Tuesday, August 23, 2011

UAD Updates

Appendix D (as of Aug. 11): https://www.efanniemae.com/sf/lqi/umdp/pdf/uadreqsforlenders.pdf

FAQ’s (as of June 2011): https://www.efanniemae.com/sf/lqi/umdp/pdf/uadfaqs.pdf

The Appraisal Foundation (TAF) released a free video recently previewing the 2012-13 changes to the Uniform Standards of Professional Appraisal Practice (USPAP). The 23 minute video includes:

- revisions to the definitions of "Client", "Extraordinary Assumptions",Hypothetical Condition", and a new definition of "Exposure Time"

- Creation of a new RECORD KEEPING RULE and related edits to the Conduct Section of the ETHICS RULE

- Revisions to Advisory Opinion 21

- Revisions to STANDARDS 7 & 8


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