Valuation Expo this fall features speakers from Fannie Mae and Freddie Mac – they will provide a joint update on the Uniform Appraisal Dataset (UAD) and Forms Redesign Initiative that they are working on together.
We sat down with Sergio Johnson of Fannie Mae and Sean Murphy of Freddie Mac to learn more about the UAD update and what will be happening at Valuation Expo.
Buzz: What are some of the outcomes expected for this initiative?
UAD: The goals of the initiative are to update the Uniform Appraisal Dataset (UAD) to better support the current market and industry, retire the existing appraisal forms, and design a new Uniform Residential Appraisal Report (URAR) to incorporate all residential property types and provide a more flexible, dynamic structure for appraisal reporting.
Buzz: Updating the Uniform Appraisal Dataset (UAD) and uniform appraisal reporting forms have been the initiative since 2018. What are some of the direct appraiser concerns that have been addressed so far?
UAD: The feedback received has indicated that appraisers are looking for an efficient way to report the details of the subject property and the influences affecting it. That feedback has been incorporated throughout the process. Continual feedback is being gathered from industry stakeholders and appraisers to help guide the effort. Valuation Expo is a great opportunity to continue that dialog to help with future acceptance.
Buzz: Could you please go into further detail about your booth and the appraiser input you’re looking for at Valuation Expo?
UAD: Fannie Mae and Freddie Mac will spend several years with dedicated teams defining the new dataset and designing the report. Feedback from the industry is important for the development. Please stop by the booth, review some draft report sections, and provide your feedback. Or if people have general questions or comments about the project, they are welcome to stop by just to chat. Appraiser and industry stakeholders’ input has been critical to moving this project forward. Providing an opportunity to engage with appraisers and gather more of their insights will be extremely important to a smooth transition into the digital era.
Thank you again for answering our questions. Be sure to have your voice heard at Valuation Expo and go to their booth to learn more!
Have any comments or would you like to submit an article of your own? Email email@example.com more information.