UAD And Illinois Appraiser Regulations

[Mike OConnor]

Hello

This is my first post, however, I read and appreciate the updates from my fellow Illinois appraisers.

My question revolves around UAD. How is the Department/Appraisal Board addressing the issue of the UAD requirements that state that an AMC may not be listed as a client (except on the certification pages)?

What takes precedent? UAD or the State Laws? If the state says I have to list the AMC and lender together, and Fannie/Freddie says I can not, which do I default to? Is there documentation put out by the Department on this issue?

Also, I was told by my software provider that the current version of the UAD compliant does not allow the lender client name on the first page of the appraisal to be different from the certification section. Has anyone else tested or seen this?

Thanks!

 

[AlwaysLearning]

My question revolves around UAD. How is the Department/Appraisal Board addressing the issue of the UAD requirements that state that an AMC may not be listed as a client (except on the certification pages)?

For your peruse
http://www.ilga.gov/commission/jcar/admincode/068/068014550F02500R.html

http://www.idfpr.com/dpr/RE/ILLAppr/IllinoisAppraiserApril2011.pdf (page 3)

What takes precedent? UAD or the State Laws? If the state says I have to list the AMC and lender together, and Fannie/Freddie says I can not, which do I default to? Is there documentation put out by the Department on this issue?

The State of Illinois controls your license
.

 

[William K]

You might want to take a UAD course here in Illinois. Most address this and other issues which pertain to Illinois appraisers.

 

[Mike OConnor]

You might want to take a UAD course here in Illinois. Most address this and other issues which pertain to Illinois appraisers.

I have actually taken two UAD courses - one from the Appraisal Institute and then the presentation from ACI. Neither were able to answer my questions as they did not know the position of the regulator.

That being said, I obviously do not have time before 9/1 to take another class. Can someone provide me with some specific direction here?

Also - although a class might give direction, don't we need something from the Department on this issue? Does a UAD class have authority to give guidance on behalf of the Department?

 

[AlwaysLearning]

I have actually taken two UAD courses - one from the Appraisal Institute and then the presentation from ACI. Neither were able to answer my questions as they did not know the position of the regulator.

That being said, I obviously do not have time before 9/1 to take another class. Can someone provide me with some specific direction here?

Also - although a class might give direction, don't we need something from the Department on this issue? Does a UAD class have authority to give guidance on behalf of the Department?

http://www.icapweb.com/upload/Web alert for UAD.pdf
.

 

[Don Fiore]

Another good reason for every IL appraiser to join & support ICAP.

 

[Lee Lansford]

Another good reason for every IL appraiser to join & support ICAP.

I'm guessing that the majority of appraisers who regularly appraise for use in residential lending are in the dark about this and other important matters affecting their practice. Many will likely remain in the dark no matter what.

 

[Don Fiore]

I'm guessing that the majority of appraisers who regularly appraise for use in residential lending are in the dark about this and other important matters affecting their practice. Many will likely remain in the dark no matter what.

(C'mon, Lee, what do you mean you're "guessing")

 

[ddnma]

I'm guessing that the majority of appraisers who regularly appraise for use in residential lending are in the dark about this and other important matters affecting their practice. Many will likely remain in the dark no matter what.

Don't worry Lee, just have the state pass more regulations which try to accomplish what licensing has not.... credible appraisals!

 

[Ariba]

Here is your answer!

http://www.idfpr.com/dpr/re/NEWS/UADWebAlert.pdf