Appraisal Overhaul Pushed Back to Jan 1

The Department of Housing and Urban Development’s deadline for implementing new Uniform Appraisal Dataset (UAD) requirements has been pushed back to January 1, according to Mortgagee Letter 2011-30, released on Monday. As specified in the mortgagee letter, the new UAD requirements will go into effect for all case numbers assigned on or after January 1, 2012 and for all appraisals performed on HUD real estate owned (REO) and Pre-Foreclosure Sale (PFS) properties with an effective date on or after January 1, 2012. All other implementation dates stand, including Fannie Mae’s.

The requirements under the Federal Housing Administration aim to streamline the appraisal process and make appraisals more uniform. Appraisal management companies are working to teach and train appraisers to use the UAD, which essentially revolutionizes the way appraisals are documented by setting standards throughout the appraisal process.

The UAD is one component of a larger effort toward improving the appraisal process; additionally, a Uniform Uniform Collateral Data Portal (UCDP) will enable lenders to submit appraisal report forms electronically. The mortgagee letter specifies that mortgagees may use either format in advance of the January 1 implementation date.

View ML 2011-30.

Written by Elizabeth Ecker

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