UAD and Forms Redesign
71 21 6
Last year the hot topic was Appraisal Modernization – mostly bifurcate appraisals and UAD changes. In late 2019, FHFA decided to not do much more on bifurcated. However, the GSEs have been working on UAD fields. There is an active work group of appraisers advising the GSEs on UAD changes. There has been a sample of what is being worked on floating about the internet.
Per Danny Wiley, Senior Director of Single Family Valuation at Freddie Mac since 10-19, in a Facebook post, this a very preliminary UAD list and is not to be relied on as representing what will eventually be done.
I have been following the discussion on the Sales Comparison Grid among appraisers who are on the committee and not on it. The overall opinion is that it adds too much detail, resulting in a lot more work required. FYI, members of the appraisal work group have signed confidentiality agreements.
Per Scott Reuter, at a recent webinar, the GSEs are still working on UAD changes and planning on no more fixed forms. Instead, they will be working on a long term plan for a format similar to Turbo Tax, where for example, it is a condo so you only use the parts of the appraisal relevant to condos. He said they had a three year plan and have “maybe” another year to go.
NOTE: To subscribe to Appraisal Today monthly newsletter click here.