In recent days there have been rumors and reports that the implementation of the Uniform Appraisal Dataset (UAD) announced by the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, would be delayed. NAR has confirmed that the UAD will go into effect for appraisals on GSE mortgages as scheduled on September 1, 2011, and there will not be a delayed implementation. Appraisal reports submitted to the GSEs on or after this date are required to be UAD compliant. You can get more information on UAD requirements by visiting the Fannie Mae or Freddie Mac UAD web pages.
Yesterday, we discussed FHA’s adoption of the UAD effective January 1, 2012. This is not to be confused with the GSEs effective date of September 1, 2011.