2024 Updated UAD and URAR – What does It Mean for You?
The Appraisal World Is Changing
January 25, 2024
Excerpts: There has been a lot of talk about the Uniform Appraisal Dataset (UAD) and Uniform Residential Appraisal Report (URAR) redesign initiative, and how it will make life easier for appraisers. What exactly does this mean? In this post, we’re providing an overview of the UAD and URAR, what’s changing, and what benefits these changes will bring.
How will these UAD and URAR changes be beneficial?
A redesigned, dynamic URAR will replace the numerous and separate appraisal forms and can be used for different property types, such as two-to-four units, condominiums, and manufactured homes, and for different scopes of work, such as interior and exterior inspections, updates, and completion assignments.
The new URAR will be better organized and populated based on the property type and characteristics.
The standardized data in the new UAD will allow appraisers to better define the property (outbuildings, additional units, site influences, energy efficient and green features, etc.).
Concerns that require attention will be easily identified in each section of the report instead of being buried in an addendum.
Photographs will be included in relevant sections to make descriptions easier for appraisers and enhance reader understanding.
To read more, Click Here
My comments: A brief summary of the coming changes. See below for more timeline information.
Freddie – Updated UAD and Forms Redesign Timeline
The Uniform Appraisal Dataset (UAD) and Forms Redesign team has released an updated timeline. The overall timeline has not changed; however, we wanted to provide the industry with more milestone details to help in development, testing and training to prepare for the new UAD and Uniform Residential Appraisal Report (URAR).
To see the timeline (from 2018 to 2026) PDF, Click Here
Too large to include in this newsletter.
To go to the Freddie UAD page (mostly technical) Click Here
To go to the Fannie UAD page, Click Here
A few comments from Dave Towne:
My concern at this point is ‘training’ materials will be available in Q4 2024, but actual implementation of the ‘new reporting process’ won’t begin until Q3 2025 with limited production, into 2026.
As someone who’s potentially interested in ‘training’ appraisers on the new process, it seems to me that providing training in Q2 2025 would be more appropriate than 6 months before. But we’ll have to see how things progress as this time-line gets more firmed up.
To read the recent appraisersblogs.com post with new comments from Dave plus other appraiser comments, Click Here
My comments: No date changes, but more information on the timeline. Maybe there will be some appraisers left to do full appraisals…
Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!
NOTE: Please click Read More
to read the other topics in this long blog post on forecasts for economic factors, SFR zoning and more apartments, appraising and rhetoric, opinion, or anecdotal theories, unusual homes, mortgage origination stats, etc.