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Formal UAD and UCDP Policies Issued

Fannie issues Announcement SEL-2011-06

July 26, 2011

By MortgageDaily.com staff


Updated formal policies have been issued for the Uniform Appraisal Dataset and the Uniform Collateral Data Portal.

The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to develop the UAD and UCDP in order to enhance appraisal data quality and consistency and to promote the delivery of electronic appraisal data.

In Announcement SEL-2011-06, Fannie outlined formal policies related to the UAD and the UCDP.

The UAD includes all data elements needed to complete Fannie's Form 1004, Uniform Residential Appraisal Report; Form 1073, Individual Condominium Unit Appraisal Report; Form 1075, Exterior-Only Inspection Individual Condominium Unit Appraisal Report; and Form 2055, Exterior-Only Inspection Residential Appraisal Report.

UAD requirements apply to appraisals with effective dates of Sept. 1. Forms other than the four listed should use UAD standards where applicable.

Among updated data elements on the UAD is property condition. Fannie said that the standardized definitions for the condition are "not updated," "updated" and "remodeled." A scale ranging from C1 to C6 was developed to identify the specific condition category. A rating of C6 will require the repair of deficiencies identified by the appraiser that impact the safety, soundness or structural integrity of the property prior to loan delivery.

The secondary lender also updated ratings for quality of construction. Specific coding for construction quality and property condition are available at eFannieMae.com.

The UCDP is required as the joint Fannie-Freddie portal through which lenders can submit digital appraisal reports. It went live on June 27 and is mandatory on loans with application dates after Nov. 30 and delivery dates after March 18, 2012.

In addition to the four Fannie forms outlined for UAD use, UCDP data must be transmitted prior to the delivery date for Form 1004 C, Manufactured Home Appraisal Report; Form 1025, Small Residential Income Property Appraisal Report; Form 2090, Individual Cooperative Interest Appraisal Report; and Form 2095, Exterior-Only Inspection Individual Cooperative Interest Appraisal Report.

"The submissions to UCDP must consist of either an acceptable Extensible Markup Language (XML) data stream, including an embedded Portable Document Format (PDF) file, or a first-generation PDF file that will be converted to XML," the announcement stated. "The PDF file must include all exhibits, addenda, and photographs, including the Market Conditions Addendum to the Appraisal Report (Fannie Mae Form 1004MC)."

Other appraisal forms cannot be delivered through UCDP, though they still need to be included in the loan files.

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