Category: Fannie Mae – Freddie Mac

VA & UAD compliance 0

VA Will Not Require UAD Compliance

The US Department of Veterans Affairs (VA) announced that it will not require Uniform Appraisal Dataset (UAD) compliance for appraisal reports on VA backed loans. As of September 1, 2011, VA will accept, but not require, UAD compliant reports; it is preparing a circular with more information on this issue in the very near future which will be posted online.

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DartAppraisal.com Offers Checklist for Uniform Appraisal Dataset (UAD) Compliance

TROY, MI — (Marketwire – Sep 7, 2011) – Residential appraisers seeking to fulfill requirements of the new Uniform Appraisal Dataset (UAD) will find the new UAD checklist available from DartAppraisal.com to be a helpful tool in compliance. The UAD checklist, available here, contains a quick reference of information required for UAD-complaint appraisals, including 38 specific line instructions and nearly 50 common abbreviations. Checklist categories include Timeframes, Location Factors, View Factors, Sale Type, Financing Type and more. DartAppraisal.com recently announced its full coordination of efforts in compliance of the UAD to properly manage appraisals (1004 URAR, 1073 Condo, 2055, and...

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UAD is Data Mining Nothing More

This article was published in the September 2011 issue of the IllinoisAppraiser Newsletter Blue Pill – Red Pill If you’re reading this on September 1st, you’re probably sitting in front of an unfamiliar drop-down menu on your appraisal software or frantically thumbing through Appendix D looking for an answer that isn’t there. Today is D-Day. Actually, UAD-Day. While Fannie Mae and Freddie Mac slide another deck chair over to catch a better view of the ice berg they’ve already hit three years ago, appraisers around the country are wrestling with Fannie & Freddie’s latest contribution to mind-numbing, muddled, mortgage malaise;...

Danger of 1004MC 2

Danger of 1004MC

1004MC : Danger! If you conduct appraisals for residential lending, you are familiar with the 1004MC. Many appraisers rely upon the data which populates the form for conclusions (e.g., trends for Property Values and Prices, relationship between Supply & Demand, etc.) which are later communicated on page 1 of a Fannie Mae appraisal report form. Of course, the data and analysis in the 1004MC are, in part, used by the appraiser in analysis in the Sales Comparison Approach. What could go wrong with this scenario? The correct answer is plenty, resulting in the appraiser communicating misleading opinions and conclusions. What...

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DataMaster Releases Beta UAD Compliant Version

DataMaster has recently released a beta UAD compliant version, called DataMaster Plus. With the new DataMaster Plus, all of the imported information is “UAD compliant” and in the proper format. No need to translate MLS data to meet the UAD standards. DataMaster Plus does this automatically. To learn about DataMaster Plus and its features, register for the webinar. The webinar includes: Brief overview of UAD. How DataMaster handles the UAD requirements. How to customized your DataMaster to fit your requirements. How to build profiles for different lenders and clients. DataMaster is offering a free 14 day trial and is available...

Tutorial webinar video 0

UAD Tutorial for WinTOTAL or TOTAL

Step by Step UAD Tutorial for WinTOTAL or TOTAL With the UAD deadline coming up on Thursday, a la mode recently released a 40 minute video tutorial showing step by step instructions for each UAD fields. In an effort to enhance appraisal data quality and consistency and to promote the collection of electronic appraisal data, Fannie Mae and Freddie Mac (the Government Sponsored Enterprises or GSEs) have developed the Uniform Appraisal Dataset (UAD). The UAD modifies 4 of the industry standard appraisal reporting forms: the URAR, the Individual Condominium Unit Report, the Exterior Only Residential Inspection Report and the Exterior Only...

VaCap Second Letter to Attorney General Cuccinelli Regarding UAD 0

VaCap 2nd Letter to Attorney General Cuccinelli RE UAD

VaCap Second Letter to Attorney General Cuccinelli Regarding UAD 08/29/2011 Kenneth T. Cuccinelli, II Office of the Attorney General 900 East Main Street Richmond, VA 23219 Re: September 1st Implementation by GSEs Dear Sir: In a letter dated July 19th, 2011, the Virginia Coalition of Appraiser Professionals (VaCAP) brought to your attention the serious concerns that we have about the impending implementation of new appraisal reporting requirements by the Government Sponsored Enterprises (GSEs), which are The Federal National Mortgage Association (FNMA) and The Federal Home Loan Mortgage Corporation (FHLMC). Since Fannie Mae and Freddie Mac control a very large percentage...

VREAB Letter to FHFA Calling for Delay of UAD Implementation 0

VREAB Letter to FHFA Seeking Delay of UAD Implementation

VREAB Letter to FHFA Calling for Postponement of UAD Implementation August 29, 2011 Mr. Alfred M. Pollard, General Counsel Federal Housing Finance Agency Dear Mr. Pollard: At its August 16, 2011, meeting, the Virginia Real Estate Appraiser Board (Board) received public comment from a number of Virginia appraisers expressing their unease with the September 1, 2011, implementation of the Uniform Appraiser Database (UAD) by Fannie Mae and Freddie Mac under the direction of the Federal Housing Finance Agency (FHFA). These and other Virginia appraisers have concerns that conforming to the UAD might lead to misleading appraisal reports as the UAD’s...

HUD/FHA UAD Implementation Pushed Back to January 1 1

HUD FHA UAD Implementation Pushed Back to January 1

HUD Mortgagee Letter 2011-30 delays HUD FHA’s requirement for implementing the Uniform Appraisal Dataset (UAD) until January 1, 2012. ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER AUGUST 22, 2011 MORTGAGEE LETTER 2011-30 To  ALL APPROVED MORTGAGEES ALL FHA ROSTER APPRAISERS Subject: The Uniform Appraisal Dataset (UAD) and appraisal reporting forms Purpose of this Mortgagee Letter: The Federal Housing Administration (FHA) will adopt the Uniform Appraisal Dataset (UAD) and two of the UAD compliant appraisal reporting forms, which further define specific data fields in these industry standard appraisal reporting forms. Effective Date: To allow Mortgagees sufficient time to make any necessary data...

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HUD New REO Mapping Tool

HUD Unveils New Web-Based Mapping Tool to Display Nearly Half of U.S. Foreclosed Properties WASHINGTON – The U.S. Department of Housing and Urban Development today launched a new web-based mapping tool displaying the location of all foreclosed properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA). These foreclosed homes collectively account for nearly half of all real estate-owned or REO properties in the U.S. HUD’s REO Portal is intended to help local communities, homebuyers and responsible investors to acquire these properties and accelerate efforts to stabilize local housing markets. This new mapping tool will be of...

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