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  #1  
Old 09-17-2004, 02:39 PM
Pamela Crowley (Florida)'s Avatar
Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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(Can't remember if this was posted before, I do know a prior similar article referenced in this one was posted here.)

Fannie Mae's URAR Test Form:
Opening Up Pandora's Box
by Henry S. Harrison
the ultimate guru on the Fannie Mae 1004 URAR!
@ RevMag.com

http://www.financialsense.com/editorials/r.../2004/0902.html

I can't even decide which portions to quote here. The WHOLE article is so good!!!



See: http://www.revmag.com/august2004/03.htm
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Old 09-17-2004, 02:50 PM
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Good - looks like we're finally getting some attention to the fact that we, the appraisers, were not consulted and we don't like it!

Let's hope this helps some.
  #3  
Old 09-17-2004, 03:04 PM
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Richard Carlsen Richard Carlsen is offline
 
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Thanks Pam.

It is good to see some leadership emerging saying "Hold on a second there Fannie!"

The one thing that has been overlooked in the whole process, and I for one did, is that we appraisers need to have a say in the forms and not just the end user.
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Old 09-17-2004, 03:20 PM
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Carnivore Carnivore is offline
 
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The answer is a major software vendor, alamode is a good example, should come up with a generic URAR. Why you ask? Its simple, many users of the URAR are not fannie mae lenders. Many are sub-prime and in-house loans. These lenders require a higher level of detail than the new TEST URAR gives them.

What will happen is quite easy to understand. There will simply be two power users of appraisal formats.

1. Fannie and there what ever you want to call it form
2. everyone else with a more traditional format that will not require retraining.

This is a relatively easy task. The new format could have editable scope, purpose and market value sections. The total report format should be easily taylored to fit a particular clients needs. With an editable format one can keep it up to date with the current USPAP .
  #5  
Old 09-17-2004, 09:58 PM
Larry Lyke Larry Lyke is offline
 
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Does anybody think that the URAR won't become the "other" market default standard and the new form be used for Fannie and generic lending?

L- in MN
  #6  
Old 09-18-2004, 01:10 PM
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Quote:
Originally posted by Larry Lyke@Sep 17 2004, 08:58 PM
Does anybody think that the URAR won't become the "other" market default standard and the new form be used for Fannie and generic lending?

L- in MN
Larry - I was wondering that myself - how are the "other market" clients going to distinuish the current URAR? Please use the Pre-2005 URAR form for my work?! I wonder how many are going to go that path. I would imagine a good majority of the REO & foreclosure reports are going to be demanded on the current URAR.

Then I wonder how long before another form in a variation of both comes out. Like I said before, what happened to the concept that was presented when the current URAR came out? It was supposed to expand and be similar to the 2-4 form for residential income property analysis.
  #7  
Old 09-18-2004, 01:51 PM
Claude From NY Claude From NY is offline
 
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Coincidently, Henry Harrison will be at the AGA 4th Annual Eastern Region Conference Valuation East to be held in Atlantic City on 10/14 and will be discussing and explaining this "Pandora's Box." Other topics include economic review, AVM speakers and panel discussion, segregated cost analysis and USPAP update.

Honestly I have never heard of the AGA before. However this conference sounds very interesting. Anyone else going?
  #8  
Old 09-18-2004, 02:59 PM
Oregon Doug Oregon Doug is offline
 
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There's an awful lot of truth to what he's saying and I think that our profession is in for a major gut wrenching fairly soon, but I don't know if it's good or bad.

As an aside: does anyone know if any softwear vendor has yet developed a working model? (I know that the form will change, but are there any working prototypes out there - I'd like to at least test it.)

Oregon Doug
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Old 09-18-2004, 03:15 PM
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Quote:
Originally posted by Oregon Doug@Sep 18 2004, 01:59 PM
As an aside: does anyone know if any softwear vendor has yet developed a working model? (I know that the form will change, but are there any working prototypes out there - I'd like to at least test it.)

Oregon Doug
Doug - Alamode does and has had it since shortly after introduction by Fannie.
  #10  
Old 09-18-2004, 07:02 PM
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Ben Vukicevich,SRA Ben Vukicevich,SRA is offline
 
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Geez...I say Yippee

It's not a Pandora's Box..it's a Fannie form by Fannie, for Fannie. I don't even see Freddie on it. Fill it out and be happy. I'm thrilled to see the Cost Approach is not on the form/optional..less liability for appraisers, especially since there isn't a secondary market lender out there that will approve a loan based on the Cost Approach. The only guys that will be sad about that are the homeowers insurance agents who have been using our Cost Approaches for free for years- I had a lender call last week and ask me to rush an appraisal because the homeowners insurance agent needed a copy prior to closing. In the future, if they want the stupid Cost Approach for the HO guy, they're gonna pay me extra for it...lot's more so it's not worth their while.

We've even got an effective date for our data..which is great because if info is not in the public records at the time of the appraisal, then we couldn't have known about it and we're not responsible for it...I see it as Fannie's way of protecting the appraiser.

I look at it as an opportunity for more profit for the appraiser. Keep the fees the same or maybe slightly lower and use the time saved from developing a PROPER, USPAP compliant Cost Approach and complete more appraisal reports. Now, if we could just get FHA to throw in the towel on the Cost Approach, like VA, it would be all over. No more Marshall Swift books and 1007 forms..

As we've all been told before on this forum, you can complete a USPAP compliant appraisal report on a napkin...the new form is slightly larger.
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