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New initiative will focus on modernization of the current UAD dataset and residential appraisal forms…
What I originally described as a ‘rumor’ several months ago has finally been fully exposed.
FNMA and FrMAC are in the process of examining the current GSE appraisal forms, which encompass UAD and the MC Form, to ‘finally’ get the appraisal forms & functions into the 21st Century!
But it won’t happen for at least 3 years (2021)… by then many current appraisers will be enjoying bon-bons and brewskies while on the golf course, or be on their long-planned world cruise, after chucking their clipboard device into a trash bin and selling their laser measurer due to retirement, or perhaps frustration.
On May 22, 2018, the GSE’s released the formal announcement about this new initiative – the PDF attached.
“The GSEs are working together, at the direction of the Federal Housing Finance Agency (FHFA), to assess and, as appropriate, begin implementation of strategies to redesign the UAD. Under the auspices of the Uniform Mortgage Data Program (UMDP)*, the initiative will focus on modernization of the current UAD dataset and residential appraisal forms. The initial stages of the multi-year initiative willthat will support emerging technologies and data updates, and provide a foundation for appraisal process modernization.”
Part of this process will involve taking input from ‘stakeholders.’ I really wonder how deep into the appraiser population that will go?