So many questions were submitted during our webinars with Fannie Mae and Freddie Mac, and we couldn’t possibly answer them all in our allotted time. So, as promised, here is a blog to answer some of your burning questions!
- Will we get a test form to review and work with before it goes live?
The GSEs have released the data set and sample reports. From a software side, we’ll have the new dynamic form out and available well before the new UAD goes fully live.
- Currently, we have the general purpose forms. Will the new format be able to be used for non-lender appraisals without all the lender certifications/jargon?
Perhaps. We’ll have to build new things for non-lending work, and the dynamic forms engine we’re building should open up new opportunities for GP forms.
- How will our saved comments work? Such as neighborhood boundaries etc. Most of us have saved databases for neighborhood info.
We don’t know specifics on how this will work just yet, but we’ll have plenty of training and documentation in advance of the new UAD.
- Do you expect the inspections and writing of the report to take longer than it does now? (after the learning curve)
Here at a la mode, we expect that time for both inspections and reporting will increase, as it normally does when learning something new, though it’s way too early to tell for sure.
- Will we be able to add a supplemental/narrative addendum? (just in case of a revision request for instance)
Supplemental narrative will be broken up in specific areas it pertains to. Gone are the days of pages of a separate addenda which should do wonders for readability and reduce the dreaded revision requests, simply because supporting evidence was overlooked.
- If I don’t want to do this using mobile on-site, will it still be user friendly on a laptop?
We expect all new UAD software to be useful to an appraiser, even desktop software. However, given the nature of the dynamic form, dataset, and photos, we believe that an electronically gathered inspection will save the appraiser a ton of manual work over a pen-and-paper-based inspection.
- Is there a possibility that we appraisers can access the data of the appraisals from the state or cities where we work? That information can be used for data analysis and the use of technology to forecast market values.
The GSEs have a history of not providing mass appraisal data back to appraisers, mostly out of concern for the feedback loops that could result.
Remember, we are a long way from the new form being ready and required. So, we encourage you not to sweat the small stuff right now, all the specifics and small details will become clear as we navigate this change together. But, if you have questions along the way, send them to us! We’ve set up a question form that will be open throughout this process. Feel free to save this form and use it as your questions arise!
Don’t forget, you can always watch our webinars with Fannie Mae and Freddie Mac for more info on the upcoming changes!