Proposed Design of the URAR
Here’s the link to the ‘slide show’ the GSE’s have produced showing proposed design of the future, revised, URAR appraisal form.
In my initial very quick observation of the proposed changes, there is FAR MORE INFO REQUESTED about the subject and comparable sales than the ‘current’ 2005 URAR form has on it. If this is what the final version will be like, the appraiser’s time to ‘complete the form report’ may increase exponentially. It may mean that the cost of the appraisal will increase.
I hope people involved with this will be more sensitive to this aspect, unlike what was done when the MC Form and UAD were introduced and mandated. Appraisers were just expected to absorb the extra time involvement, with no increase in compensation.
But on a positive note, while ‘forms’ themselves are not USPAP compliant, some wording on the proposed design of the URAR form will more closely align with USPAP than the current URAR has. This will assist appraisers being more USPAP compliant without having to supplement the ‘form’ with additional commentary as is necessary now.
Per this announcement from the GSE’s, there is no stated effective date for implementing the revised URAR.
MARCH 14, 2022 – UAD redesign report to industry stakeholders
Fannie Mae and Freddie Mac have issued a report describing the input and development process for the new Uniform Residential Appraisal Report (URAR), which will replace individual appraisal report forms on a future date.