To improve the quality and consistency of electronic data for property appraisals, today Fannie Mae announced (PDF) the Uniform Appraisal Dataset (UAD) and Uniform Collateral Data Portal (UCDP) applicable to the delivery of mortgage loans for MBS. On and after September 1, 2011, all property appraisals for mortgage loans delivered to Fannie Mae must include the report forms (and the data elements specified therein) required by the UAD. In addition, for all conventional mortgage loans for which an appraisal report is required and with application dates on or after December 1, 2011 and delivery dates on or after March 19, 2012, supporting documentation for such mortgage loan deliveries (including related forms, reports, exhibits and photographs) must be submitted electronically through the UCDP before the delivery date of the mortgage loan.
The Federal Housing Finance Agency has coordinated the implementation of the UAD and UCDP with Freddie Mac as well, so mortgage loan originators will have consistent delivery requirements for all mortgage loans.
Investors may contact our Fixed-Income Securities Helpline at 1-888-BOND HLP (1-888-266-3457) if they have additional questions.
Originally Published: 12/16/10