VaCap Letter to VA Regarding UAD
Concerns regarding the decision of the VA to adopt UAD
Department of Veterans Affairs (VA)
October 21, 2011
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.
P.E. Turner, Jr., SRPA, SRA