There is much to see, but this stands out:
"As an appraiser, how would you rate the typical appraisal fee you are paid?
- 8.6% - Unlivable
- 53.8% - Low
- 12.1% - Above Average
- 25.5% - Customary and Reasonable
Francois K. Gregoire - Gregoire & Gregoire, Inc. State-Certified Residential Real Estate Appraiser #RD142....on a quest to improve the profession
Fannie Mae and Freddie Mac (the GSEs) will continue to convert several of the current Uniform Appraisal Dataset (UAD) compliance warning edits to fatal UAD edits in the Uniform Collateral Data Portal® (UCDP®). Phase one was implemented on June 22, 2013. The second phase will be implemented in early 2014, with warning edits for the following data fields converting to fatal UAD edits:
- Quality of Construction Rating (subject and comparables)
- Location Rating (subject and comparables)
- View Rating (subject and comparables)
The full release is available at the link above or after the jump. For those of you involved in mortgage lending appraisal assignments, make sure you do not miss this paragraph:
Each of the data fields above has associated UAD edits that will be returned in the UCDP if the data provided is incomplete or the format is invalid as defined in the Fannie Mae and Freddie Mac UAD Technical Specifications. When these warning edits are converted to fatal UAD edits, if one or more of these edits is issued 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 vendor must resubmit a corrected appraisal with the required data in the correct format to ensure a “Successful” status. If the UCDP issues a “Not Successful” status for an appraisal, the loan will not be eligible for delivery to either GSE.
- Condition Rating (subject and comparables)
As communicated in the January UAD update, the GSEs intend to discontinue accepting appraisals in PDF and other alternative appraisal formats, and to accept only the MISMO file format in the UCDP. Our goal is to retire UCDP acceptance of the ACI XML and AIReady formats, and the PDF extraction services in 2014. We will provide at least six months’ notice of the retirement date once it has been determined. We continue to work closely with lenders and vendors using these formats to ensure a smooth migration path.
(1) Upon issuance of a registration number by the Department, an appraisal management company shall disclose its issued registration number on each solicitation for engagement and each engagement letter utilized in assigning an appraisal request for real estate appraisal assignments in Florida.
(3) Before or at the time an appraiser accepts an assignment, the appraisal management company shall require the appraiser to declare in writing or via electronic means that the appraiser receiving the assignment is a competent appraiser for the performance of the appraisal being assigned.
(4) An appraisal management company must include instructions to appraisers in letters of engagement to decline the assignment in the event the appraiser is not geographically competent or the assignment falls outside the appraiser’s scope of practice restrictions.
(5) An appraisal management company cannot:
(a) Require that an appraiser prepare an appraisal if the appraiser, in the appraiser’s own independent professional judgment believes that she or he does not have the necessary expertise for the assignment or for the specific geographic area and has notified the appraisal management company and declined the assignment;
(b) Require that an appraiser prepare an appraisal within a time frame that the appraiser, in the appraiser’s own professional judgment believes does not afford he or she the ability to meet all the relevant legal and professional obligations, and the appraiser has notified the appraisal management company and declined the assignment; or
(c) Require that an appraiser provide the appraisal management company with the appraiser’s digital signature or seal.
(9) Each solicitation for engagement by an appraisal management company for an appraiser’s services must include the following items:
(a) The name of the AMC; (b) Appraisal management company’s registration number; (c) If the assignment is retrospective the effective date must be provided; (d) The specific intended use; (e) Type of value; (f) A description of the reporting level expected; (g) The identification of the subject to include the property address, county, property type and property rights as requested by the client; (h) Point of contact for discussion of conditions and scope of work; (i) Other assignment conditions; (j) The expected delivery date; and (k) The terms of payment to the appraiser unless otherwise in a contract.
I, the supervisory appraiser of a registered appraiser trainee who contributed to the development or communication of this appraisal, hereby accepts full and complete responsibility for any work performed by the registered appraise trainee named in this report as if it were my own work.
Appraiser Tools Development
The balance of the fourth quarter has been spent on building out the Appraiser Tools for beta testing in the early 2013. The Appraiser features leverage and extend the comparables analysis technology framework released prior to the
meetings, additional functionality has been added in each area of the interface to support the more complex search and comparison needs of the Appraiser user. Orlando
As the team turned its attention to the development of these features, we reviewed our plan with RPR’s Appraiser Task Force and provided the group with a list of key questions. In return, we received some very specific, actionable, and incredibly thoughtful input from the group that became central to how we defined our approach. The core concept of RPR Appraiser Tools is to build upon our strengths as a database and analysis engine, by fulfilling an Appraiser’s need for fully-matched data that reconciles public and private sources (such as MLS) in a format which supports the user’s field and observational work, while reserving the derivation of conclusions to the unique skills, training, and experience of the Appraiser user.
Licensed in Real Estate since 1976, Frank is a second generation REALTOR®, Broker and Appraiser. In addition to his Real Estate Brokers License, he is a State-Certified Residential Appraiser and Appraisal Instructor.
As a member of the Board of Directors of the Florida Association of REALTORS and the National Association of REALTORS, he has been involved in FAR and NAR Appraisal and Public Policy related committees since 1992. Frank is past Chairman and a current member of the National Association of REALTORS® Appraisal Committee.
Frank was appointed by Governor Jeb Bush to the Florida Real Estate Appraisal Board in February, 2000 and served eight years, four as Chairman. During his service as a member of the Florida Real Estate Appraisal Board, he represented Florida on the Appraisal Foundation State Regulator Advisory Group and as a member of the Board of Directors of the Association of Appraiser Regulatory Officials.
In addition to providing Expert Witness services in Administrative Hearings, Florida and Federal Courts, Frank is often quoted by local and nationally syndicated real estate columnists and appears as a speaker on appraisal and mortgage related topics. Articles by Frank have been published in the REALTOR® Magazine, the Journal of Property Economics and his blog, Appraiser Active.
As president of Gregoire & Gregoire, Inc., a Residential Real Estate Appraisal firm based in St. Petersburg, Frank is active valuation and consulting for a wide variety of clients.