UAD Update

National Association of Appraisers

  1. Below is a complete copy of an email from Bob Murphy at Fannie Mae. It is provided as an urgent matter. The mistake probably was based on the FHA announcement.
  2. Fannie/Freddie have recently updated their UAD instructions, primarily to add in most sections that the appraiser may/should add comments/clarifications when necessary. The report doesn’t change except for the standardization. The UAD does not substitute for text comments in either the comments section or addenda.

The email states the following:

We are reaching out to you to help us reinforce the GSE’s September 1, effective date for Uniform Appraisal Dataset (UAD) forms.

Yesterday, several news outlets published articles incorrectly reporting that the UAD effective date was pushed back to January 2012.  The GSEs (Freddie Mac and Fannie Mae) have NOT changed their UAD effective date of September 1, 2011. The January 1, 2012, effective date is the adoption date for FHA, which recently announced it will adopt the UAD and two of the UAD compliant appraisal reporting forms.   More information on FHA’s adoption of the UAD is available in their Mortgagee Letter 2011-30.
If you should receive any inquiries regarding the press coverage, we would appreciate your help in sharing the following key message:

  • The GSEs have not changed their UAD effective date.  September 1, 2011 remains the effective date for appraisal reports to be completed in compliance with the UAD for conventional mortgages sold to the GSEs.  
  • The January 2012 date is the effective date for the use of the UAD for FHA.  More information on FHA’s adoption of the UAD is available in their Mortgagee Letter 2011-30.

Additionally, we are posting reminders on our Websites about the September 1 effective date – and wanted to ask you to help us and do the same (if you have not already).  A suggestion is below.
"Reminder:  September Uniform Appraisal Dataset Effective Date is Approaching -  Fannie Mae and Freddie Mac are requiring UAD forms for all appraisal report forms with effective dates of September 1, 2011 or later."

appraisal management, fha appraisals, appraisal management companies, fha appraisal compliance, reverse mortgage appraisals

~ by mortgagecompliancecorner on August 29, 2011.

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