Appraisal data files can be submitted to Fannie Mae and Freddie Mac via the UCDP prior to that date. The UCDP was made available on June 27, 2011, for customers and their designated agents so that they can integrate the new information flow into their existing processes prior to the mandatory submission date
As a result of that collaborative effort, the UCDP was developed to serve as the joint portal through which lenders can submit electronic appraisal reports to Fannie Mae and Freddie Mac. The UAD Specification may be amended from time to time.įannie Mae began working with Freddie Mac to develop a common approach to the standardization and collection of appraisal data. The UAD also standardizes the input values for certain elements (for example, specific date and dollar amount formats) and standardizes the definitions for select key appraisal data elements, such as property condition and quality of construction, on the UAD appraisal report forms. The UAD includes all data elements required to complete appraisal report forms. The UMDP includes: (1) the UAD that standardizes key appraisal data elements to enhance data quality and promote consistency (2) the UCDP for the electronic collection of appraisal data to minimize impact on lenders and (3) A Uniform Loan Delivery Dataset (ULDD) that leverages the industry-recognized MISMO Version 3.0 standard.įannie Mae and Freddie Mac created a UAD Specification document to provide business and technical requirements for implementation of the UAD.
The UMDP implements two objectives-electronic submission of appraisal data and collection of additional loan data in an updated format-through a uniform approach that facilitates lender adoption by having uniform datasets and file formats. Recent changes to Regulation Z, mandated under the Dodd-Frank Act, were also implemented by the Federal Reserve Board, to ensure the independence of appraisers in preparing appraisals. In an effort to enhance the quality and consistency of appraisal data and to foster the electronic collection of that data, Fannie Mae and Freddie Mac, at the direction of their regulator, the Federal Housing Finance Agency, co-developed the Uniform Mortgage Data Program (UMDP), consisting of a Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Port (UCDP). Appraisal rules are about to change and will affect your appraisal procedures.
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