Freddie Mac and Fannie Mae Will Update Appraisal Dataset and Forms
May 22, 2018
Freddie Mac and Fannie Mae (the GSEs) have launched an initiative to update the Uniform Appraisal Dataset (UAD) and uniform appraisal reporting forms. The UAD and Forms Redesign initiative will leverage extensive stakeholder input to update the appraisal dataset, align it with the industry-standard MISMO® Reference Model Version 3.X, and overhaul the uniform appraisal forms to establish a more flexible, dynamic structure for appraisal reporting. This work is designed to provide greater clarity to lenders, borrowers, and investors; simplify appraisal reporting and reviewing; and build a foundation for appraisal modernization.
The GSEs are working together, at the direction of the Federal Housing Finance Agency (FHFA) to assess and, as appropriate, begin implementation of strategies to redesign the UAD. Under the auspices of the Uniform Mortgage Data Program® (UMDP®)*, the initiative will focus on modernization of the current UAD dataset and residential appraisal forms. The initial stages of the multi-year initiative will explore options and make recommendations regarding changes to the UAD and appraisal forms that will support emerging technologies and data updates.
For More Information
*The Uniform Mortgage Data Program® (UMDP®) is an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of the Federal Housing Finance Agency to enhance data quality and standardization.