26th February 2013

National Association of Home Builders recommends reforms of residential appraisal system

National Association of Home Builders recommends reforms of residential appraisal system

Serious problems in the residential appraisal process must be addressed in order to restore confidence in the residential real estate market and to establish a foundation for sustainable growth of the U.S. economy, according to a new white paper from the National Association of Home Builders (NAHB).

Appraisals are regulated by the states, so standards and requirements vary greatly, resulting in a system that is inconsistent, confusing and does not serve consumers well. The white paper, “Comprehensive Blueprint for Residential Appraisal Reform,” addresses these perceived problems.

It is the work of an Appraisal Working Group formed by NAHB last year to develop recommendations for comprehensive residential appraisal reform. The group consists of homebuilders and representatives from the financial and appraisal sectors. The Appraisal Working Group sought input from representatives of all stakeholders in the residential appraisal process, and the white paper offers specific recommendations for changes to all aspects of the appraisal system.

“Even as the residential construction industry shows signs of recovery, housing activity is thwarted by an appraisal system that remains dysfunctional and is a major impediment to a stable housing finance framework,” said Rick Judson, NAHB chairman and a homebuilder from Charlotte, N.C. “Until we see meaningful appraisal reform, the U.S. housing finance system will be operating under unprecedented uncertainty.”

Judson praised the efforts of Appraisal Working Group co-chairs Barry Rutenberg, NAHB’s immediate past chairman, and Joe Robson, who served as NAHB chairman in 2009, for their leadership.

The Appraisal Working Group addressed the need for reform in four broad areas:

• Regulatory framework and oversight
• Data and technology
• Professional standards
• Practice, process and procedures

“The states are responsible for oversight of appraisal practices, but many states do not provide the funding necessary to perform this function adequately,” Rutenberg said. “A modest investment in appraiser licensing and certification would go a long way toward improving the appraisal system.”

In its white paper, the Appraisal Working Group states that the regulatory framework for real estate valuation needs to foster more effective oversight of standards, guidance and enforcement.

The goal is to better integrate and streamline the jumble of existing requirements set forth by various entities to ensure that residential appraisals occur in a coordinated and effective manner and are subject to uniform and consistent standards. A more unified and functional system is required to:

• Establish ethics and uniform standards
• Promulgate best practices
• Monitor the activities of state appraisal boards
• Establish licensing and certification standards
• Set minimum education requirements
• Support independent education and training programs
• Create policies to ensure appraiser independence
• Enforce and oversee authority for anyone who engages an appraiser
• Establish a standards body responsible for setting data and technology standards

“We believe the white paper has many good ideas that stakeholders can agree on, and we are hopeful that policy makers will move forward soon on many of these proposals,” Robson said. “We look forward to working with our many partners to achieve meaningful reforms.”

The white paper can be found online at www.nahb.org/appraisalwhitepaper

Source: http://www.valuationreview.com/VR/ArticlesVR/Report-recommends-reforms-of-residential-appraisal-57315.aspx

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20th February 2013

Member Spotlight Dan Drelich, New Jersey Appraiser, Appraisers Guild

Member Spotlight
Dan Drelich, New Jersey Appraiser, Chapter President of the NJ Chapter of the AGA
AGA Member Spot-light Interview
February 14, 2013
With Dan Drelich, New Jersey Appraiser, Chapter President of the NJ Chapter of the AGA
And Leo Regensburger, AGA National Member Coordinator


Leo: Please tell me about your experience in the appraiser industry. Why did you come into the profession?

Dan: I had a passing interest in real estate ever since college, but ended up owning small retail businesses for about 15 years instead. Sick of high overhead it was time to investigate other career paths. I attended an Appraisal Institute meeting and spoke with appraisers to learn a bit about the profession. Looking around at all the old men in attendance led me to believe I’d have the field to myself in a few years. I can’t figure it out, but as a group, we’re still in our 50’s!
Since my entry into the profession was post FIRREA, apprenticeship was a requirement. I was fortunate to find a good (ethical) residential mentor and even luckier to hook up with a commercial appraiser during this time. It was in the mid 90’s when I started working on my own. General Certification in hand, residential practice appealed to me (still concerned with overhead). I’ve always worked from home as an appraiser, eventually building a separate office on my house.

Leo: Please tell me if your expectations of the industry have been satisfied. Are there areas in the profession that have been gratifying? What would you like to see improved?

Dan: I was satisfied as an appraiser doing typical lender work for 15 years. Then came HVCC. The loss of hard earned clients combined with low fees and inappropriate demands by Appraisal Management Companies caused me to consider leaving the profession. Since HVCC and Dodd-Frank, I’ve limited my lending work and moved toward attorney based assignments. It’s still a work in progress, but I’ve been successful enough to not look back. Fees are considerably higher and the work is more rewarding. I’ve become an appraiser again….no stipulations or call backs from AMCs. I’m able to produce appraisals using paired sales analysis that don’t need to conform to FNMA and FHA parameters….real appraisal work!

How can we change the industry? Our last chance is to band together. All current organizations need to work in tandem in order to be successful. In New Jersey, the IFA has been great to work with. We’ve been partners on an AMC bill (in progress) as well as BPO issues. We’ve reached out to The Institute, but with less success. Still, there is potential for a NJ coalition which could include the AGA, IFA, Institute, and ASA…..I’m still hopeful.

Leo: Would you recommend the Professional Appraiser industry to someone looking for a good profession to enter?

Dan: I have a son who graduated college with a business degree a few years ago. We discussed the possibility of his entering the field. The ability (and future ability) to earn a decent living in almost any other field outweighed his move toward appraising. Would I recommend appraising….No.

Leo: You are an appraiser and the Chapter President of the NJ Chapter of the AGA. Please tell me about how the NJ Chapter has helped you personally and influenced the industry in general.

Dan: In 2003 I decided to get politically involved and was able to find some likeminded appraisers who formed a loosely based group of rebels. We hooked up with a mostly dormant AGA and started a NJ chapter. We’ve been instrumental in developing AMC legislation, attacking the BPO issue, and staying in the public eye. Along with another AGA member, we’ve attended about 90% of our monthly Appraisal Board meetings. This commitment has given the AGA some respect from the Board….very important as we move forward with legislation.

Leo: Please tell me about your experience within the AGA. Why do you think it is important to be a member of AGA? What do you feel are our priorities for continuing to improve quality, service and making the Appraisal Profession stronger in the industry?

Dan: The AGA’s relationship with the AFL-CIO in New Jersey will be key to any success appraisers hope to have in fighting for our rights. Strength is measured by membership and lobbying efforts. Dollars spent by the AFL-CIO allow access to decision makers. A meeting with a Commissioner, Executive Director, or Legislator, is just a phone call away. (The IFA, Institute, and ASA are always invited to attend and participate in meetings the AGA initiates….we are inclusive in all our efforts.)

Is it important to be a member of the AGA? You bet! Without members, we’ll lose influence with our state AFL-CIO chapter.

Leo: Thank you Dan. It is a pleasure talking with you and I am sure the American Guild of Appraisers members will enjoy reading the great feedback you have given to us.

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20th February 2013

Appraisal Institute Wants Details on ‘Appraisal Hotline’ Operations

Appraisal Institute Wants Details on ‘Appraisal Hotline’ Operations

The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly sent a letter Feb. 12 to the Appraisal Subcommittee asking that it make its proposed protocol for operating the “appraisal hotline” available for public comment prior to its March 29 implementation.

In the letter, AI and ASFMRA said that while the concept of a hotline is sound, there exists almost no understanding among state appraiser regulatory officials, practicing appraisers and real estate and mortgage professionals as to how the hotline would function or even of its intended purpose.

The ASC announced its intent to consider (and potentially approve) a draft protocol to provide contact information for regulatory agencies related to complaints regarding appraisal independence issues and concerns over the Uniform Standards of Professional Appraisal Practice.

AI and ASFMRA requested that the ASC refrain from approving the protocol and instead release it for public comment similar to the process used by the ASC in drafting Policy Statements.

Read the joint AI-ASFMRA letter.

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14th February 2013

AMC Declares Bankruptcy: What Appraisers Need To Know

You received a letter in the mail informing you that your client has filed for bankruptcy. It is this moment you realize that this bad news just became your problem.

Many of us are familiar with the recent bankruptcy filings of Evaluation Solutions and its subsidiary ES Appraisal Services. Peter Christensen, attorney and general counsel to LIA Administrators & Insurance Services, shared in his blog that the total unpaid fees to appraisers, agents, and brokers as listed in bankruptcy documents is $11,048,411.97! This is a remarkable amount. Evaluation Solutions’ bankruptcy documents accounted for $9,349,612.97 of the total amount and a separate filing of its subsidiary was for $1,698,799.

I Received A Notice… Now What?
If you received a notice regarding Evaluation Solutions/ES Appraisal Services’ (I will refer to them as ES) bankruptcy you may be wondering what the next step is to try and recover money owed to you. Yes, a client’s bankruptcy can be costly for you, but most importantly, not adhering to the rules of the bankruptcy process can cost you significantly more.

Knowing the types of bankruptcy, how to play by the rules, and what you can (or can’t do) will help you understand the scope of your problem and ensure you don’t get in trouble.

Types of Bankruptcy

There are lots of information you can gather from the bankruptcy notice from ES to help you understand the nature of this problem. But first you must recognize the type of bankruptcy ES is filing.

  • Chapter 7 – This type of bankruptcy is the liquidation of remaining assets to distribute among its creditors.
  • Chapter 11 – This a financial reorganization of a business, which allows your client to function while they follow court ordered debt repayment plans.
  • Chapter 13 – Similar to Chapter 11, but rather than a business filing bankruptcy it is the individual reorganizing and following a debt repayment plan.
  • Ideally, it’s more favorable on your end if your client files for either Chapter 11 or 13. These types of bankruptcy give your client a breather until they figure out how to repay.

    If your client however files for Chapter 7, which is what ES filed, not only will your chances of getting paid be reduced, but also you may be waiting a long time (even years) for this type of case to be completed.

    Take A Number
    At this point you are probably frustrated and would like to call someone to attempt to collect your money. Stop right there! Your actions can get you in deep waters. If you attempt to make phone calls to ES’s accounting department, send nasty letters, or try to file a lien (which some appraisers have done in other instances and is not recommended), you will face penalties.

    Assuming you do get some money owed to you, you will have to wait in line. This is the second item you must understand. Here’s the payment order:

    Lawyers, administrative expenses, and other professional services that are involved with the work of filing the bankruptcy.

  • Secured claims, including mortgage holders.
  • Priority claims, including wages and taxes.
  • Unsecured claims, which is where you as an appraiser may be categorized.
  • Equity claims, including stockholders.

  • So curb your frustration because all you can do at this point is wait.

    What Can You Do While You Wait

    Sure you have to wait for ES’s bankruptcy process to take its course, but there are some things you can do in the interim. Since this case can drag for a long period of time, you can do the following:

  • Consult with your CPA about taking a deduction on your taxes for the bad debt. If you manage to receive some money owed to you after the bankruptcy case is settled you can claim it as income at that time. See your accountant for more details.
  • It does not apply in this case, but if you have a future instance where your client files for Chapter 11 or 13 and wants to continue a working relationship, it may be to your advantage. Of course your immediate reaction is to quickly say “no way!”, but understand that Chapter 11 and 13 require debtors to stay current on all accounts moving forward. This means you can add a fee to your appraisal fees to recover what was lost, stricter payment time frames, and maybe exclusivity as other appraisers may not take another chance. Keep in mind that the best way to reduce or eliminate risks is to get paid up front.
  • Improve And Move On
    Now that you’re somewhat familiar with the types of bankruptcy, payment pecking order, and what you may be able to do as the bankruptcy takes its course, it is important prepare for the future. This means assessing your appraisal business and how to prevent this problem from happening again.

    First, create a process on how to screen new clients by knowing their payment history. There are many tools and resources you can use online that are free or for a small fee. Second, improve your accounts receivable aging management procedures. Just because they are still “current” doesn’t mean it does not require all of your attention. Current receivables can quickly turn into problems if you don’t pay attention. Last but not least, be persistent and tough but professional with your collections.

    If you have an AMC bill in your state, read it and educate yourself on how it can help your appraisal business. There are sections in most AMC bills that require AMCs to pay by a certain time frame. For example, Texas AMC bill requires AMCs to pay appraisers within 60 days.

    Also consider resources available to you such as factoring your receivables where the risk of non-payment is transferred to the factoring company. In this case, you can get paid quickly without the responsibility of collecting and liability of non-payments.

    No small business is immune to the unexpected, but you can certainly minimize your risks as you work towards a successful 2013.

    Ramir Rodriguez
    Treasure Valley Factors
    E: rrodriguez@treasurevalleyfactors.com
    P: 888.777.9881 ext. 5037
    C: 208.250.7676
    F: 888.777.9538

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    12th February 2013

    What’s a View Worth?


    Several neighbors in Denver’s Grant Ranch subdivision say they were pleased when billionaire Dish Network DISH -0.38% Chairman Charlie Ergen bought a house on 35 acres adjacent to their homes with plans to preserve the property.

    Sybille English’s bedroom window currently overlooks large piles of dirt that will create part of the berm surrounding a 35-acre property nearby. She fears that the berm and evergreens that will follow affect her property value.

    They didn’t anticipate what happened next: Crews working for Mr. Ergen began building a 6-foot-high, half-mile-long earthen berm around much of the property in November, planting mature evergreen trees atop it. The barrier, which ensures the privacy of the lone home on the parcel, also ended up blocking his neighbors’ view of open fields and nearby Bowles Lake.

    “We’ve been worried about losses to our property values and quality of life as a result of the construction of the berm and the height and density of the trees planted on top of it,” said Larry Arneson, a civil engineer whose three-bedroom, 2½-bathroom house backs up to Mr. Ergen’s property.

    Grant Ranch homes with views of the small lake and other nearby reservoirs have sold in recent years for $50,000 to $100,000 more on average than comparable Grant Ranch homes without the view, said Jim A. Urban, a real-estate consultant at Urban Cos. Real Estate who has sold houses in Grant Ranch. Homes adjacent to Mr. Ergen’s property range in value from roughly $325,000 to $1.1 million, according to real-estate listing service Zillow.

    FENCES: Some residents are asking Charlie Ergen to improve their view by removing a few trees from the berm and replacing the chain-link fence with a wrought-iron one.

    The Denver dust-up underscores how the mantra “location, location, location” can come down to property’s view. Academic studies and appraisers note that a pristine view, especially of a lake or ocean, can boost a home site’s value by 5% to nearly 300%, depending on the scope of the view and what it contains. A more common range, however, is 10% to 50%. Conversely, obstruction of such a view can wipe out tens of thousands, even hundreds of thousands, of dollars in value.

    Homeowners, meanwhile, have little recourse to reclaim their obstructed views unless local ordinances offer view protection or procedures to resolve disputes. Absent city guidelines, property owners are allowed to use their property as they wish—including for planting tall trees.

    SEEING RED: Bob and Sybille English live in Grant Ranch, a Denver subdivision, and say property values may be hurt by an earthen berm and trees that block some views.

    A group of neighbors in Grant Ranch said they are talking with Mr. Ergen’s representatives hoping he’ll agree to make slight changes to the berm, such as varying its height, removing a few trees and installing a wrought-iron fence along it rather than a chain-link variety. So far, they’ve made little progress. They had hired an attorney to help them negotiate with Mr. Ergen, but they say that they’re unlikely to sue. Mr. Ergen is best known for building Dish Network over more than 30 years into a satellite-television colossus with 14 million subscribers.

    Complicating the berm brouhaha is that the two sides are in different municipalities. Though less than 100 yards separate the Grant Ranch homes from Mr. Ergen’s property, the former are mostly in Denver while the latter is in Bow Mar, Colo.

    Mr. Ergen, who lives in Bow Mar but not on the 35-acre parcel, declined to comment. Officials in Bow Mar say the construction and design of the berm comply with town guidelines—and that they’re not obliged to protect the views of people outside the town’s boundaries.

    Research on residential views has shown that determining their value can be subjective, with a wide range of results. A study published in 2010 by Clemson University professor Stephen Sperry and researcher David Wyman examined 600 lot sales in the golf community of the Reserve at Lake Keowee in South Carolina for so-called view premiums. Their research found that lots with views of golf-course fairways sold at prices 42% higher than similar lots without a view. They also found that lots with lake views sold for 94% more than viewless lots, and those with both lake and mountain views sold for 133% more.

    “The longer views, the farther the extent, have a greater value, especially from a water standpoint,” Mr. Sperry said.

    The view needn’t be natural to be valuable. A study published in 2008 by University of Nebraska at Omaha professor Steven Shultz and a research assistant found that homes with views of either of two man-made lakes in Nebraska sold for 7.5% and 8.3% more, respectively, than houses without lake views in the same neighborhood.

    Appraisers often find similar disparities. In New York, Jonathan Miller, president and chief executive of appraisal firm Miller Samuel, said an apartment with a view of Manhattan’s Central Park can sell for 50% more than one in the same building without the view.

    With views commanding such premiums, anything that blocks them can cause an uproar, sometimes leading to lawsuits or city intervention. In 2010, software mogul Larry Ellison sued his San Francisco neighbors over trees that offered them privacy but blocked Mr. Ellison’s view of San Francisco Bay from his four-level house. The case was settled in 2011, with the neighbors trimming the trees to restore Mr. Ellison’s view.

    In another case, a neighbor planted trees in 2006 that blocked part of Merton Lawwill’s panoramic view of San Francisco Bay from his four-bedroom, 3½-bathroom house in Tiburon, Calif. As Mr. Lawwill went through arbitration and a lawsuit to get the neighbor to move the trees, appraiser Curt Thor of North Bay Real Estate Appraisals calculated that the view blockage had sapped 17% to 20% of the value from Mr. Lawwill’s $2.6 million home. The case was settled in 2009, with the neighbor agreeing to move some trees elsewhere and trim others, both sides say. “So I spent $200,000 [in legal costs] to keep my view,” Mr. Lawwill said. “It was three years of agony.”

    It’s too early to determine how the case of Mr. Ergen’s berm will be resolved. Few dispute that the situation could have been worse. The property’s previous owner, the estate of late developer and grocery-store magnate Lloyd King, had pursued selling the property to be developed into 40 houses before opting instead to sell it to Mr. Ergen in 2011. The price: $7 million, according to Land Title Guarantee Co.

    “I’d rather see the [trees] than a bunch of additional McMansions,” said Mark Griffiths, whose 2,400-square-foot home backs up to the berm.

    Still, some fear they’ll never get their view back. “It’s not aesthetic,” said Sybille English, who with her husband, Bob, owns a 4,700-square-foot home adjacent to the berm. “It’s just not pleasant for a potential home buyer, or for us, to look at.”

    Saving Sightlines

    Depending on where you live, protections might be in place to preserve your view. Some steps to follow:

    DON’T ASSUME that vacant land won’t eventually be developed, unless it is a designated open space.

    TAKE PICTURES of your home’s views after buying it, says appraiser Curt Thor of North Bay Real Estate Appraisals in Novato, Calif. Then, file the photos away in case they’re needed later to demonstrate their loss due to obstruction.

    CHECK CITY ORDINANCES to see if they limit the height of buildings or trees. San Antonio and Colorado’s Boulder County, for example, both have height restrictions in some areas.

    ASK IF the city has a view restoration or view-resolution program that establishes procedures for resolving view disputes, often through arbitration or mediation. Among the cities with such programs are Malibu, Calif., and Santa Barbara, Calif.

    STRIKE A DEAL to buy an easement from your neighbor under which the neighbor agrees not to obstruct your view.

    Write to Kris Hudson at kris.hudson@wsj.com

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    6th February 2013

    AI Responds to NAHB Claims of ‘Impaired’ Appraisal System

    AI Responds to NAHB Claims of ‘Impaired’ Appraisal System

    In a white paper released Jan. 24, the National Association of Home Builders called the current appraisal system “impaired.” While noting it does not agree with all of NAHB’s recommendations, the Appraisal Institute said it welcomes the opportunity to work with home builders and others interested in reform.

    The report cited what it considered to be inconsistent and conflicting standards and guidance, poor oversight, a shortage of experienced and qualified appraisers and the lack of a standardized data system. The Appraisal Institute pointed out that many of NAHB’s proposed reforms already exist and simply need to be enforced, and that it is the residential mortgage finance system that needs to be reformed.

    The report is the product of the NAHB’s Appraisal Working Group, which was formed in 2012 to develop recommendations for comprehensive appraisal reform. The group consists of home builders, financial representatives and valuation professionals, including AI President Richard L. Borges II, MAI, SRA.

    “An obvious and important way to address many of the problems cited in NAHB’s report is to ensure the hiring of highly qualified and competent appraisers,” Borges said. “Also, appraisers need to be allowed to follow best practices.”

    He added: “Real reform must be driven primarily by those who don’t have a financial stake in an appraisal’s outcome.”

    In its report, titled “A Comprehensive Blueprint for Appraisal Reform,” the NAHB said it wanted to see the valuation profession make several changes that could help the real estate market “establish a foundation for sustainable growth of the U.S. economy.”

    Among the group’s recommendations:
    • Reaffirm and streamline key appraisal principles contained in the Uniform Standards of Professional Appraisal Practice.
    • Establish uniform credentialing standards that are specific to each area of appraisal practice and create clear education and career paths for appraisers.
    • Establish a single, consistent set of rules and guidelines for appraisals.
    • Consider all three valuation approaches — cost, income and sales comparison — in estimating values, and report a range rather than a single point of value.
    • Set standards and processes to ensure the engagement of the best appraiser for the assignment.
    • Establish workable procedures for expedited appeals of inaccurate or faulty appraisals.

    “We look forward to working with home builders and anyone else interested in real reform that benefits everyone involved in a real estate transaction,” Borges said.

    Read the NAHB’s white paper.

    From Appraiser News Online

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    5th February 2013

    US finally sues S&P (Standard & Poor’s) over inflated motgage security ratings

    Fianlly, someone is getting a little slap on the hand for inflating ratings on mortgage investments to boost their profit. The U.S. Government is taking on the key player who was responsible with the real estate bubble as well as our current financial crisis.

    Charges were filed on Monday in a Los Angeles federal court. The Justice Department has issued that Standard & Poor’s gave high marks to mortgage-backed securities that later went sour, even though they knew they were bad. They misrepresented the risks because they wanted more business from the banks.

    There is a built in conflict of interest because they are paid by those they are providing ratings for. Talk about a scam! Dodd Frank didn’t help the issue, but the SEC is no overseeing the credit rating companies like S&P.

    “Put simply, this alleged conduct is egregious — and it goes to the very heart of the recent financial crisis,” Attorney General Eric Holder told a news conference Tuesday. He called the case “an important step forward in our ongoing efforts to investigate and punish the conduct that is believed to have contributed to the worst economic crisis in recent history.”

    FINALLY!!!! 16 states have followed suit and hopefully more will file lawsuits against the S&P.

    S&P blames the government for failing to predict the subprime mortgage crisis.

    The government’s lawsuit states that “S&P’s desire for increased revenue and market share … led S&P to downplay and disregard the true extent of the credit risks” posed by the investments it was rating.


    The action unfortunately does not involve any criminal allegations… Since they would require a higher burden of proof, I guess the key players will still get off the hook with their billions in the bank.

    Bryan Knowlton

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    5th February 2013

    New UAD update and UCDP release notification

    Freddie Mac and Fannie Mae provided the January 2013 Uniform Appraisal Dataset (UAD) Update and Uniform Collateral Data Portal (UCDP) Release Notification to announce the first phase of the conversion of current UAD compliance warning edits to fatal UAD edits in the UCDP. The first phase, targeted for implementation in June 2013, includes the following data fields:

    • Appraisal effective date.
    • Subject contract price/Comparable sale price.
    • Above grade Gross Living Area (GLA) (subject and comparables).
    • Sale type (subject and comparables).

    Originate and underwrite, sell and deliver
    If an appraisal submitted to the UCDP receives one or more fatal UAD edits, it will result in Hard Stop 401 (UAD Compliance Check Failure) and a “Not Successful” status will be issued in the UCDP. If the lender or appraisal vendor receives a “Not Successful” status in the UCDP, the lender or appraisal vendor must resubmit a corrected appraisal with the required data in the correct format to ensure a “Successful” status.

    In addition, in order to ensure the UAD data submitted to the UCDP is of high quality and compliant with the government-sponsored enterprises’ (GSEs) data standards, the GSEs announced their intent to discontinue accepting appraisals in PDF and other alternative appraisal formats and to accept only the MISMO file format in the UCDP. The GSEs have initiated conversations with key vendors associated with the non-MISMO XML formats and they will work closely during 2013 with lenders and vendors using these formats to ensure a smooth migration path for lenders. Once a retirement date has been determined the GSEs will provide at least six months’ notice of any formal retirement. The GSEs will provide more updates on our progress throughout the year.

    For more information, including a complete listing of the first phase of fatal UAD edits, refer to the January 2013 UAD Update and UCDP Release Notification on FreddieMac.com.

    To read the original article at Valuation Review, please visit:

    Bryan Knowlton

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