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UAD or not?
- Thread starter Lycabull
- Start date
- Status
Meandering
Elite Member
- Joined
- Feb 26, 2006
- Professional Status
- Real Estate Agent or Broker
- State
- Pennsylvania
UAD, because very few lenders will hold a loan for 15 or 30 years. Typically they will hold it long enough to make some profit and then bundle for sale to a GSE.
Peter LeQuire
Elite Member
- Joined
- Jan 3, 2005
- Professional Status
- Retired Appraiser
- State
- Tennessee
It depends on the bank. I have several regional and smaller banks that do not use current GSE forms for a variety of lending purposes.
VolcanoLvr
Senior Member
- Joined
- Oct 30, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Washington
Ditto Peter's comment.
Ask your client what they want.
If they don't know what they want, then offer to visit their office and explain the differences to them. It's good PR.
Ask your client what they want.
If they don't know what they want, then offer to visit their office and explain the differences to them. It's good PR.
Mike Garrett RAA
Elite Member
- Joined
- Jan 14, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Colorado
I just completed updating my forms to be UAD compliant for 2014. To me it is easier to do things just one way...UAD complaint, even though I think it is stupid.
hastalavista
Elite Member
- Joined
- May 16, 2005
- Professional Status
- Certified General Appraiser
- State
- California
I have two federally regulated institutions as clients that do not want UAD.
I don't give them UAD (they wouldn't properly understand it if I did).
I have a standard statement in these reports disclosing that they were ordered in a non-UAD format and as such, may not be acceptable for GSE submission.
They are happy with that, and you can bet I am as well.
I don't give them UAD (they wouldn't properly understand it if I did).
I have a standard statement in these reports disclosing that they were ordered in a non-UAD format and as such, may not be acceptable for GSE submission.
They are happy with that, and you can bet I am as well.
sputnam
Elite Member
- Joined
- Apr 24, 2012
- Professional Status
- Certified General Appraiser
- State
- North Carolina
You use the form that the client requests. If you think a different form is more appropriate, discuss it with the client.
Personally, I don't use UAD unless the client requires it.
Mike Garrett RAA
Elite Member
- Joined
- Jan 14, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Colorado
The key is..."will it be sold into the secondary market"?
SpartanAG
Member
- Joined
- Feb 12, 2008
- Professional Status
- Certified General Appraiser
- State
- Arkansas
I have an interesting story on the subject. When I worked for my dad, all of our clients were in-house. Nothing we appraised was sold to the secondary market. We did however use a FNMA form (2055, 1004) when providing appraisals to our lender clients.
Eventually it was time for me and another guy that worked for my dad to interview for our licenses. Our interviews were probably a month apart. We were both chewed up one side and down the other by two senior board members and the investigator for using FNMA forms for non-secondary market lending purposes.
Their reasoning was, because the forms were FNMA forms and stated as much, the client and other readers could reasonably assume that the appraisal was FNMA compliant because it was developed on a FNMA form.
So with the boards threat to drop the hammer if we didn't change our evil ways, we switched to GP or AI forms for our in-house lenders. Every now and then I'll get a client that wants an in-house appraisal performed on a 1004, so I retell this little story.
The short version is: If it's an in-house lender; I only use GP or AI forms.
Eventually it was time for me and another guy that worked for my dad to interview for our licenses. Our interviews were probably a month apart. We were both chewed up one side and down the other by two senior board members and the investigator for using FNMA forms for non-secondary market lending purposes.
Their reasoning was, because the forms were FNMA forms and stated as much, the client and other readers could reasonably assume that the appraisal was FNMA compliant because it was developed on a FNMA form.
So with the boards threat to drop the hammer if we didn't change our evil ways, we switched to GP or AI forms for our in-house lenders. Every now and then I'll get a client that wants an in-house appraisal performed on a 1004, so I retell this little story.
The short version is: If it's an in-house lender; I only use GP or AI forms.
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