What’s Happening With the New Forms?
Many of you are aware that the GSE’s are in the process of evaluating the entire appraisal process, including the existing ‘forms.’
This initiative was announced in 2nd Qtr 2018, and reps from both FNMA and FrMac made presentations at various appraiser conferences and other places through the year to gather info and suggestions from all appraisal forms users.
This new initiative was never intended to be an immediate make-over; instead, the GSE’s said it was to be an approximate 3 year process.
In December 2018, the GSE’s released their Executive Summary (see PDF below) describing what’s been accomplished so far.
According to this document, the highest objectives include making reported data easier to understand, incorporate data updates easier into the process and build-in flexibility, and REDESIGN the outdated forms we currently use.
They have also documented what they call “pain points” that are the ‘sticky wickets’ in this revision process. Read those on the PDF. One aspect I applaud is the admission that the present forms do not align well with appraisers’ USPAP requirements. (Forms never have complied well, because they were used for years before USPAP was mandated, and updated since a few times with little concern about USPAP.)
I’ve been reading various comments on forums about the new forms and what appraisers hope they might look like, or how they might function. These comments presently are just conjecture, as no definitive information has been distributed yet. The GSE’s are not providing any details, and probably won’t release any until late in 2019 or into 2020.
Bringing the ‘forms’ and the appraisal process into modern current and future functionality is not easy. Appraisers need to ‘cool their jets’ and not get all worked up about this until further details are released.
Actual implementation of new forms and new processes won’t happen until late in 2020, or perhaps into 2021.
But I will make one prediction: because the GSE’s (and other players) purchase (or guarantee) loans on various kinds of properties, the remaining non-UAD forms will have their reporting details incorporated into UAD.
Dave Towne on e-AppraisersDirectory.com
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Can we please stick with American date formatting. Did you know that putting the year ahead of the month and date, that’s Chinese date formatting. Why exactly do we need international standards applied to American real estate markets? What’s next, metric?
Also requesting specific detailed mandatory fill sections to thoroughly document the names, business identities, dates, and costs of all ancillary third parties whom may have contributed to any aspect of inspection, research, or write up. If the mismo group has anything to say about this, which they certainly will, appraisers will get screwed over again in favor of big tech and a departure from checks and balances.
Baggins, US Military date format as well.
You just took the wind out of that argument. I’ll be there at the inspection, 14:30. Nope, tried it, still not working for me. I’ve been watching sumo wrestling lately and need a dang conversion chart to understand how many pounds they weigh.
What’s next, metric?
God, I hope so. If the US is going to compete globally, we need to use global standards. Speaking a common language is good for business.
Who says we need to compete globally? Be careful what you wish for, there won’t be an America left, not with rights we enjoy today. The illusion that what we have at home is not enough in the first place…
MCS just sent me a letter stating they are closing up shop
Can you please post the letter. This blog gets a lot of readership from everywhere, including regulators.
Here is the letter I just received
Outdated Certification language?
Excessive information?
A lot of unpredictable events can happen before 2020-2021. While they may be looking for brevity and speed now, if the economy tanks towards a recession what they think works for today may be off the drawing board in the future
They just want forms a monkey can fill out in an hour so the appraiser AMC mules can write 10 a day ! Or worse, just use an appraisers signature and use the good people of India for $2.00 an hour.
That’s the plan of the emerging global economy, replace everyone with lower wage labor sourced from locations without nearly the same measure of accountability. What could go wrong?