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

[djd09]

the gse's are like drug dealers, their forms are the appraiser drug, they control input and output, like most street corner scum bags

 

[Overimprovement]

Some observations:

1. I don't have a particular problem being more granular in my reporting. I already do in some respects, going into greater detail on condition and quality thoughts/adjustments than most reports I have reviewed. I agree this will force the skippies to start thinking about some things now.
2. This will make data-mining our reports VERY easy, with a level of detail unavailable at this point. Room by room ceiling height and material list? Yeah, condition and quality will be easier to ferret out of these new forms. If Fannies current database was replaced with this more detailed one, I think AVMs and other non-appraiser involved valuation tools will become by far the norm. Eventually, I can see 'inspectors' taking these forms out and simply doing data collection. I fear that is the main end goal of this re-design anyway.
3. Obviously, there will be a learning curve, and at least initially, it will take a few years to populate the database to some usable level. That could keep RES appraisers busy for at least the short term. Long term prognosis though, and this is only one person's opinion--the complete end of the residential appraiser.
4. As this learning curve begins, the shouts of 'appraiser shortage' will intensify, as our efficiency decreases quite a bit. Especially the, ahem, older appraisers, who are quite set in their ways. Many will likely just hang up the tape measure and clipboard, just to not have to deal with this. Again, short term may be a boon for the remaining appraisers, but it will force other valuation methodology to become more acceptable, lest a loan backlog form.

 

[George Hatch]

IMO, the average degree of difficulty for appraisal assignments will increase significantly. Not just because of the way they run their UAD but because the availability of the info will improve.

 

[Lindseyw]

But it's a structured format so that commentary will always be in the same field in every report, not buried in the middle of another paragraph somewhere back in the addenda.

I've been using an Excel-based form format for most of my assignments since about 2007 or so. It's somewhat a mashup between TAFs Uniform Commercial/Industrial Appraisal Report format they published in the 1990s, one of the commercial forms out of the old MCS appraisalware program with a couple touches I added from the newer AI forms. So I'm only saying what I mean in my report; I don't have to deal with I don't mean so I don't have to add a lot of clarifications or redundancy. (I can use these formats because I operate outside the GSE pipelines). I did up URAR and 1025 versions in Excel but they're obviously not compatible with the electronic data transfer protocols the GSEs are using.

I use variations of the same format for all property types I appraise, including commercial/industrial, multi-family and land. The front and back ends are basically the same but the valuation sections are different. The SFR version I use runs 13 pages with the addenda of the report being limited to the pics and maps and such.

I run these on letter sized and with a default line height of .21" instead of the .18" that I have to use for the GSE forms I have. Fewer lines per page, less clutter, more narrative, more symmetry in my columns, etc. As a result, I never have to use an addenda with this type of format because I can put everything I need to say directly into the main body of the report. My readers read these from front to back so there's no need to refer further to an add-on in the back of the report. If my appraisal problem gets so hairy that I need more room to address a topic I simply add a page in that section of the main body of the report.

My point is that I don't save any time on my end when compared to filling out a URAR+addenda. What does happen is that it's easier for my readers to read, and easier for any reviewers to review because they don't have to looking for where I addressed something. Site issues are always addressed in the site section of the report. Improvements issues are always addressed on that page. etc. etc.

Oh gotcha. Lucky you for not having to deal with GSEs and you sound like a computer guru and well organized!

 

[Terrel L. Shields]

I can be as detailed as they want. Just so long as they stop asking for 3 day turn times and $285 fee....

 

[George Hatch]

Oh gotcha. Lucky you for not having to deal with GSEs and you sound like a computer guru and well organized!

Nowhere close. All it takes to build a form in Excel is

Sizing line heights and column widths
Merging cells and formatting them for numbers or text
Applying borders
Setting the pages up for pagination (margins, page numbers, etc)
Writing equations for the math
setting transfers so you don't have to re-enter addresses and data and such more than once

Anyone can do it. The hardest part is figuring out what fields you want to include and how you want the form to look in terms of column alignment.
I do one page per section.

Obviously not a solution for you guys due to the electronic data protocols. The main reason I brought it up is to suggest that the new forms will be a lot less cluttered and inefficient from a reader perspective. By the time your appraisalware vendors figure them out their drop-downs and transfers will get populated and you won't be spending but maybe a couple minutes noting the additional info for your report.

 

[djd09]

I can be as detailed as they want. Just so long as they stop asking for 3 day turn times and $285 fee....

you must of missed the memo, they want cheap , fast, and accurate. now hop to it , otherwise the waiver is waiting to take your spot

 

[George Hatch]

you must of missed the memo, they want cheap , fast, and accurate. now hop to it , otherwise the waiver is waiting to take your spot

They're only going to waive the easy ones. They'll still want you to do the really hard ones. For cheap, fast and accurate.

 

[Mejappz]

If you check the market as perpetually stable and in balance, makeup adjustments out of whole cloth, take the sketch from the assessor's records, and send out a runner to do all your daily inspections—they're all easy.

 

[djd09]

If you check the market as perpetually stable and in balance, makeup adjustments out of whole cloth, take the sketch from the assessor's records, and send out a runner to do all your daily inspections—they're all easy.

it is more then a waiver does

They're only going to waive the easy ones. They'll still want you to do the really hard ones. For cheap, fast and accurate.

which form do they use when they waive'em?