UAD Changes Effective September 1, 2011

To improve the quality and consistency of appraisal data, Fannie Mae and Freddie Mac, at the direction of the Federal Housing Finance Agency (FHFA), have developed the Uniform Appraisal Dataset (UAD), which defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses for a key subset of fields.

Here is what is and is not changing:

Changes	No Changes
Appraisers must use UAD compliant software.	The forms stay the same.
Appraisers must use standardized abbreviations  and values for many fields on the form.	Narratives and addendum pages remain free flowing and important.
Appraisers must use standardized ratings and definitions for quality, condition, view, and location sections of the appraisal.	Picture requirements for all baths, main living areas, and photos of both deferred maintenance & improvements stay the same.
Affects single family and condominium exterior and full forms only.	Multi family, review forms, and minor forms are not impacted at this time.

 

Kim Perotti
SVP Operations
http://www.axis-amc.com