Which appraisal forms are uad

No variance permitted. If it had read " UAD Conditionally Required " it means it is only required when and if the information is available. If there is no instruction at the end of a line, it means that line is optional as far as UAD is concerned. Some optional lines and instructions may say UAD Instructions and these must be followed if you use the line or check box.

These lines are used by the appraiser to comply with USPAP requirements to make a credible appraisal. The second line is the description of what is to be entered. The third line is the Reporting Format. This allows any letters or punctuation but limits the number of characters on the line or in the box. The next item is the number of characters you are allowed to use. Anything more will be chopped off and not be entered into the system. Assume bureaucrats will reject your work if this happens.

Common sense is not their strong point. The final line is the consistency check. Make sure you perform this if your software does not do it for you!

Enter on this line the city in which the subject is located. Appendix D. The above example is a typical entry. Some are more complex. Follow the directions carefully. Name Company Name Company Address Email Address Enter the name of the party or entity designated as the lender for the loan. UAD has specified what computer programmers refer to as fields and appraisers call lines and checkboxes on the URAR form. The limitations on the manner in which data can be entered is not subject to any acceptable variance.

Baths must all be shown as three digit formats. The first number is for full baths, followed by a decimal point and a digit indicating half baths. Therefore 3. Usually semi colons are used instead as separators. Lender Letter LL December 16, This Lender Letter includes an overview of the following:. The UAD also standardizes the input values for certain elements e. The UAD is required for appraisals with effective dates on or after September 1, that are completed on the four UAD appraisal report forms.

Only conventional mortgages sold to Fannie Mae that are accompanied by one of the four UAD appraisal report forms must meet this requirement. Lender Letter LL Page 1. Other appraisal report forms may be completed using the standards contained in the UAD Specification to the extent those standards are applicable to that particular form. In addition, although not required, the UAD may be used for appraisal reports with effective dates prior to September 1, The UAD Specification may be amended from time to time.

Uniform Collateral Data Portal. On May 1, , Fannie Mae notified lenders in Announcement , Mortgage Loan Data Requirements , that submission of electronic appraisal data elements would be required for mortgage loan applications dated on or after January 1, As a result of that collaborative effort, the UCDP was developed to serve as the joint portal through which lenders will submit electronic appraisal reports to Fannie Mae and Freddie Mac.

Effective for all conventional mortgage loans for which an appraisal report is required and with application dates on or after December 1, and delivery dates on or after March 19, , the following appraisal report forms, including all exhibits, addenda, and photographs, must be submitted to UCDP before the delivery date of the mortgage loan to Fannie Mae.

This includes the four UAD appraisal report forms and four additional forms:. Lenders may deliver appraisal reports through UCDP as soon as the portal becomes available, which is currently scheduled for June Fannie Mae will notify lenders when the portal is available.

Appraisal report forms not listed above must not be delivered through UCDP. Future Updates to Fannie Mae Policies. As noted above, the UAD Specification provides standardized definitions for property condition and construction quality.

Those forms will also be in the same folders as you're used to. Keep in mind that these are simply the forms that need to be compliant with the Uniform Appraisal Dataset. To learn more about UCDP, click here. The actual XML is simply a text file, which is very easy for another computer to read and use for business rules. However, embedded in that text file is an actual PDF you create. It's much different than the AI Ready XML which really is just a text file and plain image attachments that then get reconstructed into a printable appraisal report and isn't designed to be what you would've printed from your software.

The GSEs have programs to split out that PDF into a separate file, so they will always get a printable appraisal report with all formatting and addenda just as you intended. And that consistency lends itself to automation, which means that the XML delivery is much less expensive to process. The Submission Summary Report SSR tells the lender whether the appraisal has been accepted by the Uniform Collateral Data Portal UCDP and provides codes for any errors that were encountered as well as other very important information about the submission.

It is generated by UCDP and typically retrieved by the person who submitted the appraisal. Most likely, this will be your client or someone working on their behalf. The SSR is not returned directly to you, so if you want to see it, you should request it from your client who submitted the report to UCDP.

If no sales have happened within the stated time frame or the information isn't available, nothing should be entered. The "Data Source s " and "Effective Date of Data Source s " fields are still required in order to document where no sales were recorded.

The GSEs have changed their guidelines on this recently and no longer consider this a problem. Our next update will reflect those changes so an error will not be flagged here in the near future.

According to our sources, these entries aren't necessarily related to what is entered in the comps grid above it. It doesn't matter if a property sale is currently pending; if there was a prior sale within a relevant time frame, it should be entered here. The GSEs mandate that this field is limited to nine characters.

If there isn't any finished square footage, the rooms below grade should not be entered. It must be left blank. This is guidance from the GSEs. We recommend disclosing this in the addenda. Either is UAD-compliant. Aurora and TOTAL take care of this for you by formatting address items and putting in correct abbreviations e.

AVE for Avenue whenever you use our mapping features. Learn more about UAD-compliant addresses here. View transfers from Page 1 Site section. Condition transfers from Page 1 Improvements section. Yes, in some cases. Some fields will give you restricted picklists in which to make selections.

The GSEs' have mandated that this field be limited to 25 characters. They're aware it's an issue but haven't said when it will change. In the meantime, you can leave this field blank and add the information to the addenda as needed.

Remember, this field isn't required. Since UAD rules require us to make sure the text in your final, signed report matches precisely the text in the XML file which lenders and AMCs will eventually send to GSEs, we've added new features which make organizing addenda easier for you while doing your reports, and easier for the client when reading them.

You can read more about this great new feature here.