Why the New UAD is DOA

[Alsie35]

Several small to medium sized lenders have emailed me with questions about the new UAD and in "professional language" they have politely asked, "What the hell is going on with that new UAD form? Is anyone doing them yet? are you ready for it, is your software ready for it and are any other clients ordering them yet"? It's both pathetic and comical when you think about it. Obviously they don't believe ANYTHING they're being told from GSE royalty.

You will also note, as I have, that the several posters who are on the inside have been conspicuously absent for about a month.

That could mean something related to this slow-mo 3.6 Abomination train wreck, or perhaps it's just the holidays.

 

[Bobby Bucks]

You will also note, as I have, that the several posters who are on the inside have been conspicuously absent for about a month.

That could mean something related to this slow-mo 3.6 Abomination train wreck, or perhaps it's just the holidays.

Or it could be they've grown tired of involuntarily mopping the forum floor when they try to defend the abomination product.

 

[Zoe]

There is no doubt that the goal is the elimination or vast reduction of human appraisers. Appraisal might be the best example of a job the massive national investment in data centers / AI will do, especially on a macro economic scale. It doesn't matter if it's way off on one appraisal as long as regarding the whole market and every appraisal in existence it's within a reasonable range. The goal is obviously data collection .. the goal going forward will be speed and cost reduction of data collection. There will still be some appraisers left. Most likely MAIs and SRAs to do unusual and or legal situations.

You haven't met some SRAs and MAIs I have worked with.

The main reason Appraisal Institute could not attack directly is because many members were involved with appraisal management companies.

Your reference is somewhat crazy just like some sras and mais I have worked with.

 

[Fernando]

Or it could be they've grown tired of involuntarily mopping the forum floor when they try to defend the abomination product.

I would like to think they were convinced with Fernando's criticism on the abomination product.
Youngings may not know but experienced appraisers have gone through the changes from the past forms, and the new form is an abomination to the appraisers and lenders.

 

[Bobby Bucks]

I would like to think they were convinced with Fernando's criticism on the abomination product.
Youngings may not know but experienced appraisers have gone through the changes from the past forms, and the new form is an abomination to the appraisers and lenders.

I hope you're right, but I have to seriously wonder if the decision makers listen or even care what individual appraisers think regarding the new UAD.

 

[Zoe]

I would like to think they were convinced with Fernando's criticism on the abomination product.
Youngings may not know but experienced appraisers have gone through the changes from the past forms, and the new form is an abomination to the appraisers and lenders.

I am not exactly sure on reasoning for new form. My gut feeling is GSE is trying to hang on by a thread vs artificial intelligence.

I don't know. If Fed buys gses what would they pay based on book value? I don't know. In another meltdown, book value would be negative for Federal government to take over a gse. Gse would have to pay federal government.

 

[djd09]

I am not exactly sure on reasoning for new form. My gut feeling is GSE is trying to hang on by a thread vs artificial intelligence.

I don't know. If Fed buys gses what would they pay based on book value? I don't know. In another meltdown, book value would be negative for Federal government to take over a gse. Gse would have to pay federal government.

i wonder what joan thinks about al this...

 

[Zoe]

i wonder what joan thinks about al this...

Don't you ever talk about my girlfriend again. You know I love her.

 

[Fernando]

I hope you're right, but I have to seriously wonder if the decision makers listen or even care what individual appraisers think regarding the new UAD.

I have nothing against a new form that will help in appraising better.
It's that the too much detailing requirements of subject's characteristics and condition will not make the appraising better.
It's a burden on appraisers' time and effort and realistically will have higher cost and turnaround time for lenders.
During busy lending times, lenders want reports quicker and care less of fees charged to borrowers.

 

[Zoe]

If I could have just convinced my girlfriend to push for separation of fees on truth in lending disclosures. Dollar got to my girlfriend.