Uniform Appraisal Dataset Now in Effect for GSEs, Adoption for FHA set for January 1, 2012
As of September 1, 2011, appraisal reports submitted to Fannie Mae and Freddie Mac are required to be compliant with the Uniform Appraisal Dataset (UAD). Reports that implementation of the UAD for the two government-sponsored enterprises – Fannie and Freddie – would be delayed proved false. To learn more about the UAD requirements, visit the Fannie Mae and Freddie Mac web sites. Separately, the Federal Housing Administration (FHA) has announced it will adopt the UAD and two UAD compliant reporting forms – the UAD modified appraisal form for the Uniform Residential Appraisal Report (Fannie Mae 1004/Freddie Mac 70) and Individual Condominium Unit Appraisal Report (Fannie Mae 1073/Freddie Mac 465) for all FHA case numbers assigned on or after January 1, 2012. Compliance with the UAD and use of the reporting forms also will apply to HUD REO and pre-foreclosure sales as of the new year, according to Mortgagee Letter 2011-30. For more insight on the UAD requirements see the Layman’s Guide to the UAD article provided by the Massachusetts Board of Real Estate Appraisers.