activerain.trulia.comhttp://activerain.trulia.com/blogsview/3562343/louisiana-appraisers-attend-appraisal-institute-uad-aftereffects-class

Bill Cobb

Louisiana Appraisers Attend Appraisal Institute UAD AftereffectsClass

Louisiana Home Appraisers Attend Appraisal Institute Seminar - UAD Aftereffects: Efficiency vs. Obligation

On December 19, I was fortunate to have attended Appraisal Institute Seminar, "Uniform Appraisal DatasetAftereffects: Efficiency vs. Obligation", taught by incoming President Elect, Rick Borges, II, MAI, SRA. Read thecomplete seminar description below.

First, my compliments to Dee Fazzio for hosting / meeting / greeting and choosing such an outstanding location forthe seminar. The location and hospitality of the day was absolutely perfect, as was the company of fellow Appraisers. Special, Special Thanks To Dee and The Louisiana Chapter of the Appraisal Institute for a day CE like I've neverexperienced before!

AppraisalInstitutePresident ElectRick Borges, II,MAI, SRA

All I can sayabout "Rick", aswe instructed tocall him, is thathe's just cooland so funny. He madelearning somuch fun duringthe experienceand fielded lotsof ourquestions, withrespectful,thoughtfulanswers! At 59years old andover 30 years asan Appraiser inthe field,primarily a VA Appraiser and RE Agent, The Appraisal Institute will be a better organization in 2013 with he at thehelm!

AppraisalInstitute UADClass AdaptingTo NewConditions andRating SystemHas BeenChallenging

The day wasinvested ingoing throughthe 208 pagemanual alongwith 49 pagesolutionsbooklet forfuture reference,mainly coveringthe highlights,what FannieMae is lookingfor in reviewsand their datacollection fromAppraisers. Welearned that to date, Fannie Mae has already uploaded 3,000,000 appraisal reports to their UCDP computers andthat January 13, 2013 is the day when Fannie Mae begins holding Appraisers accountable for the report data theyenter.

For example, if you state that comp. #1 at 12345 Main Street has a Q or quality rating of Q3 and C or condition ratingof C4, then those Q3 and C4 need to be used for that comp into the future unless there is verfiable evidence to alter.Fannie Mae is monitoring what Appraisers state in reports for future consistency. One Appraiser in Indiana hasalready been temporary disciplined for 90 days over an inconsistency, which was later rescinded when that Appraiserprovided documentation from RE Agent backing his C rating. It was eye-opening day for Appraisers and reminderthat we must take our profession very, very serious into the future.

QUICK AI LOUISIANA CHAPTER MEETING!

Cheryl BellaMAIAddressingLouisianaAppraisalInstituteChapter

LouisianaAppraisalInstituteChapterLeadershipBeing SwornIn. From LeftTo Right:Cheryl B. Bella,MAI, Zachary J.Derbes, MAIand Joseph A.Mier, SRA. Past LaChapter AIPresident,Kelly Johnson,SRA,

photographing.

AppraisalInstitute ClassMetairieCountry ClubDecember 2012

AppraisalInstitute ClassMetairieCountry ClubDecember 2012- Rear View ofCountryClub...yes wewere in NewOrleans...andthere wereghost present!

AppraisalInstitute ClassMetairieCountry Club December 2012 Looking Towards Northline Blvd

Appraisal Institute Class Break Time Metairie Country Club December 2012 Louisiana... yes we were in NewOrleans...and there were ghost present!

Appraisal Institute Class Luncheon Metairie Country Club December 2012

Appraisal Institute Class Luncheon Metairie Country Club December 2012 Bread Pudding With Rum Sauce

A Special Treat was being able to walk down Northline Boulevard and view the rows of million dollar homesnear the class location.

Aerial View showing Northline Blvd location near Metairie Country Club

Northline BlvdMillion DollarHomes NearMetairieCountry ClubLouisiana

Northline BlvdTree LinedStreets NearMetairieCountry Club

Northline BlvdMillion DollarHomes NearMetairieCountry ClubLouisiana

Northline BlvdMillion DollarHomes NearMetairieCountry ClubLouisiana

Northline BlvdMillion DollarHome UnderConstructionNear MetairieCountry ClubLouisiana

SeminarDescription:

"The LouisianaChapter of theAppraisal

Institute will be offering the 7-hour "Uniform Appraisal Dataset Aftereffects: Efficiency vs. Obligation" seminar onDecember 19,2012 in Metairie,LA. Richard L.Borges II, MAI,SRA, President-Elect of theAppraisalInstitute for2012, will beinstructing theseminar andguest speaker,Bruce Unangst,ExecutiveDirector of theLouisiana RealEstateCommission,will updateattendees onwhat LREABhas been doingin reference tothe AMCenforcementrules. Registernow online toguarantee aseat - seating islimited!

Most residentialappraisersrecognize theirnew obligationsunder theUniformAppraisalDataset and theassociatedUniformCollateral DataPortal; however,remainingefficient in thecontext offulfilling suchobligations hasbecome a new

challenge.

Appraisers,lenders,underwriters,and appraisalmanagementcompanies allseem to asserttheir own ideason the issue ofUADcompliance asthey navigatethrough theadjustmentprocess of boththe UAD andUCDP.Consequently,many appraisersmisapplyintendedrequirementsand waste timeon unnecessarydetails.

Designed tohelp studentsefficientlydistinguishrequired fromnon-requireddata for UADcompliance, thisseminareducatesparticipants onhow to:reconcileconflicting UADrequests fromdifferent clients;recognize howUAD data iscollected andanalyzed; andstay informed ofongoing UADchanges from

Fannie Mae and Freddie Mac.

Uponcompletion ofthe seminar,participants willbe able to:

Understand howthe UCDP actsas a gate-keeper bycheckingappraisalreports for UADcompliance,thus avoidingnon-complianceand increasingefficiency. Recognize howUAD data inputis beingcollected,monitored andanalyzed onindividual andaggregate levelsby Fannie Maeand FreddieMac. Know how suchUAD monitoringmay affect andinfluence futureappraisalreporting. RecognizecommonlymisinterpretedUAD data fieldsand nuances byreviewingextensive andvaried "real-world"illustrationscollected fromappraisers. Identify UAD-specific

guideline changes and guidance from Fannie Mae and Freddie Mac. Search FannieMae andFreddie Macweb sites froman appraiser'sperspective tostay abreast ofappraisal- andUAD-relatedchanges. Understand thelender'sobligationswhen usingthird-partyvendors tomanage andcontrol theappraisalprocess underthe UAD. Recognize alender'sobligationswhen selectingan appraiserunder the UADrequirements."

SPECIALTHANK YOU tothe LouisianaChapter for thecool red laserpointer pens.

Shared By BillCobbAppraiser inBaton Rouge(Photo takenby Dee Fazzio,Thank YouDee!). And,actually, no"Ghosts" were

spotted. That was the "Pro HDR" app on my Samsung Galaxy Note 2 phone taking enhanced color photos for theevent and somepeople justhappened to bemoving duringthe photos.Special ThanksTo DenhamSpringsAppraiser,Roger Carter, formaking the drivewith me andkeeping meawake on theway there andback.

For MoreInformation OnThe LouisianaChapter of TheAppraisalInstitute, visitLouisianaChapter of theAppraisalInstitute

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