My New Blog

My last blog talked about the requirements for lenders to conform to the HVCC guidelines and even if you are not directly involved with mortgage lending you have probable seen the results, appraisers who are unfamiliar with the area performing appraisals and causing good deals to go bad. Well today I am also going to be telling you about another change in the appraisal reporting, the UAD. The UAD or Uniform Appraisal Dataset is due 09/01/2011. Fannie May and Freddie Mac are requiring this change, lenders have an additional requirement to comply with UMDP, Uniform Mortgage Data Program at a later time. I am not going to share this with you without giving you some hope. Some software vendors, I use Alamode, have developed software and programs specifically to assist lenders and mortgage brokers with ordering appraisals under a “double blind” system thus giving them the ability to comply with the HVCC but also ensuring that a local appraiser is chosen and receives “reasonable and customary” fees for their service. Alamode provides this thru a package called “Mercury Network”. Additionally the have the software packages that will allow you to receive and then transmit reports sent to you that are XML versions (UAD). But don’t despair the GSE’s are accommodating if you want, for a fee, they will charge you if you send the report in the old PDF format to convert it to XML, and every time you request a change or a correction from the appraiser you will be charged. My next blog is going to be discussing the new required abbreviations that are going to be in the UAD form. Until than, thanks and have a great day.

Joe Bannon