5th February 2013

New UAD update and UCDP release notification

posted in Appraiser News |

Freddie Mac and Fannie Mae provided the January 2013 Uniform Appraisal Dataset (UAD) Update and Uniform Collateral Data Portal (UCDP) Release Notification to announce the first phase of the conversion of current UAD compliance warning edits to fatal UAD edits in the UCDP. The first phase, targeted for implementation in June 2013, includes the following data fields:

• Appraisal effective date.
• Subject contract price/Comparable sale price.
• Above grade Gross Living Area (GLA) (subject and comparables).
• Sale type (subject and comparables).

Originate and underwrite, sell and deliver
If an appraisal submitted to the UCDP receives one or more fatal UAD edits, it will result in Hard Stop 401 (UAD Compliance Check Failure) and a “Not Successful” status will be issued in the UCDP. If the lender or appraisal vendor receives a “Not Successful” status in the UCDP, the lender or appraisal vendor must resubmit a corrected appraisal with the required data in the correct format to ensure a “Successful” status.

In addition, in order to ensure the UAD data submitted to the UCDP is of high quality and compliant with the government-sponsored enterprises’ (GSEs) data standards, the GSEs announced their intent to discontinue accepting appraisals in PDF and other alternative appraisal formats and to accept only the MISMO file format in the UCDP. The GSEs have initiated conversations with key vendors associated with the non-MISMO XML formats and they will work closely during 2013 with lenders and vendors using these formats to ensure a smooth migration path for lenders. Once a retirement date has been determined the GSEs will provide at least six months’ notice of any formal retirement. The GSEs will provide more updates on our progress throughout the year.

For more information, including a complete listing of the first phase of fatal UAD edits, refer to the January 2013 UAD Update and UCDP Release Notification on FreddieMac.com.

To read the original article at Valuation Review, please visit:

Bryan Knowlton

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