Fatal UAD Edits on Appraisals Coming Soon
Fatal UAD edits on Appraisals to Become Effective in June 2013
Effective June 2013, Fannie Mae and Freddie Mac (the GSEs) will convert several of the current Uniform Appraisal Dataset (UAD) compliance warning edits to fatal UAD edits in the Uniform Collateral Data Portal.
Warning edits for the following data fields will convert to fatal UAD edits in June 2013:
- 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 the Fannie Mae and Freddie Mac UAD Specifications. After these warning edits are converted to fatal UAD edits, if one or more 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 lender or vendor must resubmit a corrected appraisal with the required data in the correct format to ensure a “Successful” status.
The conversion of edits from warning to fatal will apply to the four UAD forms:
- 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 and Freddie Mac Form 2055)
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