THE “MODERN APPRAISAL” – DATA, FORMS, POLICY, PROCESS, AND MORE (CE SESSION)
Fannie Mae and Freddie Mac will share key updates to the appraisal process, starting with a joint presentation on what they’re working on together, followed by separate discussions of their individual policy and process innovations.
UAD and Forms Redesign Initiative Update
Fannie Mae and Freddie Mac (the GSEs) launched an initiative in 2018 to update the Uniform Appraisal Dataset (UAD) and uniform appraisal reporting forms. The UAD and Forms Redesign initiative will leverage extensive stakeholder input to update the appraisal dataset, align it with the industry-standard MISMO® Reference Model Version 3.X, and overhaul the uniform appraisal forms to establish a more flexible, dynamic structure for appraisal reporting. This work is designed to provide greater clarity to lenders, borrowers, and investors; simplify appraisal reporting and reviewing; and build a foundation for appraisal modernization. In this session, representatives of Fannie Mae and Freddie Mac will provide an update on the UAD project, including insights into industry feedback and project direction so far.
Sean Murphy, Freddie Mac
Sergio Johnson, Fannie Mae
Freddie Mac will be next up, discussing their most recent policy guidelines. This will be followed with a vibrant Q & A session.
Scott Reuter, Freddie Mac
Fannie Mae is seeking ways to modernize the appraisal process to work smarter, not harder, for everyone. This part of the “modern appraisal” session will explore the process updates, big data, emerging technologies, and innovation that are transforming the residential appraisal field. What approaches are now in use or testing? How will appraisal careers be impacted? What are the potential opportunities and challenges for appraisers? And what are the implications for mortgage lenders, borrowers, investors, and industry service providers?
Lyle Radke, Fannie Mae