Why the New UAD is DOA

[Sadie]

Back to the software providers. I'm not sure why there are no street ready versions yet. But beyond that what is getting lost in the noise (IMO) is the most important question: Pricing.

From I've read only one software hopeful has publicly released a schedule, but as nice as he is he doesn't even have a 2.6 version on the street never mind 3.6. The legacy providers are slow walking any talk of pricing. The new guy on the block is floating a per use pricing that is higher than what any indie appraiser will be able to afford. And before anyone believes pricing will not shoot through the roof, try to reconcile any of them absorbing the costs of a multi-year project.

From my view there will be two WTF moments for the appraiser herd: 1-The first will be the realization the talking heads lied about nearly everything 3.6. 2-The cost of the software and the add-ons needed to complete reports will price many out of the business.

I think there is no street ready version because the GSEs were slow in getting what they wanted to them and also because its a completely different platform than what they have. They couldn't build on their existing stuff and had to start from the ground up. Its a cluster from what ever angle you look at it from. Also regards to pricing, those programmers who had to design the software are not cheap! I don't think any company could absorb the cost of a complete redesign of a product w/o raising prices.

 

[Tom D]

Most software providers have gone with the monthly subscription plan verses a yearly fee. It's mostly because of all the updating that has to be done whenever windows changes something.
It will be a monthly subscription. I bet $100 a month. Unless the big boys decide to have a program price war.

Total has an operating 3.6. Opened one up, started typing. The drudgery of 1 question on a page, then flip page. It was so slow doing it, that that thought of a hundred more such page flips and the time it took just for a few pages. I will hang in there maybe for a few. Maybe not. But increasing fee, because of cost increases, is still stagnation. I don't think we will get paid enough for our extra time. So that means more income deflation of an already low paying business. Forget talk about making a profit.

 

[NC Appraising]

I think there is no street ready version because the GSEs were slow in getting what they wanted to them and also because its a completely different platform than what they have. They couldn't build on their existing stuff and had to start from the ground up. Its a cluster from what ever angle you look at it from. Also regards to pricing, those programmers who had to design the software are not cheap! I don't think any company could absorb the cost of a complete redesign of a product w/o raising prices.

That's what I hear. They guy at Sfrep said the gses were nit picking everything. This is probably slowing everyone else up.


SFREP is excited to announce the release of Appraise-It Pro v3.6, our public beta of the new UAD 3.6 dynamic reports. Users can now accept, produce and deliver UAD 3.6 reports to clients.

Aivre, the Troy, Michigan-based real estate appraisal software company, announced it has completed the industry’s first Uniform Appraisal Dataset (UAD) 3.6 verification process with Fannie Mae and Freddie Mac for compliance with the new data standards.

“This is a watershed moment for the appraisal industry,” said Jake Lew, CEO of Aivre. “As UAD 3.6 reshapes the field, appraisers deserve technology that supports their judgment while improving speed and accuracy. We’re proud to have the backing of DGB, whose belief in human-centered innovation mirrors our mission to ensure AI advances — not replaces — human expertise.”

 

[J Grant]

Most software providers have gone with the monthly subscription plan verses a yearly fee. It's mostly because of all the updating that has to be done whenever windows changes something.
It will be a monthly subscription. I bet $100 a month. Unless the big boys decide to have a program price war.

Total has an operating 3.6. Opened one up, started typing. The drudgery of 1 question on a page, then flip page. It was so slow doing it, that that thought of a hundred more such page flips and the time it took just for a few pages. I will hang in there maybe for a few. Maybe not. But increasing fee, because of cost increases, is still stagnation. I don't think we will get paid enough for our extra time. So that means more income deflation of an already low paying business. Forget talk about making a profit.

Thanks for leading the way!
Can you use the sketch program like normal?
Can you enter photos in the appropriate boxes?

I wonder if creating a clone/template would help, having some of the boxes pre-checked - wrt can you print out the pages and save the report ?

 

[Non Sequitur]

I mean - we can make up conspiracy theories, but that's all they are at this point, no?

Not making anything up, fact is none of them have released a fee schedule or even discussed it publicly. As much as I like Andy publishing a fee schedule for something that does not exist and has been promised since before Covid is hardly worth talking about. The legacy providers aren’t slow walking this issue because it’s good news for appraisers.

 

[Alsie35]

Not making anything up, fact is none of them have released a fee schedule or even discussed it publicly. As much as I like Andy publishing a fee schedule for something that does not exist and has been promised since before Covid is hardly worth talking about. The legacy providers aren’t slow walking this issue because it’s good news for appraisers.

Fee structures for softwares will likely be:

a. Annual fee (don't expect a decrease here), PLUS

b. A "per-report" fee;

A busy appraiser (will there be ANY) will easily wind up paying 2X or more than he is paying now - while the not so busy will STILL be paying significantly more than they are paying now (and, I expect, not be happy about it).

There is no other way out for the software providers from this mess the GSEs dropped into their lap.

 

[Fernando]

It will be interesting how this new UAD 3.6 Abomination will play out.
If it's not as bad and that includes getting higher appraisal fees, I can live with that.
If it's a headache to use, more lender revisions, no higher appraiser fees, higher software and insurance cost, and such, there will be consequences and opportunities for appraisers either to adapt or quit.

 

[Dublin ohio]

If it's not as bad and that includes getting higher appraisal fees,

With the way the software is being promoted by many of the providers as being more efficient and time saving with all of the widgets they are offering. Why would any lender consider increasing fees

 

[Fernando]

With the way the software is being promoted by many of the providers as being more efficient and time saving with all of the widgets they are offering. Why would any lender consider increasing fees

You mean saves time in working on the UAD 3.6 Abomination?
It's relative. Current UAD form is still faster to complete.

 

[TerryRohrer]

You mean saves time in working on the UAD 3.6 Abomination?
It's relative. Current UAD form is still faster to complete.

How many UAD 3.6 reports have you completed? What is the average time you spent on those? What is the average time you spend completing a current UAD form? Do you develop your adjustments in your appraisals with similar data sets and analysis?