Category: Fannie Mae – Freddie Mac

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...

AARO / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

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Appraisal Institute New Residential Green and Energy Efficient Addendum

On September 29th, the Appraisal Institute released a form intended to help analyze values of energy-efficient home features. It is the first of its kind intended for appraisers’ use. The industry leader in green valuation, the Appraisal Institute issued the form as an optional addendum to Fannie Mae Form 1004, the appraisal industry’s most widely used form for mortgage lending purposes. Used by Fannie Mae, Freddie Mac and the Federal Housing Administration, Form 1004 is completed by appraisers to uphold safe and sound lending. Currently, the contributory value of a home’s green features is rarely part of the equation. “This...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

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Appraisal Management Companies Create More Problems Than They Solve

When the final chapter on this housing crisis is written, I hope that I am still around to see those who were responsible for its cause and the feeble attempts to fix it held responsible. One of the worst fixes is the Home Valuation Code of Conduct. Enacted in 2009, HVCC was spearheaded by then New York Attorney General Andrew Cuomo. His objective was to rein in appraisal abuses by the lenders sending loans to Fannie Mae or Freddie Mac. A noble goal, but by the time this so-called fix went into action many of the worst offenders were either...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

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...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisers News / Fannie Mae - Freddie Mac

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CHASEing USPAP

Chase has turned a lot of appraisers into state appraisal boards. They’ve been responsible for nearly 20% of the Illinois caseload since 2008. The volume ebbs and flows from one quarter to the next. Not all of their complaints are good. Then again, not all of them are bad, either. All of their complaints insist that the original appraisal was too high. In their complaint submissions to us, they generally include a letter to the original appraiser that predates the complaint by months. In Chase’s complaints to us they typically include an appraisal review of some type. The standard review is a form 2000 as completed by an Illinois appraiser. Sometimes those reviews...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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Unintended Consequences – Intended Use

Intended use must be clearly stated in the report. Unintended Consequences From USPAP: INTENDED USE: the use or uses of an appraiser’s reported appraisal, appraisal review, or appraisal consulting assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment. There can be many intended uses for one appraisal. We all understand that. An appraiser can, theoretically, complete an appraisal on an REO to find a reasonable marketing price and that same report can, theoretically, be used for mortgage purposes. Great! Two birds; one stone. But, if you utilize the Fannie Mae 1004 you have only one intended use. From the 1004: INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

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,...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / The US Department of Veterans Affairs / UAD

VA & UAD compliance 0

VA Will Not Require UAD Compliance

The US Department of Veterans Affairs (VA) announced that it will not require Uniform Appraisal Dataset (UAD) compliance for appraisal reports on VA backed loans. As of September 1, 2011, VA will accept, but not require, UAD compliant reports; it is preparing a circular with more information on this issue in the very near future which will be posted online.

Appraisal / Appraisal News / Appraisers News / The US Department of Veterans Affairs / UAD / Uniform Appraisal Dataset

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DartAppraisal.com Offers Checklist for Uniform Appraisal Dataset (UAD) Compliance

TROY, MI — (Marketwire – Sep 7, 2011) – Residential appraisers seeking to fulfill requirements of the new Uniform Appraisal Dataset (UAD) will find the new UAD checklist available from DartAppraisal.com to be a helpful tool in compliance. The UAD checklist, available here, contains a quick reference of information required for UAD-complaint appraisals, including 38 specific line instructions and nearly 50 common abbreviations. Checklist categories include Timeframes, Location Factors, View Factors, Sale Type, Financing Type and more. DartAppraisal.com recently announced its full coordination of efforts in compliance of the UAD to properly manage appraisals (1004 URAR, 1073 Condo, 2055, and...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / DartAppraisal

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UAD is Data Mining Nothing More

This article was published in the September 2011 issue of the IllinoisAppraiser Newsletter Blue Pill – Red Pill If you’re reading this on September 1st, you’re probably sitting in front of an unfamiliar drop-down menu on your appraisal software or frantically thumbing through Appendix D looking for an answer that isn’t there. Today is D-Day. Actually, UAD-Day. While Fannie Mae and Freddie Mac slide another deck chair over to catch a better view of the ice berg they’ve already hit three years ago, appraisers around the country are wrestling with Fannie & Freddie’s latest contribution to mind-numbing, muddled, mortgage malaise;...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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