The UAD isn't such a bad thing! Many are uneasy because they are being asked to change how they do things. The reality of it is that they will still be doing the same thing they were doing before, however, they will be using universal terms and uploading reports in a slightly different manner. This is will just be a learning curve where Appraisers will have to learn how to go about a normal task in a slightly different way. I think now that the UAD is a requirement individuals will begin to realize that it isn't the end of the industry as we know it. It is a new beginning to a much more successful and fair industry!
Try to look at it from this point of view… if you were to be in the market for a used car, would you be interested in the fact that it is in "fair condition" or the fact that it has "no mechanical problems?" If you were looking into purchasing a new computer would you be interested in someones opinion of what "fast" was or the numbers that prove it? It is all about being a little more specific. Not that the previous ways of describing a property were wrong, but by having a set list of descriptive variables to be used, it will help underwriters and everyone who needs to know the actual value of a property in making a valid, fair, and precise decision when closing a loan.
Think of the UAD as a new beginning! And then the UCDP will be a boost to this new beginning. Don't be afraid of the changes that took place this week - learn them, embrace them, and help Fannie & Freddie take this industry to a new level!
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Class Appraisals Group is now completely UAD compliant.
