Monthly Archive:: August 2011

UAD Goes Into Effect on September 1st for GSEs

In recent days there have been rumors and reports that the implementation of the Uniform Appraisal Dataset (UAD) announced by the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, would be delayed. NAR has confirmed that the UAD...
August 26, 2011

FHA Officially Adopts UAR

This week, the Federal Housing Administration (FHA) released Mortgagee Letter 2011-30: The Uniform Appraisal Dataset (UAD) and Appraisal Reporting Forms. The ML states that FHA will adopt UAD and two of the UAD compliant reporting form for all FHA...
August 25, 2011

NAR Calls for Ban on AMC Indemnification Clauses

On August 11, 2011, National Association of REALTORS® (NAR) President Ron Phipps sent a letter to federal regulators calling for a ban on the use of indemnification clauses used by appraisal management companies (AMCs). The letter was sent to...

Free Foundation Video on USPAP 2012-13 Changes

The Appraisal Foundation (TAF) released a free video this week previewing the 2012-13 changes to the Uniform Standards of Professional Appraisal Practice (USPAP). The 23 minute video includes: revisions to the definitions of “Client”, “Extraordinary Assumptions”, Hypothetical Condition”, and...
August 11, 2011

FHA to Codify Certified Appraiser Requirement

The US Department of Housing and Urban Development (HUD) unveiled a proposed rule in the Federal Register to ensure the agency’s rules conform with the Housing and Economic Recovery Act (HERA) of 2008. The proposed rule requires that appraisers...
August 1, 2011