The Uniform Mortgage Data Program (UMDP) is a joint effort between the government sponsored enterprises (GSE), Fannie Mae and Freddie Mac, to create uniform data standards and collection processes. The program will create efficiency, strengthen risk management for the GSEs, and improve transparency. The GSEs released updated guidance this week (find Fannie’s here and Freddie’s here).
The Uniform Appraisal Dataset (UAD) standardizes key appraisal data elements to enhance data quality and promote consistency. Appraisal reports were initially required to use the dataset by January 1, 2011 but this effective date has been extended to September 1, 2011. Although not required, the UAD may be used for appraisals with effective dates prior to September 1, 2011.
The Uniform Collateral Data Portal is being developed “for the electronic collection of appraisal data to minimize impact on lenders.” While standardization will occur, the GSEs will each have additional requirements for their appraisal data. Originally, the GSEs indicated appraisal report forms must be delivered through the UCDP after January 1, 2011. The effective date for this requirement has been extended to December 1, 2011.