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...
Somebody explain to me exactly how Property Data Collectors are “professionally trained” per Fannie Mae directives. The fact is, Fannie Mae is explicitly working toward the elimination of appraisers for real property valuations. This is in their latest Selling Guide Announcement SEL-2023-02 to the Fannie Mae Selling Guide: Value acceptance + property data is a new option that utilizes property data collection by a third party who conducts interior and exterior data collection on the subject property. To ensure consumer protections, the lender must verify and be able to demonstrate that data collectors are vetted through an annual background check,...
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...
Are desktop appraisals with third-party inspectors protecting the public, or are these products about to destroy the very profession I love so much. The Uniform Standards Professional of Appraisal Practice (USPAP) are the key to maintaining public trust in real estate transactions. USPAP is pretty much the equivalent to the Bible, but it MUST be followed for appraisers. Created by the Appraisal Foundation, USPAP set forth the guidelines for how appraisers should perform their work. By following these standards, appraisers ensure that they act in a professional and unbiased manner. To expand, even more, USPAP states, “While USPAP does not...
