CindyR
Senior Member
- Joined
- Oct 26, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Arizona
Well here's an interesting one. I noticed a comment from an SAR about one of my VA reports that said "The UAD definition pages provided were outdated and did not include the most recent abbreviations available. Pages were updated 1/2014."
So I went into an ACI report and checked and sure enough those 2 pages of "Uniform Appraisal Dataset Definitions" show a date of '9/2011' in the bottom margin of each page. Those are the 2 pages I include in every report showing the UAD information i thought i was using. So of course i contacted ACI and they showed me some report option that was checked showing the report was prepared using the 2014 UAD information. Well that is all well and good that the report was prepared using the current definitions but it is not good that the report says i used the outdated 2011 information.
I would opine that it is actually a misleading report since i know the information is incorrect. It says i used 2011 definitions when i actually used 2014 definitions. I can certainly add a clarification comment explaining that i used 2014 definitions but that my software provider only provides the 2011 definition listing for the report.
ACI says they can't correct it because "That is the date of the original form. We can't change that per Fannie/Freddie." So i looked at an Alamode report someone sent me and their UAD definitions include the 2014 updates. Too bad ACI can't figure out how to do that....
So you ACI users might want to consider adding your own CYA comment. I guess I'll try to find the 2014 definition list and start adding that to each report. And while many will say this is no big deal and don't worry about it i would note that if the VA SAR is reporting it then surely other review programs are looking at it too.
So I went into an ACI report and checked and sure enough those 2 pages of "Uniform Appraisal Dataset Definitions" show a date of '9/2011' in the bottom margin of each page. Those are the 2 pages I include in every report showing the UAD information i thought i was using. So of course i contacted ACI and they showed me some report option that was checked showing the report was prepared using the 2014 UAD information. Well that is all well and good that the report was prepared using the current definitions but it is not good that the report says i used the outdated 2011 information.
I would opine that it is actually a misleading report since i know the information is incorrect. It says i used 2011 definitions when i actually used 2014 definitions. I can certainly add a clarification comment explaining that i used 2014 definitions but that my software provider only provides the 2011 definition listing for the report.
ACI says they can't correct it because "That is the date of the original form. We can't change that per Fannie/Freddie." So i looked at an Alamode report someone sent me and their UAD definitions include the 2014 updates. Too bad ACI can't figure out how to do that....
So you ACI users might want to consider adding your own CYA comment. I guess I'll try to find the 2014 definition list and start adding that to each report. And while many will say this is no big deal and don't worry about it i would note that if the VA SAR is reporting it then surely other review programs are looking at it too.
