It seems all anyone in the industry is talking about recently is the announcement of Fannie Mae's appraisal review tool Collateral Underwriter (CU). Appraisers want to know how this will affect their past appraisals and what it will mean for their appraisals in the future. Who has rights to the data and who will be able to view it? Richard deVerdier, president of ICAP, recently sent out a letter to appraisers including a pettition to for them to sign. Take a moment to read his letter and sign the petition.
I am asking that you to take a moment to participate in this important industry effort.
Fannie Mae's Collateral Underwriter (CU) will be available in the first half of 2015. The CU performs automated risk assessment of appraisals submitted to the Uniform Collateral Data Portal based on information that you provided through the Uniform Appraisal Dataset (UAD). The CU provides a risk score, flags, and messages to the lender.
The GSE's have mandated that all appraisals be submitted in the UAD format; however, currently there are no plans to provide appraisers access to this data.
This data needs to be provided to appraisers at the beginning of the appraisal process; ensuring transparency, and improving the process by reducing risk to lenders and the general public.
Please join this online petition to allow appraiser access to the data that they provided through the Uniform Appraisal Dataset (UAD).
2014 ICAP President
Many appraisers complain about not having a voice in the industry. Signing this petition is one of the ways to make sure your point of view is being heard. CLICK HERE to sign the petition and let us know your thoughts on this below in the comments.
Richard deVerdier, MAI, SRA, AI-GRS is the Assistant Vice President of Appraisal Review at MB Financial Bank located in Rosemont Illinois. Richard is a member of the Chicago Chapter of the Appraisal Institute, and has earned the Appraisal Institutes MAI, SRA and AI-GRS Designations. He is also the 2014 President of the Illinois Coalition of Appraisal Professionals (ICAP).
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