Appraisers are getting up to speed on the Uniform Mortgage Data Program (UMDP), Fannie Mae and Freddie Mac’s joint effort to standardize loan delivery and appraisal data. Specifically, Uniform Appraisal Dataset (UAD), which will standardized appraisal data, including data formats, abbreviations, ratings and definitions, and other instructions in the appraisal report forms.
The Federal Housing Administration (FHA) is preparing appraisers for how UAD will impact FHA roster appraisers. According to FHA’s Spring 2011 FHA Appraiser newsletter, appraisers will be required to submit UAD-compliant appraisal reports when using the URAR and the individual condominium unit report form. FHA does not allow the use of the exterior inspection forms.
FHA will announce further guidance later this year probably through a Mortgagee Letter on the use of UAD for FHA-insured mortgages. In the meantime, appraisers can find more information on UMDP and UAD here.