What is uad format

The "Data Source s " and "Effective Date of Data Source s " fields are still required in order to document where no sales were recorded.

The GSEs have changed their guidelines on this recently and no longer consider this a problem. Our next update will reflect those changes so an error will not be flagged here in the near future. According to our sources, these entries aren't necessarily related to what is entered in the comps grid above it. It doesn't matter if a property sale is currently pending; if there was a prior sale within a relevant time frame, it should be entered here.

The GSEs mandate that this field is limited to nine characters. If there isn't any finished square footage, the rooms below grade should not be entered. It must be left blank. This is guidance from the GSEs. We recommend disclosing this in the addenda. Either is UAD-compliant. Aurora and TOTAL take care of this for you by formatting address items and putting in correct abbreviations e.

AVE for Avenue whenever you use our mapping features. Learn more about UAD-compliant addresses here. View transfers from Page 1 Site section. Condition transfers from Page 1 Improvements section. Yes, in some cases. Some fields will give you restricted picklists in which to make selections.

The GSEs' have mandated that this field be limited to 25 characters. They're aware it's an issue but haven't said when it will change. In the meantime, you can leave this field blank and add the information to the addenda as needed. Remember, this field isn't required. Since UAD rules require us to make sure the text in your final, signed report matches precisely the text in the XML file which lenders and AMCs will eventually send to GSEs, we've added new features which make organizing addenda easier for you while doing your reports, and easier for the client when reading them.

You can read more about this great new feature here. Design styles can be unique to your region, but here's a good starting point: realtormag. If the listing you're using is an active listing, then neither the financing type nor concession amount is required.

Though it may not be your preference, go ahead and leave the field blank. The additional comparables pages do have the UAD field expansions to assist you entering the UAD required data, however, additional rentals and listings do not. Currently, the GSEs do not have any specifications around additional rentals or listings but if that changes, we'll update these forms to meet the requirements. The field containing "No AMC" is actually pulled from the client company in a report. If there isn't one, or it matches the lender company exactly, "No AMC" will be populated into this field.

So in most cases, you won't have to enter "No AMC" on the form. Will I be able to send my clients reports in the correct format? How do I deliver files to clients that don't use a plugin or DataCourier? Which forms are affected? What is the correct format? Why am I getting a character limit error on the "Price of Prior Sale" field? Common sense is not their strong point. The final line is the consistency check.

Make sure you perform this if your software does not do it for you! Enter on this line the city in which the subject is located. Appendix D. The above example is a typical entry. Some are more complex. Follow the directions carefully. Name Company Name Company Address Email Address Enter the name of the party or entity designated as the lender for the loan.

UAD has specified what computer programmers refer to as fields and appraisers call lines and checkboxes on the URAR form. The limitations on the manner in which data can be entered is not subject to any acceptable variance. Baths must all be shown as three digit formats. The first number is for full baths, followed by a decimal point and a digit indicating half baths.

Therefore 3. Usually semi colons are used instead as separators. Lender Letter LL December 16, This Lender Letter includes an overview of the following:. The UAD also standardizes the input values for certain elements e. The UAD is required for appraisals with effective dates on or after September 1, that are completed on the four UAD appraisal report forms.

Only conventional mortgages sold to Fannie Mae that are accompanied by one of the four UAD appraisal report forms must meet this requirement. Lender Letter LL Page 1. 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.

In addition, although not required, the UAD may be used for appraisal reports with effective dates prior to September 1, The UAD Specification may be amended from time to time. Uniform Collateral Data Portal. On May 1, , Fannie Mae notified lenders in Announcement , Mortgage Loan Data Requirements , that submission of electronic appraisal data elements would be required for mortgage loan applications dated on or after January 1, As a result of that collaborative effort, the UCDP was developed to serve as the joint portal through which lenders will submit electronic appraisal reports to Fannie Mae and Freddie Mac.

Effective for all conventional mortgage loans for which an appraisal report is required and with application dates on or after December 1, and delivery dates on or after March 19, , the following appraisal report forms, including all exhibits, addenda, and photographs, must be submitted to UCDP before the delivery date of the mortgage loan to Fannie Mae. This includes the four UAD appraisal report forms and four additional forms:. Lenders may deliver appraisal reports through UCDP as soon as the portal becomes available, which is currently scheduled for June Fannie Mae will notify lenders when the portal is available.

Appraisal report forms not listed above must not be delivered through UCDP. Future Updates to Fannie Mae Policies. As noted above, the UAD Specification provides standardized definitions for property condition and construction quality. The new definitions are expressed as a rating. Property condition will be rated C1 - C6, and quality of construction will be rated Q1 - Q6.

The Selling Guide will be updated no later than the required implementation date of the UAD to reflect these standardized definitions. Condition ratings C5 and C6 will be applicable if the appraiser identifies physical deficiencies that affect the soundness, structural integrity, or livability of the subject property.

Mortgage loans secured by properties with these ratings will be eligible for delivery, but the required repairs must be completed before the mortgage is delivered to Fannie Mae. Single-Family Chief Risk Officer.

FNMA maintains links for the following items on its web site. These copied links below are inactive from this browser, but the stated topics covered will be useful to readers intending to go to the FNMA site. UAD Recorded Tutorial. To improve the quality and consistency of appraisal data on loans delivered to the GSEs, Fannie Mae and Freddie Mac, at the direction of the Federal Housing Finance Agency FHFA , have developed the Uniform Appraisal Dataset UAD , which defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses for a key subset of fields.

For appraisals with an effective date date of inspection on or after September 1, , the appraisal report must be completed in compliance with the UAD for conventional mortgage loans sold to Fannie Mae or Freddie Mac.