What’s in This Newsletter (in Order)
- Confirming Construction Progress
- The New UAD: “Don’t Borrow Trouble.”
- Nicolas Cage’s Former New Orleans Mansion Lost to Foreclosure listed for $10,250,000
- When will interest rates drop?
- Who will refi when rates are lower?
- Uncovering Flaws in FHA Appraisal & Loan Review Process
- Home Insurance: It’s Not The Hurricanes In High-Cost Areas, But The Tornados In Low-Cost Areas That’ll Get You By Jonathan Miller
- Iconic ‘Constellation 167’ House in Los Angeles for $10.9M
- Mortgage applications increased 3.9 percent from one week earlier
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UAD and Forms Redesign Update for Appraisers (from 12-15-23)
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The New UAD: “Don’t Borrow Trouble.”
By Ernie Durbin, July 15, 2024
Excerpts: Reflecting on one of my father’s favorites, “don’t borrow trouble,” I find his advice particularly relevant today. It reminds me to focus on the present and not jump to conclusions about future uncertainties. What he was trying to convey was to trust in my abilities to handle challenges if and when they arise, rather than assuming the worst.
Many in our industry are “borrowing trouble” when they prematurely conclude that the new UAD and GSE report writing requirements will be detrimental.
The problem is… it’s not a form. The new Uniform Residential Appraisal Report (URAR) is an appraisal report expressed as a form. This may seem like semantics, but it is a very important distinction. Although the UAD data set is all-inclusive of property types, only the data points necessary for a specific property need to be reported.
The dynamic nature of the new report will result in “form” outputs that are remarkably shorter than the early examples provided by the GSEs. As an example, if the income and cost approaches are not necessary for credible results, these elements will not be included in the appraiser’s workflow or the final URAR.
To read more, Click Here
My comments: Worth reading. Current forms date back to 2005. A lot has changed since then, but somehow, we have to put it into our appraisal reports. I much prefer the “Turbo Tax” model where you only see what is relevant for what you are appraising. Changes to the software can be made at any time.
I am looking forward to online software for appraisal reports. Since 2006, I have used Constant Contact for this newsletter, which is completely online. Changes, when needed, such as additional features, can be done easily. With Office 360, Word and Excel software is online. I can work on any computer, anywhere. Of course, I have other software on my computers, including Excel and Word, if my Internet goes out ;>
