New and Updated Resources Available to Help with Implementing the Uniform Appraisal Dataset
February 23, 2011
In December 2010, Freddie Mac and Fannie Mae (the GSEs) published the full details of the Uniform Appraisal Dataset (UAD). The publication of the 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, marked a major milestone in our effort to improve the quality and consistency of appraisal data delivered to the GSEs.
Now, we’re focusing our efforts on providing resources to assist lenders and the appraisers they work with to prepare to implement the UAD. To help prepare your underwriting and property valuation staff, as well as the appraisers you work with, the following new and updated resources are now available on FreddieMac.com:
New Using the Uniform Appraisal Dataset Tutorial and Interactive Reference Manual: This helpful training tool introduces lender staff, appraisers, and industry professionals to the requirements and instructions necessary to complete appraisal report forms in accordance with the UAD.
Updated Questions & Answers: We’ve posted new Q&As tailored specifically to address UAD-related questions we’ve received from appraisers. We’ll be updating the Q&As frequently, so please check back on a regular basis to make sure you have reviewed the latest updates.
Updated Field-Specific Standardization Requirements document: We’ve also renamed and made minor updates to the previously published Field-Specific Standardization Requirements for Lenders document. The updated document, now called Field-Specific Standardization Requirements, can be used to educate your staff, as well as the appraisers you work with, on the standardized definitions and responses for a key subset of fields on the four UAD appraisal report forms.
We are also sharing these resources with a number of appraiser trade organizations, appraisal software forms vendors, and education providers to aid in the adoption of the UAD.
In addition to providing these resources, we’ve also updated the UAD Technical Specification to address issues identified with the required XPaths for mapping the data on the appraisal forms and minor changes to our formatting requirements. These changes are most relevant to lenders who will be extracting the data from the appraisal report form electronically and are noted in the updated documents available on FreddieMac.com.
For More Information
Over the coming months, we will provide additional job aids, training opportunities, and other resources to assist you in implementing the UAD requirements, as well as more details on the use of the Uniform Collateral Data Portal (UCDP). For additional information, visit our Uniform Appraisal Dataset Web page or contact your Freddie Mac representative.