What does this mean?
UAD is the Uniform Appraisal Dataset, which goes into effect on September 1, 2011. Fannie Mae and Freddie Mac, (the GSE’s – Government Sponsored Enterprises), created the Uniform Mortgage Data Program (UMDP) initiative which is intended to improve the quality of loans and documentation submitted by originators to the two GSE’s. The UMDP is a comprehensive loan quality program with several sub-initiatives, most of which apply to lenders who sell loans on the secondary mortgage market.
For appraisers, the UAD is the most important of these sub-initiatives. This program is intended to standardize and provide consistency for data points on real estate appraisal reports. The existing forms will not change, but how certain data is entered into the form will be standardized. Additionally, reports will now be submitted to lenders in what is referred to as a 'dual' format. Lenders will receive the customary 'pdf' file along with a new requisite 'xml' file that is also submitted to the participating GSE.
The Kinnane Group has been issuing UAD compliant reports in dual reporting formats to lenders who have requested them since the middle of July. Our UAD compliant training is complete, our software is in place and our appraisal processing and auditing system is operational. Simply put, we are up and running!
Please let us know when you would like to begin receiving these new dual format reports.
Additional reference material regarding UAD is available on the Freddie Mac website:
UAD Interactive Reference Manual
We look forward to being your partner in migration to the new UAD requirements. Please feel free to contact us with any questions you may have.