Preparing your Appraisal Providers for the 9/1 UAD Effective Date
Updated August 8, 2011
The September 1, 2011 effective date for the use of the Uniform Appraisal Dataset (UAD)-compliant forms is quickly approaching. If you haven’t already, now is the time to contact your appraisal providers (appraisers and appraisal management companies) to confirm they are prepared to begin using the UAD-compliant forms.
Originate & Underwrite and Sell & Deliver
For successful adoption of the UAD, work with your appraisal providers to have them take the following actions:
Download UAD-compliant software from their appraisal software forms vendor. The following appraisal form vendors have notified the GSEs that they have recently completed software updates to meet the UAD standards: a la mode, ACI, SFRep, Bradford Technologies, HomePuter®, and Global DMS. Note: The Uniform Collateral Data PortalSM (UCDPSM) supports appraisal data in the XML file format from any appraisal software forms vendor that has developed its software output in compliance with the UAD Technical Specification and if the XML file is in one of the UCDP-supported formats.
Attend training and review resources to understand the UAD standards.
Determine how and when your appraisal provider will deliver the appraisal data file to you to meet your business needs. Discuss how and when your appraisal providers will transfer the XML file to you. Though we encourage the use of XML files, the UCDP will accept a first-generation PDF. As an important reminder, first-generation PDFs require the use of a PDF data extraction service to create an XML file in one of the UCDP-supported formats. These services are offered independently of the GSEs by several organizations in the industry, including the service offered by Veros in the UCDP. The GSEs have no responsibility for, or obligations related to, the PDF data extraction services offered by any of these entities. Lenders are responsible for ensuring appraisal report data is both successfully uploaded and receives a "Successful" status from the portal for any first-generation PDF submitted to an extraction service.
Each appraisal software forms vendor may have a different process for transferring appraisal files, so you’ll need to understand your appraisal provider’s process and any implications it may have to your existing business processes. As a reminder, uploading the appraisal data to the UCDP using an XML file is the most reliable delivery method. Once you have confirmed your appraiser is using UAD-compliant forms, you will want to start familiarizing yourself with the UAD output in your underwriting processes and testing an upload to the portal.
Submission of UAD-Compliant Forms to the UCDP
On or after December 1, 2011, the UCDP will accept only UAD-compliant forms for the following four appraisal report forms:
- Uniform Residential Appraisal Report (Freddie Mac Form 70)
- Individual Condominium Unit Appraisal Report (Freddie Mac Form 465)
- Exterior-Only Inspection Individual Condominium Unit Appraisal Report (Freddie Mac Form 466)
- Exterior-Only Inspection Residential Appraisal Report (Freddie Mac Form 2055)
Any appraisal submissions on these forms not completed using a UAD-compliant form, will receive a “Not Successful” submission status in the UCDP if the appraisal effective date is on or after December 1, 2011. Please note that the December 1, 2011 date applies only to the functionality of the UCDP and does not change the requirement that all appraisals with effective dates on or after September 1, 2011 must be UAD-compliant.