Not sure how much traction this will get here because this is generally perceived to be an appraiser only issue. Truth is, it's far from that. I'm guessing few people here have heard from it.

So a quick summary: An entirely new, entirely different f appraisal form has been introduced by Fannie and Freddie and as of 11/2 they become mandatory for all GSE sponsored mortgages.

The problem is the rollout has been an abject disaster. There has been no central training, software companies aren't prepared and there is going to be an EXTREME learning curve. This is going to result in longer appraisal wait times and higher prices.

I am no expert. but i have been talking to everyone who wants to about what this is all going to mean. If there are any agents or mortgage brokers here who have questions please post them. Otherwise, you can dm me or post contact info here and I lll be happy to share what i know.

I thought it was only mandatory for Fannie with Freddie not mandating it just yet…

Edit: consensus on our side is that prices will come down as people use it. I personally like the flow compared to the prior form. Someone who's been using it since this summer should be prepared, but zero hour is actually sooner (10/1) because you need reports in process to finish, meaning they have to be started before the mandatory date in case there are revisions, etc.

As I understand it, all GSE loans will require 3.6. And while there may be an appraiser here or there whos done ok with the forms, the big bottlenecks will happen on the back end. So you may have an appraiser who claims they are ready, the rest of the industry are not.

TresPuertas said:

---

As I understand it, all GSE loans will require 3.6. And while there may be an appraiser here or there whos done ok with the forms, the big bottlenecks will happen on the back end. So you may have an appraiser who claims they are ready, the rest of the industry are not.

---

I've heard stories about AMCs with panels of appraisers who marked themselves ready and were engaged for 3.6 reports, only to turn in the old form.

They will both require it, but unless Freddie has come out with a firm deadline recently, only Fannie is hard stop in November.

Edit: looks like Freddie has.

I couldn't be less shocked. The AMC conversation is one that I'd love to have but I'd probably get banned if I started giving my opinions on what I think should happen to them.

The new 3.6 report has been in the works for years now. All the middleware companies and the AMCs are updated for the most part. You're going to see a lot of old timers hang it up. They were always going to bow out early, but now they have an excuse.

There will be a bigger push from lenders to use alternate valuation products as well (less 1004's). There will be pressure on costs and TT's. Nothing like we saw during Covid, but it's going to happen initially.

AGC said:

---

I thought it was only mandatory for Fannie with Freddie not mandating it just yet…

Edit: consensus on our side is that prices will come down as people use it. I personally like the flow compared to the prior form. Someone who's been using it since this summer should be prepared, but zero hour is actually sooner (10/1) because you need reports in process to finish, meaning they have to be started before the mandatory date in case there are revisions, etc.

---

I don't know anyone in my sphere that has been using it at all. The software I have used for the last 20+ years (Total) is barely operational. The one I want to switch to has of this date (Freedom) not been approved by the GSE's.

The other software options, some are prohibitively expensive and others, while free to use, seem like there's an unknown catch. Jury it still out.

My partner of 34 years is saying he is ready to quit - he's 67 and not much into tech and hates learning new things. I'm planning to hang around for a couple more years (I'm 65) as I am not completely ready to hang it up. I want to see the company through this "monumental change" (this is what Fannie calls it) and then ride out on my own terms.

Shooter McGavin said:

---

AGC said:

---

I thought it was only mandatory for Fannie with Freddie not mandating it just yet…

Edit: consensus on our side is that prices will come down as people use it. I personally like the flow compared to the prior form. Someone who's been using it since this summer should be prepared, but zero hour is actually sooner (10/1) because you need reports in process to finish, meaning they have to be started before the mandatory date in case there are revisions, etc.

---

I don't know anyone in my sphere that has been using it at all. The software I have used for the last 20+ years (Total) is barely operational. The one I want to switch to has of this date (Freedom) not been approved by the GSE's.

The other software options, some are prohibitively expensive and others, while free to use, seem like there's an unknown catch. Jury it still out.

My partner of 34 years is saying he is ready to quit - he's 67 and not much into tech and hates learning new things. I'm planning to hang around for a couple more years (I'm 65) as I am not completely ready to hang it up. I want to see the company through this "monumental change" (this is what Fannie calls it) and then ride out on my own terms.

---

You have my sympathies. It's out of my hands too. I know some older hands that have decided to actually make the change (which surprised me), so it could go either way.

I just happen to have a good friend that's very proactive and well known in the area that I talk with. Family shops seem less apprehensive as the kids can make the leap.

Data won't be the answer the government wants but control control control.

AGC said:

---

Shooter McGavin said:

---

AGC said:

---

I thought it was only mandatory for Fannie with Freddie not mandating it just yet…

Edit: consensus on our side is that prices will come down as people use it. I personally like the flow compared to the prior form. Someone who's been using it since this summer should be prepared, but zero hour is actually sooner (10/1) because you need reports in process to finish, meaning they have to be started before the mandatory date in case there are revisions, etc.

---

I don't know anyone in my sphere that has been using it at all. The software I have used for the last 20+ years (Total) is barely operational. The one I want to switch to has of this date (Freedom) not been approved by the GSE's.

The other software options, some are prohibitively expensive and others, while free to use, seem like there's an unknown catch. Jury it still out.

My partner of 34 years is saying he is ready to quit - he's 67 and not much into tech and hates learning new things. I'm planning to hang around for a couple more years (I'm 65) as I am not completely ready to hang it up. I want to see the company through this "monumental change" (this is what Fannie calls it) and then ride out on my own terms.

---

You have my sympathies. It's out of my hands too. I know some older hands that have decided to actually make the change (which surprised me), so it could go either way.

I just happen to have a good friend that's very proactive and well known in the area that I talk with. Family shops seem less apprehensive as the kids can make the leap.

Data won't be the answer the government wants but control control control.

---

They are determined to data mine these reports until they have the ability to do away with appraisers. There will be some work left, but not enough to sustain the industry. There will still be private work, but if I did hang around after 67 it will be to do those. I get enough pre-listing work for the multi-million dollar market in Southlake/Westlake that could supply me with play money and green fees.

I wrote my first one two days ago, and it wasn't that bad. its something we should be able to get used to eventually.

The huge issue is that nobody is ready on the software side. I used Aivre and have been running True Tracts over the last 6 months. The problem is that they aren't compatible. Nothing is.

The other problem is exactly what you're referring to. By writing 3.6 appraisals we are contributing to our own demise. And we don't have a choice.

TresPuertas said:

---

I wrote my first one two days ago, and it wasn't that bad. its something we should be able to get used to eventually.

The huge issue is that nobody is ready on the software side. I used Aivre and have been running True Tracts over the last 6 months. The problem is that they aren't compatible. Nothing is.

The other problem is exactly what you're referring to. By writing 3.6 appraisals we are contributing to our own demise. And we don't have a choice.

---

The E&O and general checks for QA/QC are more intelligent, so that is a positive. I've completed a handful on new construction with rent schedules, and currently have 2 in the que due in the next few days.

Total is buggy, we're piloting Aivre and several others, but each different platform has its issues.

The bugs are are so much fun though (not), and Total actually uses hacks to solve some of the issues still, instead of having programming fix them because they're all back logged with other issues.

Also... By all means preach about AMC's. I'm in the choir, but I'm hungry for that sermon.

Pizza said:

---

TresPuertas said:

---

I wrote my first one two days ago, and it wasn't that bad. its something we should be able to get used to eventually.

The huge issue is that nobody is ready on the software side. I used Aivre and have been running True Tracts over the last 6 months. The problem is that they aren't compatible. Nothing is.

The other problem is exactly what you're referring to. By writing 3.6 appraisals we are contributing to our own demise. And we don't have a choice.

---

The E&O and general checks for QA/QC are more intelligent, so that is a positive. I've completed a handful on new construction with rent schedules, and currently have 2 in the que due in the next few days.

Total is buggy, we're piloting Aivre and several others, but each different platform has its issues.

The bugs are are so much fun though (not), and Total actually uses hacks to solve some of the issues still, instead of having programming fix them because they're all back logged with other issues.

Also... By all means preach about AMC's. I'm in the choir, but I'm hungry for that sermon.

---

Wife and I are both appraisers. So at one point to I took a staff job with Class Valuation because how bad could it be right?

After 8 months I sent the entire staff a Jerry Maguire letter, and am currently a plaintiff in a lawsuit with them.

Its that bad.... and worse.

I have written a couple of things on the matter and am currently working to pass legislation in Texas to reduce, if not flat out eliminate, the influence of AMC's If anyone ever wants to talk I'm an open book. Ask anything

TresPuertas said:

---

Pizza said:

---

TresPuertas said:

---

I wrote my first one two days ago, and it wasn't that bad. its something we should be able to get used to eventually.

The huge issue is that nobody is ready on the software side. I used Aivre and have been running True Tracts over the last 6 months. The problem is that they aren't compatible. Nothing is.

The other problem is exactly what you're referring to. By writing 3.6 appraisals we are contributing to our own demise. And we don't have a choice.

---

The E&O and general checks for QA/QC are more intelligent, so that is a positive. I've completed a handful on new construction with rent schedules, and currently have 2 in the que due in the next few days.

Total is buggy, we're piloting Aivre and several others, but each different platform has its issues.

The bugs are are so much fun though (not), and Total actually uses hacks to solve some of the issues still, instead of having programming fix them because they're all back logged with other issues.

Also... By all means preach about AMC's. I'm in the choir, but I'm hungry for that sermon.

---

Wife and I are both appraisers. So at one point to I took a staff job with Class Valuation because how bad could it be right?

After 8 months I sent the entire staff a Jerry Maguire letter, and am currently a plaintiff in a lawsuit with them.

Its that bad.... and worse.

I have written a couple of things on the matter and am currently working to pass legislation in Texas to reduce, if not flat out eliminate, the influence of AMC's If anyone ever wants to talk I'm an open book. Ask anything

---

Sorry you had to deal with Class. There's a reason people call them Classless Val.

Did you just see the update that FNMA is extending UAD 3.6 adoption to May 2027? In the event a lender needs more time they can continue 2.6 into next year as of right now; and I think that extends to cover the other legacy docs 1073, 1025, 1007 Underwriting 216 etc.

My biggest issues with AMC's are in the fee structure. $800 or more charged to the borrower or client, with $2-$300 going to their fee/staff appraisers, while claiming they're giving a 50% fee split to the appraiser, and keeping the borrower in the dark as to how the fee system is structured, or what the fees even cover.

They complete no internal reviews aside from their own AVM's, and provide no value add to anyone.

Appraisal Waivers are on the rise, and when the appraiser is cut out of the deal, they offer their AVM services to lenders screwing the Appraiser over twice.

It's hard not to go on a multi page rant over what they've been allowed to do, as a result of vague legislation which gives them room to take far more market share than they deserve.

The industry trend I am getting from meetings is that they want PDC's involved to lower the cost of a single appraisal, to the borrower/client while allowing appraisers to complete 3-4 bifurcated reports/day, which they anticipate will have a net positive impact on the bottom line.

It is threads like these that remind me why I am so thankful I am not a residential appraiser.