Using our own Slang or Abbreviations?

[Terrel L. Shields]

So are we in USPAP violation if we do NOT include abbreviation definitions for using items like the above???

USPAP requires we "communicate their analyses, opinions, and conclusions...in a manner that is meaningful."

Without the code, it is not merely meaningless to the borrower, but to most lenders.

why does everyone want to document their procedures by USPAP?

see above...because to not comply with USPAP means you could face sanction. USPAP and common sense are not mutually exclusive even though there are times I wonder about it.

 

[residentialguy]

USPAP requires we "communicate their analyses, opinions, and conclusions...in a manner that is meaningful."

Without the code, it is not merely meaningless to the borrower, but to most lenders.

It wasn't prior to UAD. Did they all take a stupid pill?

It's only meaningless if it is indeed meaningless.

Bond = meaningful and not in need of further explanation.
A: HSZLAA = obviously meaningless and needs additional comments to explain what that mean. HSZLAA was used to mean that the House Smells Zacky Like AnAss

 

[Terrel L. Shields]

If they have a code...they can still read it. I cannot read UADspeak. I might make a stab at it...but that's based on 23 years of doing this. You are too close to the trees to see the forest. To the neophyte they have nary a clue what sty brk or 2g means....they may think it means a broken pig sty that has a 2g signal.

 

[residentialguy]

If they have a code...they can still read it. I cannot read UADspeak. I might make a stab at it...but that's based on 23 years of doing this. You are too close to the trees to see the forest. To the neophyte they have nary a clue what sty brk or 2g means....they may think it means a broken pig sty that has a 2g signal.

Don't have a clue as to where you're going with that?

All I'm saying is that if an appraiser wants to use his own abbreviations, the UAD gives him/her that option with "other". If it is not self explanatory, s/he will need to explain what it means. But something like Bond doesn't need further clarity, imo

 

[Terrel L. Shields]

What does "Bond" mean? What is "B"...I understand "pond". You must have been speaking in fanniespeak so long you don't even talk sense at the dinner table..."Plz pass the m tato and gvy, and hd me the s/p, do we hv m CC or do I hv 2 dnk Ppsi?"

 

[residentialguy]

What does "Bond" mean? What is "B"...I understand "pond". You must have been speaking in fanniespeak so long you don't even talk sense at the dinner table..."Plz pass the m tato and gvy, and hd me the s/p, do we hv m CC or do I hv 2 dnk Ppsi?"

B is the required UAD abbreviation that you can't change. Since UAD is the required FNMA form, I added it to pass UAD requirements. They have 3 initial abbreviations. B (beneficial), N (Neutral) and A (Adverse).

If you're not using the UAD form, I would not put a B, A or N.

 

[residentialguy]

Terrel, I always enjoy your posts and typically agree with you, but this topic seems to be out of your league. This is about UAD...you don't do UAD and you have little knowledge of it.

 

[CANative]

Things made more sense before UAD.

View adjustments:
View amenities in the coastal areas of Mendocino County are an important factor in value and can often be the predominant factor in value above and beyond parcel size and the size and quality of the improvements to the parcel. Even the most distant and obscurred views of the Pacific Ocean will effect value in this market. Views can be characterized in a number of ways and are typically expressed in terms developed by real estate professionals over the years. Some terms include "Oceanfront" where the property fronts the ocean and has convenient beach access, "Oceanfront Bluff" where the property has frontage on the ocean but is situated on rocky bluffs with little or no direct access to the beaches, "White Water" where the view is of the surf and beaches, "Blue Water" where no surf or beaches are viewable, "Distant or Partial Ocean Views" where the view is very distant or restricted by features in the foreground such as trees, other structures or hills. Of these categories, an increase or diminution of value will be realized by nuances of the views such as elevations, combinations of wooded and ocean views, interesting rock formations, lighthouses or other structures, degrees of view, or combinations of the assorted view/access features as well as the orientation of the residence to take advantage of these views. Market reaction to views can be, and often are, a matter of emotion . These factors make it impossible to quantify adjustments using the limited data sets typically used in a summary report. The appraiser has developed adjustments over a long period of time and after performing numerous appraisals in this region and then extracting these differing values based on matched pair analysis and continued interaction with local real estate professionals. This data has been applied to the comparables in this report when adjusting for any differences in subject's views.



Note: View/oceanfront amenity for the comparable sales has been marked with (+), (-), or (=) to indicate the appraisers opinion of the quality relative to the subject. See the discussion of view amenities above. While all comps would be marketed as oceanfront, the nuances of the views can have an effect on the final sales price. The differences are subtle and the amount of pricing influence can vary from buyer to buyer and depend on the availability of oceanfront inventory at the specific time an oceanfront buyer is motivated to make a purchase. The data is insufficient to make a reliable dollar adjustment but rating these differences can be useful in giving more or less weight to each sale. The appraiser has included these ratings to help clarify the reconciliation of the sales comparison..Comparable sale 1 and listing comparable 4 have views that are the most similar to the subject's view. Comparable 1 was given most weight.

Terrel, I always enjoy your posts and typically agree with you, but this topic seems to be out of your league. This is about UAD...you don't do UAD and you have little knowledge of it.

 

[Terrel L. Shields]

This is about UAD...you don't do UAD and you have little knowledge of it.

which is the point....the BORROWER doesn't either and they have a lot of skin in this game with cert. #23 - and the Loan officer? Do you actually think they teach a UAD course to them? Of course not.

 

[sandpiperapp]

What the hey does " zacky" mean? :Eyecrazy: