Fannie Mae and Freddie Mac recently launched the Uniform Mortgage Data Program (UMDP) initiative, which is intended to standardize data provided by lenders to these two mortgage giants. A key part of this initiative is the Uniform Appraisal Dataset (UAD). For residential mortgage lending appraisers, knowledge of the UAD will be essential to completing appraisals for lenders who sell loans to Fannie Mae and Freddie Mac. This course provides an overview of the UMDP and specific information on the requirements of the UAD.
The reasons behind the creation of UMDP are explored, and the benefits to appraisers are enumerated. Key terms will be defined, including the many acronyms that are associated with the UMDP. General information about the UAD will be addressed, including its implementation date, types of loans that require UAD compliance, report form types included in the initiative, and USPAP obligations related to intended users and report content.
Finally, the specific requirements of UAD are addressed in depth, with reference to specific Fannie Mae and Freddie Mac publications and guidance. Examples of compliant and non-compliant language in reports will be provided.