Tagged: UAD

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Self Evident Reports

Over the span of the last several decades, many residential appraisers were brought into this profession to meet the demand for residential mortgage lending reports. The problem with this has become clear as many were trained with one mindset, residential lending appraisals. They became “self-proclaimed experts” at filing out forms and meeting client expectations. All in the name of doing a good job and making a living. I hold all residential appraisers responsible for this sad state of affairs. Had more of the professional appraisers taken on one or two trainees and mentored them into producing credible reports then perhaps...

UAD Update for Condos Without Unit number 5

UAD Update for Condos Without Unit number

Condos without unit number Fannie Mae and Freddie Mac have added a new requirement for condo reports (form 1073/1075) in the updated UAD Appendix D, issued June 19, 2012 (see below): Unit # The appraiser must enter the address unit number/designator. During the appraisal process if an appraiser determines that a unit number is not available for a property known to be a condominium, the appraiser must put a “-“ in the unit number field. The “-” symbolizes that the appraiser has researched the property address and was unable to identify a unit # for the given condominium unit. This...

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Sense is like courtesy it is no longer common!

I dealt with an old question recently that I felt was pertinent and worthy of repeating. The question arose in Brooklyn, NY when an underwriter demanded that the appraiser include the basement area as part of the gross building area when comparing the subject to the comparable sales. After all they reasoned, Fannie Mae guidelines, i.e. Property and Appraisal Guidelines, XI 405.07 state, “Gross building area, which is the total finished area (including any interior common areas, such as stairways and hallways) of the improvements based on exterior measurements, is the most common comparison for two-to four-family properties. The gross...

UAD Update for Condos Without Unit number 0

Fannie Mae Updates Uniform Appraisal Dataset (UAD) Appendix D

Fannie Mae released an updated version of Appendix D of the Uniform Appraisal Dataset (UAD). Updates include: Date 2/18/2011, Version 1.1,  Minor formatting changes Date 8/11/2011, Version 1.2  Updates: Added additional clarity in Introduction and Purpose and Overview Sections Added notation in multiple sections that additional Information can be provided elsewhere in the appraisal report Added clarification to Overall Condition rating

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If You Want to Stop Crime, Make it Against the Law!

If you want to stop crime, make it against the law! It is this type of thinking that has made it increasing difficult for honest appraisers, while providing a buffer for the true criminal that seeks to manipulate the system. Is it really as simple as the best appraiser is the one who is always on time, always fills out the form according to UAD, and never strays from a Fannie Mae guideline? The report reads clean, passes review and never makes the slightest ripple when place in the loan pool, so how could it be wrong?

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For Clarity Sake

Once again I find myself harping on the original intent of USPAP. The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. It is essential that appraisers develop and communicate their analyses, opinions and conclusions to intended users of their services in a manner that is meaningful and misleading. (quoted from the Preamble of USPAP). Why is it then that GSE’s can then dictate forms, like the MC Addendum (or affectionately known as the Market “Confusion” Addendum)?

Fatal UAD edits 0

USDA Adopts Uniform Appraisal Dataset (UAD)

The US Department of Agriculture’s (USDA) Rural Development announced that the Uniform Appraisal Dataset will apply to the Single Family Housing Section 502 Guaranteed and Direct Loan Programs effective January 1, 2012. The purpose of this Administrative Notice (AN) is to announce the USDA Rural Development Single Family Housing Section 502 Guaranteed and Direct Loan Programs will adopt the new Fannie Mae and Freddie Mac Uniform Appraisal Dataset (UAD) effective September 1, 2011. To allow sufficient time to make any necessary data system changes, the requirements of this AN will be mandatory for all appraisals completed on or after January...

VaCap Letter to VA Regarding UAD 1

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...

UAD Reader alamode 0

UAD Reader to Manage XML Appraisal Files

Free UAD Reader to Manage XML Appraisal Files UAD (Uniform Appraisal Dataset) is the appraisal format designed and required by Fannie Mae and Freddie Mac, and adopted by FHA and VA. All GSE-destined appraisals as of September 1st, 2011 must be in strict UAD format. FHA and VA have announced they will both require UAD after January 1st, 2012. How do you open and read an appraisal file in the newly required “UAD” MISMO 2.6 XML format? a la mode UAD Reader is a free tool that lets anyone work with any appraisal in the new UAD MISMO 2.6 XML...

VA adopts UAD 1

VA Adopts Uniform Appraisal Dataset (UAD)

Fee Appraisers are reminded that completion of the data fields of the appraisal report does not relieve them of the duty to provide adequate explanations in the addendum to provide clarity and justification. Veterans Benefits Administration Department of Veterans Affairs Circular 26-11-14 September 26, 2011 UNIFORM APPRAISAL DATASET (UAD) Purpose. The purpose of this circular is to announce the adoption of Uniform Appraisal Dataset (UAD) compliant appraisal reports for Department of Veterans Affairs (VA) Loan Guaranty Program purposes. Effective Date. Effective immediately, VA fee appraisers may, as an option, use UAD compliant versions of the forms. Effective January 1, 2012,...

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