Uniform Appraisal Dataset
Feeding the Beast (with Data)
In a quest to improve loan quality through more robust and uniform of data, the Government Sponsored Enterprises (GSE), Fannie Mae and Freddie Mac, are introducing a new “language” called the Uniform Appraisal Dataset (UAD). The GSE’s are providing specific and mandatory guidance on how to fill out the 1004, 2055, 1073 and 1075 forms. There will be specific rules and verbiage required for the various fields in the forms. This may be the biggest news of 2011. As of this writing: September 1, 2011: All appraisers must complete the appropriate appraisal forms as required by the Uniform Appraisal Dataset (UAD). December 1, 2011: Lenders must collect the new ULDD data points required for the first phase of implementation, as well as the UAD standardized appraisal data for new loan applications. March 19, 2012: All conventional loan deliveries to the GSEs must meet the UMDP requirements. For appraisals, lenders must submit an electronic appraisal report form through UCDP before delivery if the loan application date is on or after December 1, 2011 and an appraisal report is required.