The dawn of a new era is here. Change is no longer on the horizon. UAD 3.6 is active, and the first appraisal has now been completed, submitted, and accepted. On November 14, Adam Winstead delivered the first fully compliant report. North State Bank in North Carolina served as the lender, and the process moved through AIMSDashboard without disruption, and the software provider was SFREP. This moment marks a clear shift from preparation to execution.
We were so lucky to get a first interview with Adam, and Bryan Reynolds talked with him about the process. The Appraisal Update just released: https://youtu.be/_JAHiT3WqQw
Some of the things that stood out were when Adam said, “I was asked to complete probably the most important assignment I’ve ever had. “Being first, I look at it as an honor and privilege.” Something that was surprising was that he performed the appraisal with a clipboard! Since it was the first time using SFREP’s software and the first time doing a UAD 3.6 appraisal, he wanted to be prepared for anything. He brought with him his Microsoft Surface Pro tablet, his laser measurer, and his tape measure. He just made sure to take great notes and did his inspection as normal, but took as many photos as he could so he would be prepared for anything. One thing he wanted to leave other appraisers with is, “Attitude is everything! Deciding to do this is a business decision, go in with both feet, go in with a good attitude, make the best of it, and go make some money.”
SFREP also put out a statement on this historic event. You can find that here.
If you planned to wait until UAD 3.6 became real, that time has passed. Appraisers who move now will adapt with confidence. Lenders who prepare today will stay ahead of the curve. The first appraisal is more than a milestone. It is a signal that the industry has stepped forward and that the transition is no longer theoretical. It is happening now.
Hal is out of the country right now, but when he gets back, we will make sure to sit down with Adam for another interview for the Appraisal Buzzcast. Before Hal left, he posted his thoughts on the new URAR over at appraiser eLearning. Check it out here.
Appraisers, will you be the next one to complete a UAD 3.6 appraisal?
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Written by : Jim Morrison
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thank you Fannie and Freddie for removing the requirement that appraisers must drive the comparables and provide original comparable photos.
My attitude for this is great. I have taken the Fannie Mae training, attended webinars ’till I’m blue in the face, and more. And I, too, have made the business decision to “go in with both feet, go in with a good attitude, make the best of it, and go make some money”. And I have not “waited” for UAD 3.6 to “become real”. I am also trying to “adapt with confidence” Too bad I can’t do anything about it, as there is one small problem. My software is nowhere near ready.