Tagged: MLS

New UAD Overhaul: What Appraisers Can Expect in 2025 & Beyond 63

New UAD Overhaul: What Appraisers Can Expect in 2025 & Beyond

Folks, I recently attended a Train the Trainer 1.5 day class about the new UAD/URAR, jointly facilitated by Fannie Mae, Freddie Mac and Aloft. About 20 other instructors from across the US were also present. This class is required before this new UAD material can be taught to other appraisers, under contract with the GSEs. My info below is a limited high-level summary for the new UAD and URAR of what was presented, and what the appraiser community can expect to see, from now into 2026. It is not meant to be comprehensive; I may send out other info as...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisal Software / Appraisers News

Racial Bias Complaint Filed Against Me 47

Seller Filed a Racial Bias Complaint Against Me

So what’s caused the sudden loss of income? Could it be because of the racial bias complaint filed against me by an unhappy Seller…  Fannie Mae accomplished what they set out to do in July 2011, when they initiated their Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal. The goal was to collect enough property data to effectively remove appraisers from the home buying and refinancing process. It all started with Dodd-Frank Act, a several hundred pages Act signed into law by then President Obama, sold to unsuspecting Americans as a protection from the corrupt business practices of...

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

PAREA Program & Its Negative Impact on Diversity 16

PAREA Program & Its Negative Impact on Diversity

The study also found that the PAREA program is not as effective in providing a more accessible pathway to licensure as the traditional apprenticeship model.  Practical Applications of Real Estate Appraisal (PAREA) is a program that aims to revolutionize the real estate industry by increasing the number of appraisers. However, after listening to the Appraisal Institute speaker at yesterdays board meeting it quickly became evident that this initiative is a complete failure. You cannot start PAREA until you have received all your real estate appraisal education. 94 hours = $1,700 per McKissock Appraisal Institute speaker said that most AMC’s/banks won’t...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

Freddie's Study, NPR Story Recall Notable Academic Hoax 10

Freddie’s Study, NPR Story Recall Notable Academic Hoax

NPR topped the online edition of its article with the headline, “Black and Latino Homeowners are About Twice as Likely as Whites To Get Low Appraisals.” The problem? Freddie never called the appraisals “low.” While the Freddie Mac study finds no evidence of undervaluation, the NPR story about the study somehow does. Almost 30 years ago, Alan Sokal, now a professor of mathematics at University College London, perpetrated a memorable hoax. He submitted a pseudoscientific article to a cultural studies journal called Social Text. By design, his paper was strewn with nonsense. Titled “Transgressing the Boundaries: Towards a Transformative Hermeneutics...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency / FHFA

Tenant in Distress... What Would You Do? 11

Tenant in Distress… What Would You Do?

These situations apparently caused a severe depression to engulf the tenant.  Appraisers, last week I received a call from an appraiser who was very upset about an encounter at the Subject dwelling, within city limits, not long before, and wanted to know ‘what to do.’ The appraiser scheduled an inspection for a dwelling being sold, and uses a ‘MLS Key’ for entry to homes with a lockbox, without having an agent present. The appraiser had previously been told by the listing agent that the tenant of the dwelling might be present, in a state of distress, because that person had...

Appraisal / Appraisal News / Appraisers News

House Measurement by Property Data Collector Gone Wrong 142

House Measurement by Property Data Collector Gone Wrong

The lender allowed an unlicensed property data collector give bad data to the appraiser… I work for this lender and they will not let my trainee inspect. The owners are now underwater by more than $100,000…  I’m sad and I’m mad! I recently took on a measure job for a client who was questioning the square footage of their home. The couple bought the house at the height of the market last year. They paid 12% over list price to get the house. They put an appraisal waiver in the contract which meant they could not walk away if the...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Visualizing Market Activity Using Graphs & Trendlines 4

Visualizing Market Activity Using Graphs & Trendlines

Spreadsheets and graphs are powerful tools for appraisers. With proper data, and incorporated into reports, they can enhance your professionalism and decision-making ability.  Appraisers, this article will highlight the process I use to bring clarity to my research and analysis of ‘comparable’ properties. This completed process becomes an exhibit in all my appraisal reports because it helps the Intended User(s) visually see what the market has been doing over a known time period. The exhibit graph also indicates a daily rate of change for the sales over the time period, which can then be applied as a ‘time’ (market) adjustment...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

ANSI Measuring Standard Required by FNMA 807

ANSI Measuring Standard Required in 2022

On December 15, 2021, Fannie Mae announced that it will be adopting ANSI Measuring Standard in 2022. Appraisers will be required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®) Measuring Standard for measuring, calculating, and reporting gross living area (GLA) and non-GLA areas of subject properties for appraisals requiring interior and exterior inspections with effective dates of April 1, 2022 or later for loans sold to Fannie Mae. For more information, watch this video and check out this fact sheet.   Here are some items for appraisers to consider when using the ANSI standard Measurements...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

The Square Footage Problem - Is ANSI for Appraisers Really the Answer? 22

Is ANSI for Appraisers Really the Answer?

The real estate industry has a square footage credibility problem. ANSI has been out since 1996 with no new pages added and very few changes. In a constantly changing industry with new home styles and designs, change is a requirement. We have to remember that ANSI was originally created to be simple enough for a teenager to understand. It’s a great basic tool but falls well short of solving the real estate industry’s square footage problems. The first problem is that mandating ANSI for all appraisers may be a good first step, but fixing the whole problem requires two additional...

American National Standards Institute / ANSI / Appraisal News / Appraisers News / Trending

Class Valuation Digitizing the Appraisal Process. Who's Thinking Hybrids? 3

Who Is Thinking Hybrid Appraisal?

“Digitizing the entire appraisal process”… what does this even mean? No more tape measures? No more typing? What exactly is being digitized that is not already digitized?… This is what Class Valuation appears to be doing to justify their actions. According to the article written by Richard Torne in Mortgage Professional America, Class Valuation has announced the acquisition of DataMaster. From the article: “We’re not replacing the appraiser, we’re empowering them” We share a common belief in the true path to the future, which is not to replace the appraiser but to empower them. Appraisers have had their fair share...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News

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