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More Uniform Appraisal Dataset Info
June 28th, 2011 9:40 AM
Attendance was close to 100 at last week's UAD seminar sponsored by the Connecticut Chapter of the Appraisal Institute. Our instructor was excellent, as she is a former member of the Appraisal Standards Board and was privy to sit in on preliminary meetings of the GSE's. So right out of the box, we knew that this seminar would fill our expectations. The bottom line is that a single family or condo appraisal for a mortgage gets tougher as of 9/1/2011 for the appraiser, the client/ intended user, the underwriter, and the real estate agents. At the outset, these reports will be more difficult to understand, as 60 of 200 datasets in the URAR alone are being standardized. Fannie and Freddie want to better identify the report data to manage the risk. So enjoy your summer, but get prepared for these upcoming changes. Agents and brokers, expect many more phone calls and emails regarding sales comparables used in the appraiser's report, such as finished square footage in the basement and room identification! Until next time... 

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Posted by Jack Boyles on June 28th, 2011 9:40 AMPost a Comment

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