Although compliance is not mandatory until September 2011, the Kinnane Group has recently upgraded its appraisal processing software and is currently in position to begin delivering Uniform Appraisal Dataset (UAD) compliant appraisal reports in 'PDF' or 'XML' formats.
Fannie Mae and Freddie Mac have jointly established the Uniform Mortgage Data Program (UMDP), under the direction of the Federal Housing Finance Agency, to provide common requirements for appraisal and loan delivery data.
UMDP consists of several components, but the UAD is the key piece that will affect day-to-day appraisal reporting, and consists of key appraisal data elements being standardized to ensure that they are consistently reported across the entire scope of the GSEs' loan portfolio.
Use of the UAD is required for appraisals reported on the four UAD appraisal forms with an effective date on or after September 1, 2011. Prior to that date, the Kinnane Group which has updated its appraisal forms software to a version designed to prepare UAD-compliant appraisal reports will start using the UAD, as required by our lender clients.