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The architect of UAD 3.6 delivers a message appraisers don't want to hear — but need to: the date is irrelevant. What matters is whether you've learned the data structure. Ken DeFeo, Senior Director of Collateral Policy at Fannie Mae, spent 7.5 years building UAD 3.6 from the inside out. In this episode, he opens up about what the submission data actually shows, why lenders are calling the new report format "a dream," and what every appraiser should be doing right now instead of watching the calendar. Topics covered: • Why Ken says "the date is irrelevant" — and what you should focus on instead • UAD 3.6 submission data: what "exponential growth" actually means in real numbers • The baseball analogy: if you're waiting for an extension, you're already in the bottom of the ninth • Can you complete a 3.6 report in 90 minutes? What happened when Ken tested AI-powered software • 20+ validated software providers: how to pick your path without wasting time • Hybrid appraisals: why 90%+ of GSE loans are eligible — and why almost no lenders order them • Computer vision and AI in appraisals: tool, threat, or just another adjustment spreadsheet? • What the joint Fannie/Freddie appraiser readiness survey actually revealed • Why the loud minority on social media doesn't represent the practicing appraiser majority • How UAD 3.6's architecture eliminates the need for another 25-year overhaul • Appendix C and F: the two resources Ken says every appraiser should study right now Market Moves with Mark and Jeff — Two Uninteresting Guys Talking About Interesting Times

The date all appraisers were watching just got a lot more complicated. Fannie Mae and Freddie Mac recently dropped a joint bulletin — the November 2nd UAD 3.6 mandate is technically unchanged, but lenders can now apply for extensions stretching to May 2027. Mark and Jeff examine exactly what that means, what breaks on March 1st, and what appraisers need to do right now. Topics covered: • Is November 2nd still the real deadline? • Who qualifies for the extension and how to apply • The rep & warrant penalty kicking in March 1, 2027 • What happens to 2.6 reports if no extension is filed • ACI's surprise pullback — and what it likely signals • Keeping legacy software running while clients are still on 2.6 • FHA, VA, and USDA — does this bulletin change anything for them? • The risk scores that kill a 2.6 report's value (99 vs 999) • How major lenders like Rocket are handling the transition • Teaser: E103 with a Fannie Mae insider drops soon Market Moves with Mark and Jeff — real estate, economics, and AI every week.

The first appraisal software to receive GSE verification for UAD 3.6 just sat down with Mark and Jeff — and AIVRE CEO Jake Lew didn't hold back. In Part 4 of the UAD 3.6 (UAD-AF) series, Jake shares the most grounded, field-tested perspective on UAD 3.6 available right now: what appraisers are actually struggling with, where AI belongs (and doesn't) in the appraisal report, what time-to-complete really looks like at scale, and why November 2nd is — his words — "hard set, not moving." AIVRE is now processing UAD 3.6 orders that are doubling every single month, with Rocket Mortgage in their pilot and UWM going all-3.6 in October. Jake built AIVRE from scratch to be the appraiser-first solution — and he's got the volume data to back it up. Topics covered: UAD 3.6 software: why AIVRE was first GSE-verified AIVRE's AI philosophy — where automation helps and where the appraiser stays in control UAD 3.6 order volume: doubling monthly, Rocket + UWM confirmed The most common UAD 3.6 mistakes appraisers are making right now Time-to-complete: will UAD 3.6 ever match 2.6 speed? Jake's honest answer UAD 3.6 fees: what "be reasonable" actually means November 2nd UCDP mandate — why the GSEs aren't moving the date FHA, VA & non-QM: when does the rest of the industry follow UAD 3.6? Hybrid appraisals and what UAD 3.6 means for inspections The emotional side of the UAD 3.6 transition — and Jake's advice Market Moves with Mark and Jeff — real estate, appraisal, economics, and AI every week. Check out AIVRE: https://www.aivre.ai #UAD36 #UAD3point6 #AppraisalSoftware #AIVRE #AppraisalIndustry #RealEstateAppraisal #November2 #UCDPMandate #AppraisalTechnology #MarketMoves #AIAppraisal #HybridAppraisal #FannieMae #FreddieMac #RealEstate2026

Episode 100 of Market Moves with Mark and Jeff drops in the middle of something big: we're in the final 60-day stretch before UAD 3.6 goes mandatory on November 2 and appraisers are not ready. Mark just got back from Fannie and Freddie's collateral symposium in Washington, D.C., and what he heard should have every appraiser paying attention. In Part 3 of the UAD AF miniseries, Mark and Jeff dig into the hybrid appraisal tipping point — 90–95% of current loans qualify for hybrid appraisals, and almost zero are being ordered. That's about to change. They also break down what computer vision is doing to the inspection process, why liability concerns are overblown (the pizza hut driver argument gets properly buried), and what Freddie Mac's risk philosophy actually means for appraiser independence. Topics covered: • Episode 100 milestone — 100 episodes of two uninteresting guys • UAD 3.6 countdown: less than 60 days to mandatory compliance • The hybrid appraisal stat nobody is talking about: 90–95% qualify, near-zero used • Fannie & Freddie's D.C. collateral symposium: computer vision is winning • Liability myths: why the hybrid liability panic is overblown • Danny Wiley and Freddie's risk-first valuation philosophy • UAD 3.6 as a "blank canvas" — why this form change is different • Appraisal waivers trending back up — the warning shot nobody wants • Software landscape: who's actually ready for field data collection? Market Moves with Mark and Jeff — real estate, economics, and AI every week. #UAD36 #AppraisalIndustry #RealEstate #MarketMoves #HybridAppraisal

Jeff and Mark launch Part 1 of a 10-part weekly podcast series called "UAD AF" — covering all things UAD 3.6. The countdown is on. UAD 3.6 is the biggest overhaul in appraisal reporting in decades and it goes mandatory for first mortgages on November 2nd. That's 11 weeks from this recording. Mark and Jeff kick off their series with a full breakdown of where the industry stands right now: why appraisers are nervous, why software companies are scrambling, and why "willingness" matters more than "readiness." Oh yeah, then there's this... Mark and Jeff won the Appraisal Buzz Content Creator of the Year award — and the cornhole world championship. Yes, we said cornhole. November 2nd hard deadline: what it means if the industry isn't ready 10 verified UAD 3.6 report writers named — vs. the prior 4 that dominated for 40 years New entrants vs. legacy incumbents: who's positioned to win? AI baked into the new generation of appraisal software from day one The right mindset: UAD willingness > UAD readiness Market Moves with Mark and Jeff — real estate, economics, and AI every week. #UAD #AppraisalSoftware #RealEstate #UAD3.6 #AppraisalNews

Bryan S. Reynolds joins Mark and Jeff to cut through the noise around rising rates, UAD 3.6, and AI fears, showing why the appraisal profession still has a long runway for those willing to adapt and diversify. • Why appraisers historically resist change yet ultimately adjust and improve • Practical ways to use AI and technology without sacrificing credibility • Building a regional firm through practicum training and smart hiring • Diversifying beyond lender work into estate, divorce, and eminent domain • Running your business like Chick-fil-A: systems, teams, and customer focus Market Moves with Mark and Jeff — real estate, economics, and AI every week. #Appraisal #RealEstate #MortgageMarkets

The appraisal industry's dirty little secret is finally in front of a judge — again. A third class action lawsuit is targeting AMC fee markups, and borrowers are asking a completely reasonable question: how much of that "appraisal fee" actually went to the appraiser? Mark and Jeff break down Bernholz v. Class Valuation & Cross Country Mortgage, why AMC fee transparency matters, and whether regulation or litigation is going to be the thing that finally forces change. Then it's a tour through the wreckage. OpenDoor is in trouble — and not quietly. Commercial real estate is getting interesting again (for investors brave enough to look). PAREA is launching with about 120 days on the clock. And Zillow? They just told the world they're done being a website. Oh, and Mark got a colonoscopy. He lived. In this episode: AMC Lawsuit #3 — fee transparency, borrower rights, and who's next Commercial Real Estate — recovery narrative is back, but value destruction is real OpenDoor — adverse selection, a Shopify CEO, and a slow-motion exit PAREA — the new appraiser education pathway and a November deadline that matters Zillow's AI pivot — ambient real estate and the death of the homepage Val Expo — Mark and Jeff are winning Content Creator of the Year in Las Vegas Market Moves with Mark and Jeff — two appraisers, one podcast, zero fluff.

Appraisers Mark and Jeff cover Mark's preventive health stack (colonoscopy + $150 calcium CT scan + $2,500 full-body MRI), CPI dropping to 3.4% with an Iran oil asterisk, Kevin Warsh's 5 Fed task forces (with Mark Andreessen and the Xbox CEO), and foreclosures quietly up 14% YoY.

Dustin Harris (The Appraiser Coach) joins Mark and Jeff to discuss the results of Project Prometheus — a 90-day experiment testing whether agentic AI could run an entire real estate appraisal back office. Spoiler: it worked 82% of the time. What you'll hear: • What Project Prometheus actually tested — and what it didn't • The "82% Rule" — where AI succeeded and where it fell short • Dustin's office manager's quiet question: "Are you replacing me?" • The tools that worked: engagement letter parser, county data scraper, P&L analyzer • Where most appraisers fall on the Gartner Hype Cycle • Dustin's step-by-step path into agentic AI — even if you've never touched code #RealEstateAppraisal #AI #ProjectPrometheus #MarketMoves #AppraisalCoach

The AI boom "isn't inflationary." That's what Federal Reserve Chair Kevin Warsh said out loud on a conference stage, and it could reshape everything about rate expectations heading into the second half of 2026. Mark and Jeff unpack what it means for real estate and mortgage markets. Plus: Dustin Harris (The Appraiser Coach) ran a 90-day experiment using AI to run an appraisal business solo — $100K+ revenue target, no staff. The results? 80% impressive, 15-20% genuinely dangerous. And Tesla has capped employee AI token usage at $200/week — what does that tell us about the real cost of the AI arms race? Also in this episode: the June jobs report (57K vs 115K expected), the housing bill still waiting on a signature, and the AQB's second exposure draft on alternative pathways into the appraisal profession.

The biggest bipartisan housing bill in decades just got held hostage. The 21st Century ROAD to Housing Act passed 85-5 in the Senate and 358-32 in the House — then Trump canceled the signing, demanding voter ID legislation first. Mark and Jeff break down what's at stake, what $131,734 in regulatory costs means for every new home, and why appraisers might finally get some relief. Topics: • Trump cancels housing bill signing, demands SAVE America Act (voter ID) first • The 21st Century ROAD to Housing Act: biggest housing package since 1990 • NAHB: regulation = $131,734 per new home (26.4% of the average sale price) • AQB exposure draft: removing college degree requirement for appraisers • What appraisal modernization provisions mean for the industry Market Moves with Mark and Jeff — real estate, economics, and AI every week.

Two appraisers walk through the data nobody's talking about: Chicago office towers losing 90%+ of their value, Houston's industrial manufacturing explosion, the Appraisal Foundation's workforce paper responding to Trump's mortgage access EO, and how an institutional housing ban quietly killed 6,000 homes. Topics covered: • CPI at 4.2% — is it energy or the economy? • Chicago office market: 90%+ losses on landmark buildings • Houston manufacturing boom: Nvidia, Apple, Tesla, Eli Lilly all building • Appraisal Foundation workforce paper: fees, trainees, and the licensed appraiser collapse • Institutional housing ban: 6,000+ homes canceled since the EO • AI and appraiser productivity — "AI won't take your job, an appraiser using AI will" Market Moves with Mark and Jeff — real estate, economics, and AI every week. #RealEstate #HousingMarket #CommercialRealEstate #AppraisalIndustry #Inflation

Jeff's calling in from Japan (16-hour difference, fueled by ChatGPT). In a bet on housing market recovery: Berkshire Hathaway drops $8.5B on Taylor Morrison. Meanwhile the news went full weird: A top mortgage lender launches an athleisure brand, and Bill Pulte named as acting Director of National Intelligence. Plus: JOLTS report crushes rate cut hopes, NAR membership down 9.5%, and what it all means for housing. Topics: Jeff in Japan + AI as travel agent • Guaranteed Rate's clothing brand • Bill Pulte to DNI • Berkshire/Taylor Morrison $8.5B deal • CoStar acquires Zonda • JOLTS blows past estimates • Mortgage refi demand -18% • NAR membership declining • Future of appraisal (preview) Market Moves with Mark and Jeff — real estate, economics, and AI every week. #RealEstate #HousingMarket #MortgageRates

The 280x cost reduction in AI tokens since ChatGPT's launch isn't slowing down — and Marc Andreessen says engineers aren't using their new productivity to work less, they're staying up all night building everything they've ever imagined. Meanwhile, Starship V3 just launched from Starbase, Texas, opening the door to orbital data centers at a moment when earthbound compute can't keep up with AI demand. On the housing front: inflation printed at 3.8% but Treasury Secretary Scott Bessent says it's a supply-shock blip — not a Fed rate-hike trigger. Kevin Warsh is reportedly considering switching to trimmed PCE (which runs ~2.3%) as the Fed's primary inflation gauge, potentially giving cover to cut rates even as headline numbers stay elevated. And the most surprising data point of the week: single women are now the #2 homebuying cohort in America — more than twice as likely to buy as single men or unmarried couples. If the American Dream is homeownership, single women are living it harder than anyone else right now.

This week: the $800M deal that just changed the brokerage landscape. Real Brokerage acquired RE/MAX, combining a national network of 8,500 offices with an AI-first platform. Mark and Jeff break down what it means — and whether the tech is actually impressive. Then, a deep dive into China's real estate collapse. Prices are now back to 2005 levels — and at their peak, homes in Beijing and Shenzhen were selling at 30–50x the average household income. Japan 1990s vibes? Mark thinks yes. Plus: the Fed held rates with the most internal dissent since October 1992. Kevin Warsh has cleared the Senate Banking Committee and is headed to the Fed chair seat. And on the AI front — in China, installing OpenClaw is called "raising lobsters," employees get fired for NOT automating enough, but a new Penn/Boston University study warns that mass automation may quietly destroy the consumer economy that makes business work in the first place. Subscribe and follow TUG (@Tug_MarketMoves on X) for daily real estate and market commentary.