The Appraisal World Is Changing, as Is UAD and the URAR


There has been a lot of talk about the Uniform Appraisal Dataset (UAD) and Uniform Residential Appraisal Report (URAR) redesign initiative, and how it will make life easier for appraisers. What exactly does this mean?

The mortgage appraisal forms we use today were designed in 2005 using technology and mortgage processes in place at the time. Consider all the technological advances since 2005:

  • Apple released the iPhone, the first touchscreen smartphone
  • Social networking sites like Friendster and Myspace were replaced by Facebook
  • Twitter was born
  • Engineering and testing are underway for self-driving cars
  • Two private companies, Blue Origin and SpaceX, successfully launched and landed reusable rockets

Despite the UAD being introduced in 2010, the mortgage appraisal forms have largely remained unchanged, and several property types were not part of the UAD. Given the changes taking place everywhere else, it only seems logical to improve the UAD and redesign the URAR to make it more dynamic and efficient.

How will these UAD and URAR changes be beneficial?

  • A redesigned, dynamic URAR will replace the numerous and separate appraisal forms and can be used for different property types, such as two-to-four units, condominiums, manufactured homes, and for different scopes of work, such as interior and exterior inspections, updates, and completion assignments.
  • The new URAR will be better organized and populated based on the property type and characteristics.
  • The standardized data in the new UAD will allow appraisers to better define the property (outbuildings, additional units, site influences, energy efficient and green features, etc.).
  • Concerns that require attention will be easily identified in each section of the report instead of being buried in an addendum.
  • Photographs will be included in relevant sections to make descriptions easier for appraisers and enhance reader understanding.
  • The new Sales Comparison Approach section of the URAR will contain significantly fewer abbreviations and be easier to read.
  • The UAD will be expanded to cover all residential property types, including: single-family, condominium, cooperative, manufactured home, and 2- to 4-unit.

Join McKissock’s FREE webinar, UAD and URAR Redesign: What Appraisers Need to Know, on August 17th to get a sneak preview of the upcoming UAD changes and the future dynamic URAR. Subject matter experts Ken DeFeo (Fannie Mae) and Sean Murphy (Freddie Mac) team up to share with appraisers a behind-the-scenes look at how the initiative is progressing. In this webinar, you will learn some of the benefits to appraisers and how the dynamic report will work. The presentation will also include information on the new uniform appraisal dataset, with examples of new and removed data points and updates.

Meet the webinar presenters

Ken DeFeoKen DeFeo manages the team currently updating the Uniform Appraisal Dataset to better meet the needs of the mortgage industry and provide better clarity around appraisal reporting. Ken has worked in the Mortgage and Real Estate industry for the past 30 years with extensive experience in loan originations fulfillment, quality control and servicing valuations. After starting at BNC Mortgage, a Lehman Brothers Company, in 1995, Ken helped drive technological expansion while maintaining quality. Then Ken moved on to work vendor contracts for JP Morgan Chase, where he also oversaw the startup of a QA department to validate vendor quality and internal audits. At Union Bank, Ken oversaw appraisal operations and was tasked with improving visibility around appraiser quality and the customer experience. 

Sean MurphySean Murphy is a Certified Residential appraiser, appraising residential real estate since 1992. As Freddie Mac’s credit policy risk analytics manager, he manages the Freddie Mac team of appraisal experts in the redesign of the Uniform Residential Appraisal Report (URAR); a joint effort with Fannie Mae to update the Uniform Appraisal Dataset (UAD) to reflect changes to the appraisal industry, address future appraisal needs, and facilitate ongoing digitization in the appraisal process and the mortgage industry. Originally hired by Freddie Mac for the creation and design of the Loan Collateral Advisor (LCA); a web-based tool that analyzes appraisal reports and provides a view of appraisal quality and valuation risk. Prior to Freddie Mac, Sean supervised the calibration of the cost and market models for all residential real estate assessments for Fairfax County, Virginia’s most populated county.

Pro-Series Webinars: Take your appraisal skills to the next level with one-hour, non-credit webinars presented by experts. View the schedule.

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