We rarely have the opportunity to interview Joan Trice, the founder of the Valuation Expo events (said tongue in cheek). This is a special announcement. One that only comes along every decade or so, and needs to come straight from the source!
Buzz: Joan, what’s so important that you need to grab the preverbal microphone?
Trice: As most everyone knows by now, Fannie Mae and Freddie Mac have launched a joint initiative to take a look at UAD and the 1004 form to modernize it. Rightfully so. They want to gather the right data in order for originators, investors and them themselves to perform proper risk analysis. They announced this at Valuation Expo in Charleston SC in March of this year.
At the October 1-3 Valuation Expo in Las Vegas, they will jointly launch an interactive discussion. They are quite committed and serious about ensuring they get feedback from field appraisers who are going to be the practitioners who use the forms on a daily basis.
Buzz: Why is this so important for appraisers to attend?
Joan: This is a tremendous opportunity for appraisers to have a voice in the development stage rather than an invitation for comments, after the fact. It’s truly a can’t miss opportunity for every appraiser in the US involved in conventional residential lending. Be there!
Buzz: How many appraisers do you expect to attend?
Trice: I have no idea. It is always difficult to predict because there are so many factors. All I can tell you is that in 2005 when modifications to the 1004 were released we had 1000 attendees and were completely ill-prepared. We just didn’t have the staff to properly manage a crowd of that size. While we can’t predict, we can be prepared for this type of crowd this year.
I am laughing to myself as I say this because I just arrived at that by using my appraiser training. I used historical comp data, and then I intuited a conclusion. Old habits die hard.
Buzz: Do we have details?
Trice: Not entirely. We can share the “where and the when” but the exact format is being worked on by the GSE joint committee. We will be launching an appraiser survey next week. That survey will give appraisers an opportunity to detail how they think the forms can be modified to modernize the appraisal process. We will read every one of the responses and pick three appraisers who will receive free Valuation Expo passes. The winners will get to be a part of the live discussions.
We encourage you to be a part of the of the transformation of the appraisal profession. Join us at Valuation Expo! Stay tuned for upcoming details regarding the Fannie Mae and Freddie Mac UAD Joint Initiative.
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