January 29, 2013
Uniform Appraisal Dataset Update and Uniform
Collateral Data Portal Release Notification
As communicated in the September UAD Update, Fannie Mae
and Freddie Mac (the GSEs) will convert several of the
current Uniform Appraisal Dataset (UAD) compliance warning ed
its to fatal UAD edits in the Uniform Collateral Data
Portal
®
(UCDP
®
) during 2013. We are targeting implementation of the
first phase in June 2013, with warning edits for the
following data fields converting to fatal UAD edits:
?
Appraisal effective date
Subject contract price and comparable sale price
Above grade Gross Living Area (GLA) (subject and comparables)
Sale type (subject and comparables)
Warning edits for the following data fields will convert to
fatal UAD edits in phases that will be scheduled during the
second half of the year:
Subject and comparable address (including unit number for condominiums)
Subject contract date/ Comparable date of sale/time
Condition rating (subject and comparables)
Quality of construction rating (subject and comparables)
Location rating (subject and comparables)
View rating (subject and comparables)
Each of the data fields in the lists above has associated UAD
edits that will be returned by the UCDP if the data provided
is incomplete or in an invalid format as defined in th
e Fannie Mae and Freddie Mac UAD Specifications. After these
warning edits are converted to fatal UAD edits, if one or mo
re of these edits is issued, 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 lende
r or vendor must resubmit a corrected appraisal with the
required data in the correct format
to ensure a “Successful” status.
For all the details, please visit:
http://www.freddiemac.com/sell/secmktg/docs/uad_newsletter_jan.pdf
