Now, if the first thing that pops into your mind when you see the headline is birth control for an appraiser; well, you’re wrong. The Uniform Appraisal Dataset (UAD) will be a requirement for all appraisals delivered to Fannie and Freddie as of September 1, 2011. The UAD was born out of the Uniform Mortgage Data Program under the direction of the Federal Housing Finance Agency.
Now is a good time to start brushing up on those requirements so you won’t have to wait until the last minute to make the change. In summary, the UAD defines fields within an appraisal form that must adhere to specific responses and definitions in order to improve the consistency of appraisal data that is transmitted to the GSE’s. Some of the field specific standardization requirements are located here.
A list of FAQ’s can be viewed here. Additionally, Fannie Mae has a tutorial and Resource manual available, although it will require contact information in order to view it.
The Appraisal Institute will be holding classes in various locations as shown here.
{ 2 comments… read them below or add one }
Nice post. The FNMA report sure has changed in recent years.
Thanks Ryan… One thing that is a constant in this business – Change.