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UAD ????
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9/7/2011 at 11:17:15 PM GMT
Posts: 297
UAD ????

Just thought it was funny/strange and thought I would pass it along. Last week I inspected a property for a VA loan, by the time I got back to the office I had a message the appraisal was cancelled, should not have been ordered as a VA. On Friday I get a message asking if I can do it as a conventional, I reply sure, do you require this in UAD format.

Today I received a reply from the lender "what is UAD"???????????



9/8/2011 at 1:57:47 PM GMT
Posts: 84
Carol, I had a similar situation, with the same response - what's UAD?

Something that I had recommended to chapter members, starting last spring: Take the time to visit local lenders, with the 37-page "Guide," and review some of the UAD basics with lenders, who it seems have been more concerned about the forthcoming changes for them than with the UAD and appraisers. I also suggested they focus on the last few pages, where all the "codes" and C and Q descriptions are located. Of course, I made the (apparently erroneous) extraordinary assumption that the large lenders would be aware of the UAD and would ensure their staffs would be trained. In my case, the appraisal was for Wells Fargo, and the person ordering the appraisal had no idea how to respond to the UAD question.

sb


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