What are the new Fannie Mae UAD requirements and when do they take affect?
Effective September 1st, 2011, Fannie Mae is requiring all appraisals be reported using their new Uniform Appraisal Dataset (UAD), which defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses for certain fields within the report. The intent of the UAD is to provide consistency in terminology, formatting of numbers, such as dates, and standardizing both quality and condition ratings for all appraisals. This is a major change that introduces a whole new method of completing these residential forms. The software companies are in the process of making the required changes to their appraisal software now but is not yet available. MAA will be offering a seminar on these changes several times during the summer beginning in June 2011 so that there will be plenty of time for appraisers to prepare themselves to hit the ground running when the effective date rolls around. MAA is developing this seminar to specifically provid
