Fannie and Freddie - UMDP / UAD Forms Redesign Initiative - They ARE interested in appraiser input. Surprise!

[Lindseyw]

ANY APPRAISER WHO GIVES A DAMN IS GOING TO WANT TO REVIEW THE REDESIGN AND GIVE INPUT TO THOSE CREATING THE FORMS!! It will take our jobs longer with some of the double entry pages and mind numbing, superfluous amount of detail that lenders/AMCs are suggesting. What is on the new redesign is PER ROOM/PER BUILDING COMPONENT of materials and conditions, types of lights (wall sconce, vanity, etc), ceiling height, efficiency ratings..the list goes on.

I wrote to both GSEs not to long ago to give a few suggestions about the URAR Redesign. I felt it was important as I would be directly affected even if the end game is to remove appraisers entirely.

I am asking all of you to write an email to either/both GSE, after reviewing the samples set forth. The emails are at the bottom of the PDF.

Within a couple weeks, a senior project manager from Freddie Mac asked if she could forward my info to the Fannie Senior Manager of ISF Collateral Risk. I was supposed to have a meeting last Tuesday, but I cancelled with a snarky email about appraiser data, GSE use of AVMs and desktops. Probably should have kept my meeting because he said he would have liked to “level set” the project with me. Whatever that means.

Point is, they were interested in my opinions, whether is screwed us in the end or not…we will still be around for a little while longer. Regretfully, I should have used that opportunity to maybe make our future a little easier.

When life gives you lemons….

Redesign sample is here. (Just look on the right side of the PDF - every time you see the Legacy Form - the Redesign Example will be next to it. No reason to read the whole thing$

 

[djd09]

the data stealers could care less what an independent appraiser thinks, can i look at CU , yet?

 

[Lindseyw]

the data stealers could care less what an independent appraiser thinks, can i look at CU , yet?

Yes and that message was part of my snarky, meeting cancelling email…to be perfectly honest.

But they reached out to me since their emails and phone numbers are not public record. It’s at least worth writing to them about your opinions. I never thought I’d actually get an answer.

If you intend to use the URAR in two years…you may wanna just email them. It’s a pretty horrific redesign

 

[djd09]

they should come on here and post, for transparency sake

 

[Lindseyw]

they should come on here and post, for transparency sake

Considering anyone can sign up on here…it is highly possible….lol, there’s some pretty raunchy talk on here. Maybe that’s why we’re getting a bad rap

 

[Elliott]

MO, looks like they are bringing the form into the 21st century (22-years late). The inspection date, effective date, estimated value box is a good improvement--no more hunting for that essential information in sentence form. I'd like to see a box next to that information which would also say, "The client for this appraisal is: ABC Appraisal Management". I don't see the form dealing with "equity" issues since GSEs are trying to deal with appraisers being known racists.

And what is this "Above grade GLA" term they are using. Don't know what that is. Is it some old reference to an obsolete term that use to be used by the market?

 

[George Hatch]

WRT the level of detail they're talking about, a competent appraiser is already seeing and considering these elements in their opinions and conclusions. The form will compel the low-information appraisers to put more effort into what they're looking at so they won't be as likely to miss something due to not looking for it.

I doubt the collection of the additional data is going to add a whole lot to contributing to what a competent appraiser is SR1 seeing or to their opinions and conclusions but it will help the reader better understand what the appraiser is seeing. As for the additional time/effort involved, how much time/effort do you spend now on SR2 describing the subject improvements (for example) in your report? Not much, so if you were spending 5 minutes on it before and now you have to spend 10 minutes that's not some huge sacrifice for you.

The other thing I'll note is that the more info that's directly addressed in the main body of the report the less need there is for the big collection of written addenda pages. You'll have more room in the main form to say what you need to say. And more importantly, the reader will be better able to read the report from beginning to end instead of having to flip back and forth between report and addenda. It'll also make it a lot easier for the reviewers to review - same issues are addressed in the same manner and in the same spot in the report all the time; no more having to go on the easter egg hunt to find where this particular appraiser put their commentary on exposure time.

 

[George Hatch]

I also gotta say, their HBU section makes that analysis very simple/direct. They couldn't make it any simpler for the appraisers. They've phrased it in terms of HBU/as is (or as proposed), which is all you need. That alone is going to solve a lot of the confusion appraisers get into over HBU analysis. You'll be doing all "yes" responses virtually all the time in your assignments, because if there's a "no" you'll be doing that assignment on a different form.

 

[Alsie35]

Thank you for posting this. I look forward to reviewing it over the holiday weekend. With the March 2022 release date on the document, I am wondering why it took 3 months for someone to post it on AF?

Anyhow ... at least now this change is turning into the "devil that we can get to know" vs being an unknown dark entity somewhere lurking out in the woods ... ... can't say I am thrilled with the need to reinvent the wheel, but the old forms lasted a couple of decades, which, in today's software world, constitutes eons ... not exactly looking forward to the slowed-down work process that will be the immediate result ... time to recalibrate the 16" guns and get them oiled up and ready to engage a new target ...

 

[Lindseyw]

MO, looks like they are bringing the form into the 21st century (22-years late). The inspection date, effective date, estimated value box is a good improvement--no more hunting for that essential information in sentence form. I'd like to see a box next to that information which would also say, "The client for this appraisal is: ABC Appraisal Management". I don't see the form dealing with "equity" issues since GSEs are trying to deal with appraisers being known racists.

And what is this "Above grade GLA" term they are using. Don't know what that is. Is it some old reference to an obsolete term that use to be used by the market?

Like I said…they need appraiser input and apparently their willing to hear us out. I’d give out their direct contact info but I don’t think that’s my place.