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Important Updates

August 25, 2011: Deadline for the UAD
August 25th, 2011 12:46 PM
As of no later than September 1st, the three GSEs (Fannie Mae, Freddie Mac, and Ginnie Mae) require the use of the new Uniform Appraisal Dataset (UAD) on all appraisals for all their conventional loans that use the following forms:
  • URAR Form 1004/70
  • Individual Condominium Unit Appraisal Form 1073/465
  • Exterior-Only Inspection Appraisal Form 2055/2055
  • Exterior-Only Inspection Individual Condominium Unit Form 1075/466
This is the rollout as of 9/1/11, but do expect more forms to be included over time. The information required will now include:
  • Days on the market for the subject property and all comps
  • Sale type for the subject property and all comps
  • Status of kitchen and bath improvements
  • and other fields, data, and definitions.

Quality and consistency are the goal of the new appraisal data fields and definitions. But how do you ensure that your appraiser is doing it correctly? After all, if it's wrong, it's liable to hold up the loan, or possibly even get you flagged by Freddie, Fannie, or Ginnie for extra attention. This problem is solved by using the appropriate software!

Posted in:General
Posted by Douglas E. Hendricks on August 25th, 2011 12:46 PMPost a Comment

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