Tagged: UAD

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VA Appraisals Must be in MISMO XML

VA Announces Electronic Appraisal Requirements: Appraisals must be in MISMO XML Effective June 1, 2014, all Department of Veterans Affairs (VA) appraisals will be processed in WebLGY under the VA Appraisal Management System (AMS). Therefore, beginning June 1, 2014, all VA appraisals must be uploaded in WebLGY in Mortgage Industry Standards Maintenance Organization (MISMO) compliant XML 2.6 GSE file format as VA will no longer accept appraisals uploaded in WebLGY in PDF format. Prior to June 1, 2014, VA appraisals must continue to be uploaded in WebLGY in PDF file format. Historically, VA appraisal form/formats conformed to appraisal industry form/format...

Back to The Basics - “Preaching” About the Basics of This Industry 0

Back to The Basics

…“preaching” about the basics of this industry… The more I read residential mortgage related appraisals, underwriter comments and comments from the quality assurance departments from major lenders, the more I have come to realize that it is far beyond time to get back to “preaching” about the basics of this industry. For those of you who have been in the business back when you would take the photos, pull it out of the camera, wait a few moments before you pulled the front off the photo before coating it with the “magic wand” to keep it from fading (thank you...

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Fannie Mae Releases New Selling Guide

In April 15, 2014 Fannie Mae released its updated selling guide. It conducted a comprehensive review of the Appraisal Requirements (B4-1) chapters of the Selling Guide. As a result of that review, new policies have been developed, current policies have been clarified, and additional guidance has been incorporated. Further, significant changes have been made. In some cases, topics and paragraphs have been re-titled and content has been reorganized with the expectation that searching for specific information will be much easier. The clarifications are a result of internal reviews, frequently asked questions, and the analysis of Uniform Appraisal Dataset (UAD) data....


Fannie Mae’s Appraiser “Blacklist”

Fannie Mae’s new “Appraiser Quality Monitoring” initiative that creates an appraiser “do not use list” or “blacklist” has alarmed many working appraisers, especially since at least a portion of the process is automated. Placing an appraiser on a Fannie Mae exclusionary list would effectively end a career, therefore, it is critical that appraisers…

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Blacklist: Appraisers Judged by Computers

Blacklist of Appraisers – the End Is/Must Be Near: Advancements in the Art of Blacklisting If you are a real estate professional, please read this, especially if you fear your own business is being damaged by all of the new regulations designed to “help” the real estate industry recover. Imagine you, a hardworking, law abiding taxpayer, are sitting at home one evening watching television when there is a knock at your door. Somewhat surprised by the late hour of the visit, you get up and open the door and three IRS agents barge into your home and declare, “We are...


Appraisal Quality and UCDP Notification

On December 10, 2013, Fannie Mae issued a lender letter focusing on appraiser selection, data quality issues, and new processes for appraiser monitoring, and has added messages in UCDP related to appraisals from specific appraisers. Appraisal Quality Fannie Mae began collecting appraisal data in 2011 through the Uniform Collateral Data Portal® (UCDP®). Millions of appraisals have been submitted by lenders and their authorized agents through UCDP. UCDP enables Fannie Mae to monitor and evaluate appraisals for data accuracy and consistency. The purpose of this Lender Letter is to remind lenders of Fannie Mae’s appraiser selection requirements, highlight several data quality...


Fannie Mae and Freddie Mac UAD Update

Fannie Mae and Freddie Mac have released the specifics on phase two of the Uniform Appraisal Dataset (UAD) updates. The second phase will go into effect in early 2014, with warning edits for the following data fields converting to fatal UAD edits: Quality of Construction Rating (subject and comparables) Location Rating (subject and comparables) View Rating (subject and comparables) Condition Rating (subject and comparables)

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Fatal UAD Edits on Appraisals Coming Soon

Fatal UAD edits on Appraisals to Become Effective in June 2013 Effective June 2013, Fannie Mae and Freddie Mac (the GSEs) will convert several of the current Uniform Appraisal Dataset (UAD) compliance warning edits to fatal UAD edits in the Uniform Collateral Data Portal. Warning edits for the following data fields will convert to fatal UAD edits in June 2013: Appraisal effective date Subject contract price and comparable sale price Above grade Gross Living Area (GLA) (subject and comparables) Sale type (subject and comparables) Warning edits for the following data fields will convert to fatal UAD edits in phases that...

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URAR Form Ambiguities and Liabilities

Revisiting The Fannie Mae/Freddie Mac 2005 URAR Form Ambiguities and Liabilities It has been eight years since the URAR form was revised. From 2005 to mid-2008, the real estate market experienced a boom and a bust the likes of which we have never seen before, and we are finally seeing a slow recovery. Also during this period, the economic recession and poor lending practices lead to new regulations in both the appraisal and banking industries. Based on the new regulations, Fannie Mae/Freddie Mac mandated appraisers to add more information to the URAR form. As of March 2009, the Market Conditions...


Fannie Mae Issues “Hard Stops” on Appraisal Messaging

As of January 28, 2013, Fannie Mae started placing greater restriction on the data they collect to ensure uniformity. You will now begin seeing a “hard stop” issued by Fannie Mae on messaging. This change affects Appraisers working with AMCs or other lenders who submit data to Fannie Mae. What has changed? As appraisers know, the Uniform Collateral Data Portal (UCDP) is an electronic tool that Fannie Mae uses to ensure uniformity in the data that Appraisers collect and submit. The theory is that being able to track trends and information through data collected on appraisals will ensure more informed...

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