HUD Mortgagee Letter 2011-30 delays HUD FHA’s requirement for implementing the Uniform Appraisal Dataset (UAD) until January 1, 2012. ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER AUGUST 22, 2011 MORTGAGEE LETTER 2011-30 To ALL APPROVED MORTGAGEES ALL FHA ROSTER APPRAISERS Subject: The Uniform Appraisal Dataset (UAD) and appraisal reporting forms Purpose of this Mortgagee Letter: The Federal Housing Administration (FHA) will adopt the Uniform Appraisal Dataset (UAD) and two of the UAD compliant appraisal reporting forms, which further define specific data fields in these industry standard appraisal reporting forms. Effective Date: To allow Mortgagees sufficient time to make any necessary data...
HUD Unveils New Web-Based Mapping Tool to Display Nearly Half of U.S. Foreclosed Properties WASHINGTON – The U.S. Department of Housing and Urban Development today launched a new web-based mapping tool displaying the location of all foreclosed properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA). These foreclosed homes collectively account for nearly half of all real estate-owned or REO properties in the U.S. HUD’s REO Portal is intended to help local communities, homebuyers and responsible investors to acquire these properties and accelerate efforts to stabilize local housing markets. This new mapping tool will be of...
a la mode recently released a recorded video of the live “Intro to UAD” webinar. This hour long video includes: Part 1: Intro to UAD Part 2: What is the UMDP? Part 3: UAD Overview Part 4: UAD FAQ’s Part 5: Examples of Common Inconsistencies Part 6: UAD Rules Part 7: Using UAD in the software
Where is the new UAD format report? Lately, we have been receiving a lot of emails from appraisers confused about WinTOTAL and TOTAL 2011’s Uniform Appraisal Dataset (UAD). Many think that they need to download a specific file, even though their software is up to date. “Where is the new UAD?”, we’ve been asked! So we prepared a short video tutorial explaining how to create URAR report in UAD format in WinTOTAL. You just need to make sure your software is up to date. Watch the video below: T.J. McCarthy has made his “Sample URAR in UAD Format” available...
The mandates override the Virginia Code Re: Impending Violation of Virginia Statute 18 VAC 130-20-160. Dear Attorney General Cuccinelli, There is an extremely urgent and important matter that the Virginia Coalition of Appraiser Professionals (VaCAP) wishes to bring to your attention. The Government Sponsored Enterprises (GSEs), which are The Federal National Mortgage Association (FNMA) and The Federal Home Loan Mortgage Corporation (FHLMC), have mandated Real Estate Appraisal reporting requirements that will severely compromise the integrity of information provided in appraisal reports and potentially eliminate the private appraisal profession. This new, comprehensive format will cause unnecessary risk and expense to the...
How is TOTAL 2011 different from WinTOTAL Aurora? In this webinar you will find the differences between these two versions. Each serve different purposes. TOTAL 2011 was designed with ease of use in mind while WinTOTAL was designed with a lot more features. When deciding which software to go with, make your choice based on the features you need. For example only WinTOTAL Aurora has comparables and photos databases, auto-adjuster, billings/accounts receivable and custom financial reports among other features. Rentals and listings in side-by-side view, undo, redo, find and replace feature, as well as text overflow options are among some...
Virginia Coalition of Appraiser Professionals (VaCAP) Letter to Senator Warner Addressing the Negative Repercussions of HVCC and Dodd Frank Act Dear Senator Warner: In response to the devastating effects of the legislative changes that have crippled the appraisal profession and undermined the quality of appraisals, appraisers throughout Virginia have joined together to educate the public, raise consumer awareness, protect appraiser independence, and work toward effective legislation that will benefit us all. We have now formed the Virginia Coalition of Appraiser Professionals (VaCAP). VaCAP appreciates this opportunity to present to you the position of appraisers across the state regarding federal legislation as it...
Help Regulators Take Proper Aim, Appraisal Institute Tells Congress CHICAGO (July 14, 2011) Testifying before a Congressional subcommittee, the Appraisal Institute’s president-elect on Wednesday told lawmakers their intent was “right on target” and asked them to “guide the regulators’ aim” in implementing consumer-friendly real estate appraisal guidelines. Sara W. Stephens, MAI, told members of the House Financial Services’ Subcommittee on Insurance, Housing and Community Opportunity that the Dodd-Frank Act passed by Congress last year is not being properly implemented by federal regulators. Among other highlights, the Act calls on appraisal management companies (AMCs) to pay “customary and reasonable” fees to residential...
Yesterday, the GAO released its analysis of the Real Estate Appraisal Profession and its regulatory framework titled Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry. Full report can be reviewed or downloaded below. Summary of analysis: Real estate valuations, which encompass appraisals and other estimation methods, have come under increased scrutiny in the wake of the recent mortgage crisis. The Dodd- Frank Wall Street Reform and Consumer Protection Act (the Act) mandated that GAO study the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation Code of Conduct (HVCC), which established appraiser...
A shift of regulations intended to prevent lending companies from influencing — or worse, inflating — home values during the appraisal process nearly put an entire industry of people out of work during the worst economic downturn since the Great Depression, according to industry experts. But what happened to independent home appraisers is a topic that almost no one talks about outside the real estate industry. After a parade of subprime home loans and shoddy lending practices by mortgage lenders brought the real estate market to its knees, the real estate-appraisal process was targeted in an effort to protect consumers....
