Used Real Estate Reviews

Overview

As of September 1st, 2011, appraisers were required to make significant changes in the way they prepare the URAR appraisal report because Fannie Mae, Freddie Mac, FHA, and the VA are now requiring all appraisal reports be transmitted electronically in a standardized format. All URAR appraisal reports with an effective date on or after the first of September have to meet the new Uniform Appraisal Dataset (UAD) standards (and at some future date, for the FHA and VA as well).

Introduction

Under the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac (the GSEs or Government Sponsored Enterprises) have developed the Uniform Mortgage Data Program (UMDP) to enhance the accuracy and quality of loan data delivered to each GSE. The Uniform Appraisal Dataset (UAD) is a key component of the UMDP which defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses for a key subset of fields. Read the rest of this entry »