Posted by: RAPV | July 1, 2011

Uniform Appraisal Dataset (UAD) effective Sept 1

There may be questions about the new Uniform Appraisal Dataset (UAD) coming Sept 1.  NAR Senior Regulatory Policy Rep. Jerry Nagy says: “The process itself will not likely slow down the transaction. The concern really is around appraisers being up to speed and ready for compliance. If anything slows down the transactions it would be that not enough appraisers know what is required in UAD for compliance. The GSEs have been pretty aggressive in getting the word out and NAR has pushed it out (so have the appraisal trades) so hopefully the impact will be minimal to the consumer.”    For appraisals with an effective date (date of inspection) on or after Sept 1, 2011 the appraisal report must be completed in compliance with the UAD for conventional mortgage loans sold to Fannie Mae or Freddie Mac.   This link explains UAD; www.efanniemae.com/sf/lqi/umdp/uad/index.jsp.   NAR has a UAD blog; http://appraisalinsight.blogs.realtor.org/category/uniform-appraisal-dataset/

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