Hi all and Happy Summer,
Training has begun for appraisers and underwriters that deal with Fannie Mae and Freddie Mac federally related transactions. In other words, Mortgage Appraisals must be UAD compliant as of 9/1/11. I will be attending training sessions this week and throughout
the summer to gain all the knowledge possible before the deadline. My appraisal software provider, alamode, is ramping up their training already. One flag that has been raised, to me anyway, is the breakdown on the basement & finished rooms below grade grid.
As of 9/1, the appraiser must provide in square feet, the area of finished basement. Easy to do for the subject property, but what about the sales comparables? This information is not readily available in many instances. My alamode webinar instructor suggests
that we contact the listing agent and/ or current homeowner to obtain this information if no other sources provide. Let's see how well this goes over! Until next time....