UAD Compliance Information

UAD COMPLIANCE INFORMATION FOR APPRAISERS:

Nations Valuation Services would like to remind our appraisal vendors that as of September 1, 2011, NVS requires all appraisal reports for conventional mortgage loans sold to Fannie Mae or Freddie Mac be completed on the following four appraisal report forms in compliance with the Uniform Appraisal Dataset (UAD):

  • Uniform Residential Appraisal Report (Fannie Mae Form 1004/Freddie Mac Form 70)
  • Individual Condominium Unit Appraisal Report (Fannie Mae Form 1073/Freddie Mac Form 465)
  • Exterior-Only Inspection Individual Condominium Unit Appraisal Report (Fannie Mae Form 1075/Freddie Mac Form 466)
  • Exterior-Only Inspection Residential Appraisal Report (Fannie Mae/Freddie Mac Form 2055)

Please note that HUD announced Mortgagee Letter 2011-30 dated August 22, 2011 that the Federal Housing Administration has extended the UAD requirements applicable to all case numbers assigned on or after January 1, 2012, and all appraisals performed on HUD REO and PFS properties with an effective date on or after January 1, 2012.

Of equal (if not greater) importance, the Mortgagee Letter 2011-30 specifically states the following:

“Prior to the effective date, Mortgagees, at their discretion, may accept and submit for loan endorsement an appraisal in either a UAD compliant format or a non-UAD compliant reporting format.”

What this means, is NVS and its appraiser’s mutual clients (lenders) can request an FHA, REO, or PFS appraisals be completed on a UAD compliant form. Please reference individual engagement letters for exact details on client specifics.

The entire staff of Nations, from our review team right through to our IT experts, is prepared to assist you in making the transition as seamless as possible. However, it is your responsibility to upgrade and to become proficient with the new appraisal report software. All appraisal software providers are offering the upgrades free of charge to current subscribers. Please contact your software provider directly for more information.

FOR CLIENTS:

Nations Valuation Services is fully compliant with all current UAD (Uniform Appraisal Dataset) requirements set forth by Fannie Mae and Freddie Mac. As of September 1, 2011, NVS requires all appraisal reports for conventional mortgage loans sold to Fannie Mae or Freddie Mac be completed on the following four appraisal report forms in compliance with the Uniform Appraisal Dataset (UAD):

  • Uniform Residential Appraisal Report (Fannie Mae Form 1004/Freddie Mac Form 70)
  • Individual Condominium Unit Appraisal Report (Fannie Mae Form 1073/Freddie Mac Form 465)
  • Exterior-Only Inspection Individual Condominium Unit Appraisal Report (Fannie Mae Form 1075/Freddie Mac Form 466)
  • Exterior-Only Inspection Residential Appraisal Report (Fannie Mae/Freddie Mac Form 2055)

Please note that HUD announced in Mortgagee Letter 2011-30 dated August 22, 2011 that the Federal Housing Administration has extended the UAD requirements applicable to all case numbers assigned on or after January 1, 2012, and all appraisals performed on HUD REO and PFS properties with an effective date on or after January 1, 2012.

Of equal (if not greater) importance, the Mortgagee Letter 2011-30 specifically states the following:

“Prior to the effective date, Mortgagees, at their discretion, may accept and submit for loan endorsement an appraisal in either a UAD compliant format or a non-UAD compliant reporting format.”

What this means is lenders have the ability to request at their discretion, that FHA, REO and PFS appraisals be completed on UAD compliant forms.

The UAD standardizes certain data points to support consistent appraisal reporting, regardless of geographic location of the property or any localized reporting conventions. For increased consistency and clarity, Nations Valuation Services, requires all appraisal vendors to submit their appraisal reports in a UAD compliant format for any assignment completed on one of the above four forms, regardless of the assignment type or purpose.

Additionally, Nations Valuation Services vendor website will only allow appraisal vendors to submit their completed appraisal reports on forms that are UAD compliant (as required by Fannie, Freddie, and Client requirements). Appraisal reports that are not completed to UAD specifications will be rejected at the time of submission. This proactive approach ensures that our lender clients will only receive UAD compliant appraisals for assignments completed on one of the four UAD forms.