Rumor – GSE Forms Revisions Coming?
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GSE’s “really want your input” on the proposed revisions…
Rumor has it that the GSE’s are ‘finally’ considering making revisions to the current appraisal report forms. I suspect there have been draft forms already produced, and possibly are actually being tested in a cave somewhere in the Appalachian Mountains wilderness or perhaps inside Yucca Mountain, Nevada. But rumor has it that the GSE’s “really want your input” on the proposed revisions. But how to do that is not revealed in the rumor.
This is something to keep at least one eye observing over the next many weeks, months,or maybe even years.
The current URAR was originally mandated in 1986, when the GSE appropriated that function from the Savings and Loan Associations who had the ‘Green Hornet’ appraisal form in place then (originally designed by an appraiser) – which was the defacto report form used by most entities.
The next update was in 1993, only 7 years later.
Then the ‘current’ form versions were implemented in 2005, after 12 years. The MC Form, as an additional required page, was mandated in 2009 (and had a correction made to it). The UAD was plopped on top of 4 GSE forms in 2011, leaving several others non-UAD. Collateral Underwriter was enabled by UAD not long after.
Here we are in 2018, 13 years after the actual initial revision in ’05, driving the Yugo of appraisal report forms.
Quite frankly, from my perspective, revisions to all forms are long overdue. But they have not been revised up to now because the GSE’s have been hyper-focused on getting UAD, CU and their Appraisal Quality Monitoring functions to work after they got their hands (and cheeks) slapped by Congress after the 2008 world-wide financial meltdown.
So keep watching appraiser media, magazines, forums, blog posts, appraiser newsletters, etc. Just like the tulips soon to bloom here in the Skagit Valley, WA, something might be moving the ‘soil’ around appraisal forms we currently use.