USDA Adopts Uniform Appraisal Dataset (UAD)
The US Department of Agriculture’s (USDA) Rural Development announced that the Uniform Appraisal Dataset will apply to the Single Family Housing Section 502 Guaranteed and Direct Loan Programs effective January 1, 2012.
The purpose of this Administrative Notice (AN) is to announce the USDA Rural Development Single Family Housing Section 502 Guaranteed and Direct Loan Programs will adopt the new Fannie Mae and Freddie Mac Uniform Appraisal Dataset (UAD) effective September 1, 2011. To allow sufficient time to make any necessary data system changes, the requirements of this AN will be mandatory for all appraisals completed on or after January 1, 2012. Prior to the January 1, 2012 date, appraisers have the option of either the UAD compliant format or a non-UAD compliant reporting format.
“Under the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac have developed the Uniform Mortgage Data Program, which uses the UAD. This program is a joint effort to standardize definitions and responses for a key subset of appraisal data entry fields. The UAD standardization will enable a more robust and accurate automated appraisal review. The primary purposes of this effort are to capture consistent data, drive improved loan quality, and manage risk effectively.”