Forms Redesign Extended Into 2023-24
What once was a ‘three year’ project to redesign and implement revised appraisal forms has morphed into one taking far longer. Actual implementation and use of ‘new forms’ are not scheduled to happen until (presumably) early in 2024, but could be extended even further.
By 2024, the currently used ‘forms’ will be 19 years old, and the current UAD overlay entering ‘teenage hood’ at 13.
For context, the current Planet Mars Perseverance Rover mission to successfully plan and land scientific instruments took only 9 years!
Details for the ‘forms redesign extension’ are based on the announcement from Fannie Mae (and Freddie Mac) on Wed, Mar. 24, 2021:
“The UAD and Forms Redesign is well underway, but there is much more work to do. Fannie Mae and Freddie Mac have posted a high-level timeline showing key milestones and date ranges in this multi-year endeavor that will continue into 2024 and beyond. Check out the UAD page for other related resources.”
Uniform Appraisal Dataset (UAD) and Forms Redesign Timeline*
2018-2020 – Industry outreach to determine pain points and opportunities
- Gathered extensive information and feedback from key industry stakeholders including lenders, appraisers, technology vendors, appraisal management companies via interviews, surveys, industry events, virtual bulletin boards, and a UAD Advisory Board Formed collaborative working group with MISMO®
- Drafted business data requirements and Uniform Residential Appraisal Report (URAR) design for all property types and legacy forms: singlefamily, condominium, cooperative, manufactured homes, 2- to 4-family, and appraisal update/completion reports
2021 – Industry awareness; specification and report design
- Communicate broadly to drive industry awareness and acceptance of the future state vision
- Continue seeking stakeholder input
- Finalize business data requirements and URAR design
- Coordinate with MISMO to publish an updated Reference Model w/UAD updates
- Develop implementation/design guide Develop appraiser guide
- Publish updated UAD specification
- Prepare final UAD supporting documents
- Continue industry outreach, communicate implementation plans, and drive awareness
- Plan, create, and begin industry education and training
- Appraisal software vendors develop software
- Lenders update their systems and workflow for new software Plan systems updates
- Uniform Collateral Data Portal®
- GSE systems: Loan Collateral Advisor® and Collateral Underwriter®
- Conduct end-to-end testing
2022-2023 – Development and implementation planning
2024 and beyond – Implementation
- Begin limited production
- Implement broad production
- Continue industry communications, education, and training to drive adoption and facilitate the transition
* Dates are subject to change as this multi-year industry project progresses. This communication relates to the Uniform Mortgage Data Program®, an effort undertaken jointly by Fannie Mae and Freddie Mac at the direction of the Federal Housing Finance Agency.
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This is great!!! Now I don’t have to learn a new form before I retire!!!
Bingo! Was just getting ready to say the same…lol
Same here, thank goodness, I’ll be done.
Great minds think alike!
For those of you who outsource 95% of the process to the Philippines, it looks like you can put off that form filling retraining for a few extra years. Profits over principles.
Seek the truth.
Forms should be like maps, constant, predictable, reliable.
Some of us are still trying to save map books and other traditional media.
They’re acting like the forms are so outdated. The forms are fine and do not need alteration to accomplish their intended function.
Unless and until input is sought from those that actually USE THE FORMS EVERY DAY…namely APPRAISERS, I have no hope that anything they come up with will make sense or be any better than what we are already forced to use.
Maby its time to discuss the stuff involved in a different market.
For the most part FMV equals today, most of the closed sales happened 45 days ago.
Our MLS’s in California report / definitions of the types of listings; closed sales, pending’s, contracted, expired, & relisted. The closed typically report dom & previous listed amount. You can pull a complete neighborhood of all items from mls’, Maby 225+ items for 6+ months. Sorting them into categories by, time, age, size, dom, will reveal that they are the neighborhood and that the sales are closing in different directions tomorrow.
Reporting only closed sales is recognizing ONLY yesterday’s market. When listings are holding, reducing or increasing is probably a better market indicator.
Todays market is PROBALLY different. ALL REAL ESTATE ECONOMOICS IS LOCAL!