IN THE NEWS

What's the Timeline for the UAD Redesign?

03/24/21

The Uniform Appraisal Dataset (UAD) and Forms Redesign is well underway, but there is much more work to do. Fannie Mae and Freddie Mac have posted a high-level timeline showing key milestones and date ranges in this multi-year endeavor. View Timeline https://singlefamily.fanniemae.com/media/25391/display      

Q&A with Freddie Mac on Gross Building Area and ADUs

02/26/21

Tim McCarthy, SRA, ASA, IFA recently had a Q&A exchange with the Freddie Mac policy team regarding how to: correctly calculate GBA on 2-4 family properties, identify below grade finished improvements in multi-family properties, identify and appraise a property with an illegal unit or an illegal ADU.  QUESTION: When would you include below grade improvements in the GBA on 2-4 family properties?  I was unable to find a definition from Freddie Mac, but Fannie Mae defines GBA as follows... The Gross Building Area… is the total finished area including any interior common areas, such as stairways and hallways of the ...More

Appraisal Foundation Extends USPAP through 2022

02/23/21

On February 19th the Appraisal Foundation issued a news release extended the expiration date of the current version of USPAP for one year through December 31, 2022. They also included FAQ’s on how this will impact you as an appraiser. So what does this mean for Illinois appraisers?  As many of you already know, our law requires all licensed appraisers to comply with the following CE requirement regarding the 7 hour National USPAP Update course: A real estate appraiser must complete the 7-hour National USPAP Update Course or its equivalent by June 30 of an even-numbered year, following the release of USPAP.  This would appear to create a ...More

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