What condition rating

[Dale Floyd]

There is no such thing as a UAD condition rating for the kitchen. The condition rating is for the whole house, not components. There is no such thing as C3 kitchen or a C4 kitchen.

That's odd, since we had a representative from FNMA tell us the opposite just a couple of years ago.

Every since that discussion, we have rated the components (including the kitchen and bath) on Page 1 to the rating standards which further aids in our rating for the entire house. Appraisers are forbidden to say "Average" even as a condition, so we find it more logical to show the rating standard in the materials/condition section. (For example: Floors: Hdwd,Tile,CP/C3) We've gotten several comments about doing that from reviewers - all positive. I personally think it's a little overkill myself, but I don't make the rules.

 

[DWiley]

That's odd, since we had a representative from FNMA tell us the opposite just a couple of years ago.

That is why I provided a citation

Can you provide a citation to the contrary?

 

[Joe Flacco]

Since for kitchen and bathrooms we currently have to report if kitchen and bathrooms have been updated or remodeled in the 15 years, that suggests that "recently updated" means in the last 15 years. Kitchen and bathrooms over 15 years would fall under the "not recently updated" and "dated" category .

This might be one way to look at it.

 

[NC Appraising]

That's odd, since we had a representative from FNMA tell us the opposite just a couple of years ago.

Every since that discussion, we have rated the components (including the kitchen and bath) on Page 1 to the rating standards which further aids in our rating for the entire house. Appraisers are forbidden to say "Average" even as a condition, so we find it more logical to show the rating standard in the materials/condition section. (For example: Floors: Hdwd,Tile,CP/C3) We've gotten several comments about doing that from reviewers - all positive. I personally think it's a little overkill myself, but I don't make the rules.

Agree. Back in +-2014, Fannie mae put on a in class course for their REO appraisers.

Their appraiser did it the way that you describe. After that class, I changed from average/tile to tile/c3.

Been doing that way since 2014. I've only gotten one rejection from accurate AMC saying that it was not allowed.

I said show me in the uad on what I should use. They couldn't. I said give me a definition of what average was per the uad. They couldn't.

After being stuck in the rejection que for two days....I changed it....AMCs.....

 

[TerryRohrer]

Obviously, the GSEs know when C and Q ratings are wrong for "their" purposes. "Their" purposes do not matter to an appraisal or to an appraiser. Why not just let appraisers appraise, then let "their" infallibile, irrefutable, uncontestable, "accurate" software provide C and Q ratings for their AVMs? Why the need to continually waste appraiser's time and jeopardize their licenses and attempt to dictate to appraisers what their opinions will be?

 

[NC Appraising]

Interior/Exterior Complete Inspection Reports:
The appraiser must provide the following information:

Overall Condition Rating – The appraiser must select one of the following ratings
that best describes the overall condition of the subject property or unit. For
condominium properties, the rating must reflect the overall condition for the
individual unit being appraised. Only one selection is permitted. The rating for
the subject property must match the overall condition rating that is reported in the
Sales Comparison Approach section.


I realize what dw said, but i also take the above to read overall.

Roof/c2
Flooring c/4
Siding c/3

Overall condition rating c3

 

[TerryRohrer]

Interior/Exterior Complete Inspection Reports:
The appraiser must provide the following information:

Overall Condition Rating – The appraiser must select one of the following ratings
that best describes the overall condition of the subject property or unit. For
condominium properties, the rating must reflect the overall condition for the
individual unit being appraised. Only one selection is permitted. The rating for
the subject property must match the overall condition rating that is reported in the
Sales Comparison Approach section.


I realize what dw said, but i also take the above to read overall.

Roof/c2
Flooring c/4
Siding c/3

Overall condition rating c3

How can "overall" regarding the "property" be read to mean an individual component? Part of the issue here is making up interpretations of black and white text to support what you wish they meant.

 

[alebrewer]

https://sf.freddiemac.com/faqs/uad-FAQ

"The Q and C ratings only apply to the overall condition and quality of the subject property. "

Yes, per the handbooks, that is correct. My point was that the definition itself can be applied to an individual component just as easily as it can be applied to the overall condition. Taking that position does, however, allow you to avoid Surf's question. I get it.

 

[NC Appraising]

How can "overall" regarding the "property" be read to mean an individual component? Part of the issue here is making up interpretations of black and white text to support what you wish they meant.

I understand where you are coming from and do not necessarily disagree with you. The gses just screwed it up.

Show me where in the uad it says we cannot use c4 on individual components.

Show me where in the uad or guidelines on what we should use....uad....uniform...

Think about it....condition rating.

Exhibit 1: Requirements – Condition and Quality Ratings Usage
Appraisers must utilize the following standardized condition and quality ratings within the appraisal report.

BUT....we are not allowed to use c's in the actual condition section of the report? OK.

That's the problem. They totally left that blank in the UAD. No instructions.

I could have used tile/pos. Piece of shet.

The guys at fannie mae said to do it this way.....maybe you should ask them.

 

[CGinMN]

Appraisers are free to devise or reuse any ranking system they want for individual components. We don't need Fannie or Freddie's approval for any of this. It's a specious argument.