I. INTRODUCTION
Freddie Mac has issued Bulletin 2010-31 which contains a joint policy with Fannie Mae regarding the Uniform Collateral Data Portal Requirements (UCDP) and the Uniform Appraisal Data Set (UAD). The provisions of the bulletin are designed to enhance appraisal data quality and consistency and promote the electronic collection of appraisal data.
The standardization of these data elements will support consistent appraisal reporting, regardless of geographic location of the property or any localized reporting conventions, by addressing vague or disparate data currently included on some appraisal reports, such as:
The UCDP is the joint portal through which Sellers will electronically submit certain appraisal report forms to the GSEs.
II. UNIFORM APPRAISAL DATA SET
The UAD is required for appraisals that have effective dates on or after September 1, 2011, and are completed on the appraisal report forms:
Only conventional Mortgages sold to Freddie Mac and Fannie Mae must meet the UAD requirements. The UAD includes all data points required to complete the appraisal report forms. Other appraisal report forms may be completed using the standards contained in the UAD Specification to the extent those standards are applicable to that particular form.
The current version of the UAD Specification can be found on www.freddiemac.com.
III. UNIFORM COLLATERAL DATA PORTAL
For conventional Mortgages that require appraisal reports and have residential loan applications dated on or after December 1, 2011, and Delivery Dates on or after March 19, 2012, the appraisal report forms listed below, including all exhibits, addenda and photographs, must be submitted to the UCDP before the Delivery Date of the Mortgage.
Either an acceptable Extensible Markup Language (XML) data stream, including an embedded Portable Document Format (PDF) file, or a first-generation embedded PDF file must be submitted to the UCDP. The PDF file must include all exhibits, addenda and photographs, including Freddie Mac Form 71, Market Conditions Addendum to the Appraisal Report. Refer to the UAD Overview for a list of acceptable XML formats. The UAD Overview can be found on www.freddiemac.com.
IV. CONCLUSION
Because the new dataset is an appraisal requirement of Fannie Mae and Freddie Mac, it is likely to become the standard for all elements of the secondary market. If you have any questions about the UAD, the UAD Specification or the UCDP, please contact your Freddie Mac representative or call (800) FREDDIE.
A detailed set of Q & A regarding the Uniform Mortgage Data Program may be found at http://www.freddiemac.com/sell/secmktg/uniform_mortgage_faq.html.