UCDP issues

[Vermonter]

Not sure if this belongs here, but my client is having major issues and in turn, making my life difficult. I do rural work, so the comparable sales are never model matches and just about always hit the 15%Net/25%Gross/10%Single line limit.

Client is getting hard stops on:
Too many line adjustments
ANY room count differences
GLA differences over 25%
Addresses of comps aren't jiving with USPS, even tho my software says they are standardized.

Heard UCDP updated twice this month, but wondering if anybody had anymore info? Couldn't find anything on the UCDP site and it obviously isn't updated in my software UAD checker.

 

[Craig in Oregon]

Late Friday night thoughts. . .

What your situation presents is an issue I ( and many more) have observed for sometime. The "guidelines" seem to be getting more like "rules". And appraisers in the middle can't make up sales to fit.

Though what your situation sounds like are glitches in bot checking the boxes.

I suppose if the GSEs only want to lend on "fit all the boxes" properties, they should just say so. That would encourage the private or bankig sector to make some profitable loans but of course more money down, seller carried seconds and probably shorter loan terms might be what a portfolio or other private/banking lender would require.

Liquidity gradually leaves the system under this scenario.

 

[Mile High Trout]

There is a hard stop rule list. Read up and get to know it.

Sometimes the clients will tell you it's something unpassable, because it's unpassable to them via company policy and pre programmed auto scrubbers. Those deals where the clients manually scrub are the reason I stopped with the xsites. More work, more hassle. Just stick with the Fannie guidance. If the client applies additional overlay as a standard auto review process, they'll simply have to get out of a-typical lending, or get with some manual pass throughs. Over net/gross is not a deal killer.

Imagine if that were true. That no loan could be funded unless all comparables used in appraisal grids required less than 15/25%. Imagine the consequences of not allowing departure from that scope, and the independence argument. Refer to the Fannie selling guide on that one. Copy the part about net/gross and ensuing allowable statement for explanation if departure. A convenient copy of that is on the appraisalblogs website, with all appraisal text highlighted yellow.

Dang, my links don't work, got to get new ones. Anyone have the current uad hard stop links and guidance handy? Guess I'll have to make another quick mark folder for uad issues. Geesh!