimmick to launch Anow. That's just my opinion. If they want to engage me outside of Anow, I'll be happy to provide them with a quote for service.

There are always new kids on the block who think their software/service is going to revolutionize the industry. In 20 years, I've not seen one of these gimmicks change much of anything. Desktop reports, CVRs, AVMs and many others that I can't even remember the name. They come and go, this will do the same.
 
I love these type of boasts. We are #1, the BEST on planet earth, with 6 Billion hamburgers sold. Come on, it's 2021, you don't lead with 'we are #1'......
:rof: Indeed...
 
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