VaCap Letter to VA Regarding UAD

VaCAP Board

VaCAP Board

Coalition of Appraisers in Virginia at Virginia Coalition of Appraiser Professionals
Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.
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VaCap Letter to VA Regarding UAD

Concerns regarding the decision of the VA to adopt UAD

William Stewart
Department of Veterans Affairs (VA)

October 21, 2011

Dear Sandy,

As president of the Virginia Coalition of Appraiser Professionals I wish to express to you our members’ deep concern regarding the decision of the VA to adopt the Uniform Appraisal Dataset (UAD). Our association has been active in our state regarding this issue and we feel this idea will only harm the quality of appraisals that our Veterans will receive in the future. It is for certain that the homeowner or new purchaser will not understand the appraisal document once he/she is provided with a copy.

You can see by the attachments that this issue has caused quite a controversy within the professional appraisal ranks. I have included for your information letters from the Virginia Real Estate Appraiser Board, AARO, as well as the Appraisal Foundation itself. Each of these entities have strong reservations about the clarity and content of the appraisal documents that would be produced utilizing the UAD.

Personally, I have done numerous appraisals using this format and I find it totally offensive, confusing, misleading, cumbersome, and time-consuming, and to what end? No clear answers have been given by either FNMA or FHLMC.

Are we to give the entities that contributed so much upheaval in the world economy the autonomy to require this unnecessary and misleading guidance to the appraisal profession? This system does nothing to create more transparency. It does just the opposite and will confuse and frustrate those Veterans that we choose to serve to the best of our abilities.

Please reconsider the utilization of this flawed UAD system. The appraisers in Virginia are opposed.

Highest regards,
P.E. Turner, Jr., SRPA, SRA

VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

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1 Response

  1. Matt Gloege says:

    As a Veteran, Air Force Pilot, and 40 years experience in the appraisal business I have developed a deep respect for truth, common sense, prudence and transparency — without which you could auger in and take your buddies with you.

    Accordingly, I no longer do UAD appraisals. I simply will not do things that violate common sense as well as confuse the very veterans, many of which have given their lives for, well — serving the truth in the broader sense. UAD reports are confusing and serve no other purpose then to allow lenders to save money by out sourcing or having a computer review our work instead of a real person with the proper education, license and experience. Follow the money, turn your back and walk away.

    Excuse me, I lied, I will do UAD reports but there will be a $______ (think an absolutely obscene amount – and I mean obscene!!) surcharge for client bullheadedness, short sighted thinking and selfishness — perfectly quantifiable attributes. Follow the money, THINK — the system was devised so reports could cheaply reviewed and the banks could make more money. But wait — that’s my money — if its out there to be gotten at all, you guys sure as hell don’t get it — I get it!! Enjoy the surcharge!!

    Matt
    All the way out in Oregon — Hi Virginia!!

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VaCap Letter to VA Regarding UAD

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