The UAD is required for appraisals that have effective dates on or after Septemand are completed on the appraisal report forms listed below. The bulletin reiterated the joint policy with Fannie Mae regarding the Uniform Appraisal Dataset and Uniform Collateral Data Portal Requirements.
specific date and dollar amount formats) and standardizes the definitions for select key appraisal data elements (e.g. The UAD also standardizes the input values for certain elements (e.g.
Appraisal software forms providers and licensed appraisers are expected to have their systems and procedures updated to incorporate the UAD prior to the implementation date.įannie Mae and Freddie Mac Uniform Appraisal Dataset Requirementsįannie Mae and Freddie Mac have created the UAD Specification document to provide business and technical requirements for implementation of the UAD. UAD does not change the look of the existing appraisal forms, but some fields on the forms are being extended to include additional information. UAD was formulated to improve the quality and consistency of appraisal data on loans delivered to the Government Sponsored Enterprises. UAD defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses for a key subset of fields. The UAD is a component of the Uniform Mortgage Data Program, jointly established by Fannie Mae and Freddie Mac under the direction of their regulator, the Federal Housing Finance Agency to provide common requirements for appraisal and loan delivery data. The rule applies to all conventional mortgage loans sold to Fannie Mae or Freddie Mac. By Anna DeSimone, for residential property appraisals with an effective data (date of inspection) on or after September 1, 2011, appraisal reports must be completed in compliance with the Uniform Appraisal Dataset (UAD).