New URAR Redesign Spec Released
The Appraisal Forms & UAD Redesign Spec has been released and the current forms are being retired. This means that appraisers will no longer be using individual forms for each property type, but instead will have to use a single dataset with output varying based on property characteristics. If you want to get an idea of what this looks like, take a look at Appendix D-1 of the spec document. The new URAR form is going to be used for all types of properties as well as hybrid & traditional appraisals. It is important to note that this redesign requires significantly more data gathering than before – such as individual component’s level depreciation information. The Property Data Collectors are going to have more work on their hands gathering data in order for them to collect their $20 fee!
All jokes aside though, it appears that this is another attempt by Fannie Mae to push out experienced licensed appraisers by making their form more cumbersome and time-consuming while simultaneously making options such as unlicensed untrained Property Data Collectors and bad Automated Valuation Models more attractive alternatives. This could be potentially disastrous for both consumers and professional appraisers alike, since these alternative methods lack accuracy when compared with traditional property valuation techniques used by qualified professionals in our industry.
The GSE’s may already begin testing out this new spec or plan on doing so soon; however, there is currently no information regarding when they plan on implementing it into production yet – though past experience suggests late 2024 or 2025 would be realistic deadlines based on previous implementations such as UAD.
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