New UAD redesign form

[sputnam]

The form change is coming from Fannie. I guess what Alamode is telling you is they are working on that software update.

 

[Tom D]

a preview was shown long ago, it has expandable fields for more descriptive purposes where they belong. just in time for the current nothingness orders. feds saying they may raise the rates again, cause government is still over spending. thank you government.

 

[Fernando]

One issue I have with current UAD in 1004 is the condition rating. Same with quality.
I would have same C3 for subject and comps but I would still make adjustments because not all C3 is the same amount of upgrades and age of updates.
I would have C3.1 to C3.9 as my rating system allowing the reader to see why I made the adjustments.
Now I have to put in these many paragraphs explaining why I made the adjustments as allowed by Fannie Mae.

 

[JM2187]

https://singlefamily.fanniemae.com/media/23286/display

 

[Terrel L. Shields]

Ah, so glad I dumped forms years ago and don't have to deal with Fannie and their blanket dumping of complaints onto the boards.

 

[Fernando]

Ah, so glad I dumped forms years ago and don't have to deal with Fannie and their blanket dumping of complaints onto the boards.

Fannie makes changes to the forms sometimes not necessary and important to way how we appraise.
It's for their own needs and appraisers need to adapt.
Those who can't, leave. Supply of appraisers drop which is good for appraisal fees.

 

[Airstream]

I saw an example of the new forms at least a year ago. I'm not sure if it is the same layout however. From what I understand they want to get rid of separate forms for single and 2 to 4 family. Just one form for everything. Not sure how that will work. I retired this year, letting my license expire, because I see this business as being a land mine of complaints. Just read in WE that bias complaints are up significantly. And HUD is dragging their feet on them...some have been out 2 years. The new forms will just be an another land mine just like the UAD is a way for the GSEs to file complaints with the state boards.

 

[chad hampton]

I really hate to see stories of older appraisers, who are choosing to leave this profession on someone else’s terms rather than their own. It’s shameful what a chosen few have done in this profession.

 

[Airstream]

I really hate to see stories of older appraisers, who are choosing to leave this profession on someone else’s terms rather than their own. It’s shameful what a chosen few have done in this profession.

There were a number of factors that led me to my conclusion:
1) There simply is a lack of work. It doesn't make sense to pay all the fees, costs, etc for the two or three appraisals a month. When only doing a few appraisals a month it is hard to keep up on all the market trends, etc. And the time to adequately do an appraisal increases.
2) I see the trend moving toward Artificial Intelligence and data collectors for residential work. In the next few years the fee appraiser is going to be less relied upon. Already that is happening.
3) Fees are flat and the scope of work continues to inflate. I don't see it going any other direction. And it is going to be like that for at least 2 to 3 years, because I don't see a new refinance or selling boom anytime soon. Housing has become unaffordable. And unless values drop the housing market is going to be very sluggish. Send thank you notes to Powell for his mismanagement of the money supply.
4) AND THE #1 RESAON IS--I was at the point where I just didn't like doing appraisal work any longer. That doesn't mean it was terrible. And there were some aspects I enjoyed. But I have other interests I want to pursue with what little time I have left. I haven't done an appraisal since July. It's wonderful. My stress levels are down. I've got time with my children and grand children. And I only do the things I enjoy doing. I don't have to stress out about meeting guidelines, purchase prices, etc.

The appraisal business was a good living for many years. But now it is time to move on.