Tagged: Uniform Appraisal Dataset

Appraisal news for real estate appraisers and real estate professionals regarding the Uniform Appraisal Dataset. News relating to the Appraisal Industry.

UAD 3.6: The Appraisal Industry’s Shiny New Straightjacket 24

UAD 3.6: The Appraisal Industry’s Shiny New Straightjacket

UAD 3.6, the appraisal industry’s shiny new straitjacket, promises efficiency but threatens to bury appraisers under a mountain of data demands and tech troubles, risking the integrity of valuations in a quest for modernization.  The appraisal industry is bracing for the rollout of the Uniform Appraisal Dataset (UAD) 3.6, a supposed game-changer slated for an optional beta in September 2025 and a mandatory debut by November 2026. Promising to drag appraisal reporting into the modern age with a sleeker, property-specific framework, UAD 3.6 has appraisers across the country muttering a mix of cautious hope and outright skepticism. But let’s be...

Appraisal / Appraisal News / Appraisal Software / Appraisers News / Fannie Mae - Freddie Mac / TOTAL

The Perfect Storm: A Veteran’s Take on a Dying Craft 93

The Appraisal Profession’s Perfect Storm: A Veteran’s Take on a Dying Craft

The new UAD form, the AMC fee gouging, the waivers, the false bias claims – it’s a perfect storm of assaults.  I’ve been an appraiser since 1993, back when fax machines were cutting-edge and the internet was a clunky novelty. Over three decades, I’ve seen this profession weather storms — economic crashes, regulatory overhauls, you name it. But what’s happening now? It’s not a storm; it’s a tsunami. Our industry is hemorrhaging talent, drowning under false accusations, and getting squeezed by corporate greed and bureaucratic overreach. As someone who’s stubbornly refused to bend the knee to Appraisal Management Companies (AMCs),...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

Is the GSEs "Appraisal Modernization" Really Just Mass Appraisal? 18

Is the GSE’s “Appraisal Modernization” Really Just Mass Appraisal?

Mass Appraisal tend to exhibit a regressive nature…  In the intricate landscape of real estate mortgage financing, the notion of appraisal waivers recently dubbed “Value Acceptance”, by the Government Sponsored Enterprises (GSEs), has stirred considerable debate. The most recent statistics show Value Acceptance accounts for up to 40% of all mortgage approvals. It is presented as part of the GSEs “Appraisal Modernization” initiative, which aims to streamline the mortgage appraisal process. However, a closer examination reveals potential drawbacks, raising questions about its efficacy and impact on the housing market. Despite its roots in a methodology designed to support appraisers, Value...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Collateral Underwriter

UAD Redesign Timeline 5

UAD Redesign Timeline

Appraisers, to see more about the upcoming new UAD currently in design, read the Updated Timeline link in the message below. My concern at this point is ‘training’ materials will be available in Q4 2024, but actual implementation of the ‘new reporting process’ won’t begin until Q3 2025 with limited production, into 2026. Note that in the future “form numbers” won’t be used. Instead, the assignment instructions will be based on a scope of work for the loan process on the particular Subject property. As someone who’s potentially interested in ‘training’ appraisers on the new process, it seems to me...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

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

Sale Price versus Appraised Value Disconnect 8

Sale Price vs Appraised Value Disconnect

How can it be said that valuing a property lower than its eventual sale price based on current market evidence is tantamount to BIAS?  The article titled “FHFA Data Fueling Looks into Appraisal Bias” was in the Inside Mortgage Finance Publications e-newsletter on 4/06/23. The Federal Housing Finance Agency is a is a critical provider of the data necessary for oversight, enforcement and research, FHFA Director Sandra Thompson noted during a discussion in late March. According to aggregate statistics from the Uniform Appraisal Dataset released by the FHFA, roughly 57% of appraisals were above the contract price in 2021. Just...

Appraisal / Appraisal News / Appraisers News / CFPB / Consumer Financial Protection Bureau / Federal Housing Finance Agency

New URAR Redesign Spec Released 75

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...

1004MC / Appraisal / Appraisal News / Appraisal Software / Appraisers News / Automated Valuation Models

Under-Valuations Unrelated to Racial Bias 11

Under-Valuations Unrelated to Racial Bias

Under-valuations that more accurately reflect the homes’ “true” value as opposed to the contract price will also alert the buyer, not just the lender, that he or she may be over-paying, which often triggers a renegotiation… when the seller and buyer settle on a new price after the appraisal, the new lower price reduces credit risk, costs to the borrower, and ultimately results in greater wealth for the buyer. The AEI Housing Center recently released an analysis revealing that reports by the Federal Housing Finance Agency (FHFA) and by Brookings, attributing the greater prevalence of under-valuations in home purchase appraisals...

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

UAD Composite Property Data Info Released to the Public 18

UAD Composite Property Data Info Released to the Public

Appraisers, since 2011, the GSEs (called the ‘Enterprises’) have been collecting and analyzing appraisal data using their proprietary Uniform Appraisal Dataset (UAD) which was overlaid on four of the standard GSE appraisal forms, SFR’s and Condo’s only. Ever since then, appraisers and other users have complained that none of that data was available. Well, now it is available, but not highly detailed down to specific properties. See below for the web site link. Some of that data is granular down to specific Census Tracts, which appraisers seldom, if ever, use in their market analysis to determine comparable sales and their...

Appraisal / Appraisal News / Appraisers News / Federal Housing Finance Agency / FHFA / UAD

UAD to Assist Local Assessors 16

UAD to Assist Local Assessors?

Folks, 16 local Assessors across the US have requested to FHFA that the GSE’s UAD property rating data be provided to Assessors, with the belief that UAD will help them be more accurate in their local tax assessments. This info has been circulating the past few days, in the link below: Kaegi, other tax officials want access to Uniform Appraisal Database to help make property taxes fairer | Crain’s Chicago Business From the article: Kaegi (Cook County, Illinois) has suggested that the Uniform Appraisal Database maintained by the federally chartered mortgage buyers Fannie Mae and Freddie Mac might help plug...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

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