Industry's Guide to the New URAR

[OSU Beavers]

I don't do much GSE work these days so please bring me up to speed.

Are we going to need iPad for Fannie Mae appraisal inspections starting in March 2025?

 

[OSU Beavers]

I am working my way through the video and I find the inspection plus reporting requirements to be very detailed. I do not see how skippy is going to be compliant. And I doubt than many appraisers at or over age 67 will stick around and jump through the new hoops. Of course most of those guys only take VA appraisals these days. Good luck importing comps from your VA appraisal in the new UMDP!

 

[Tom D]

You don't split a servicing anything unless you think that you won't be needing one of the other parts in the near future. Maybe not to obvious for some of yous hoping for brighter appraising years.

 

[J Grant]

Does anyone actually believe they’re going to have this revolutionary new form ready for release by their target date? If my memory is correct, the current 1004 with a date of March 2005 was many months behind schedule with dozens of minor train wrecks and “never minds” from on high when it was launched. I can still hear the screaming that went on then. I’m not worried because the experts behind this miracle form were middle school hall monitors in 2005 and have now moved on up to become AMC check list managers with Facebook designations., some of them may even be Facebook moderators. Will there be a drop down menu that shows whether the contact was called within 4 hours after the assignment was placed and if the turn time was met? I can already see red marks on the form for late reports.

I believe they pushed back the target date to 2006.

It took them years to develop, they say.. Will we have years to learn it? Nope. As soon as it is released, we'll maybe get a couple of months, if that long, to transition.

What I have seen of the new forms looks like a nightmare. A lot of onsite detail, much of it anal -- ceiling height in every room? Elevation? Internet speed? Energy ratings of appliances? W'll have to move in the house for a month to note all that. Much of the time, nobody can answer those questions. Many owners have no clue. Especially in an older home. But even in a new one. Ask the owner or agent a question, and they go blank.

Clients need to extend their expected due date of 48 hours after inspection to 4 days. Or do we need to do it . Appraisers kept giving in to demand after demand, and it wasn t enough. They decimated us anyway. Time to stand up for decent working conditions and pay. They will need the tiny amount of ius left standing.

 

[J Grant]

Call me cynical and paranoid, but I fully expect for a new product to be introduced at the next Vegas AMC brothel fest that will be a single gadget that performs all necessary functions for a princely sum, rented or purchased. This gadget (possibly 2 combined) will be a combination camera, laser, tablet, cubi-casa, etc. etc. etc. which they claim will perform all tasks in less than 30 minutes. Naturally if you buy this product, you’ll be able to get business from multiple AMCs and if you don’t, you will find yourself branded with the scarlet letter.

Not going to happen.

There is no such gadget. The more tech they introduce, the harder it gets. Just mastering the tech takes time.

Yes, the tech does certain things faster, but add in all the scrutiny after a report is handed in, the level of detail asked for, the ROV, etc etc, and the time is way more than they say like to tell us it should take..

 

[Alsie35]

Started this morning and will be watching it later. Lovely way to spend January 1st!

Excuse me, but now I have two 1004/1007s and one 1004D to go out and do for 2024 (and I DID do a 1075 for the first time in over 5 years yesterday!!!). Happy New Year!

 

[Mark K]

I'm sure the clients will be very grateful for all of the extra data on each house that they'll mine from the reports and sell to outside vendors. I'm sure they'll use the additional revenue to offset the cost of raising your appraisal fees since you were good enough to provide the raw material. LOL!!!

 

[Alsie35]

I am working my way through the video and I find the inspection plus reporting requirements to be very detailed. I do not see how skippy is going to be compliant. And I doubt than many appraisers at or over age 67 will stick around and jump through the new hoops. Of course most of those guys only take VA appraisals these days. Good luck importing comps from your VA appraisal in the new UMDP!

#1 - You may be underestimating "Skippy";

#2 - Didya miss the video podcast with the Fannie/Freddie/VA head appraisers where the VA head honcho said that, even though he didn't have to go along with the new forms, errr... FORM, he was going to do so anyway?

 

[Bobby Bucks]

I believe they pushed back the target date to 2006.

It took them years to develop, they say.. Will we have years to learn it? Nope. As soon as it is released, we'll maybe get a couple of months, if that long, to transition.

What I have seen of the new forms looks like a nightmare. A lot of onsite detail, much of it anal -- ceiling height in every room? Elevation? Internet speed? Energy ratings of appliances? W'll have to move in the house for a month to note all that. Much of the time, nobody can answer those questions. Many owners have no clue. Especially in an older home. But even in a new one. Ask the owner or agent a question, and they go blank.

Clients need to extend their expected due date of 48 hours after inspection to 4 days. Or do we need to do it . Appraisers kept giving in to demand after demand, and it wasn t enough. They decimated us anyway. Time to stand up for decent working conditions and pay. They will need the tiny amount of ius left standing.

Those are the items that will be an endless nightmare. Appliance adjustments? I'm now fondly remembering all the changes FHA made in 1999? when everyone screamed the assignments were morphing into a home inspection. Those changes will be miniscule compared to the new and improved URAR.

 

[TC]

Call me cynical and paranoid, but I fully expect for a new product to be introduced at the next Vegas AMC brothel fest that will be a single gadget that performs all necessary functions for a princely sum, rented or purchased. This gadget (possibly 2 combined) will be a combination camera, laser, tablet, cubi-casa, etc. etc. etc. which they claim will perform all tasks in less than 30 minutes. Naturally if you buy this product, you’ll be able to get business from multiple AMCs and if you don’t, you will find yourself branded with the scarlet letter.

Could not agree more.