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 system changes, the requirements of this Mortgagee Letter are mandatory for all case numbers assigned on or after January 1, 2012 and for all appraisals performed on HUD real estate owned (REO) and Pre-Foreclosure Sale (PFS) properties with an effective date on or after January 1, 2012.
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.
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If only Fannie and Freddie would do the same. Some sofware companies like ACI have issues incorporating UAD. And we are only a week away. What a mess!