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Important Changes from Fannie Mae and Freddie Mac


Important changes are coming as Fannie Mae and Freddie Mac implement the Uniform Mortgage Data Program
(UMDP).  Minimum requirements for appraisals used in the loan process will be changing to meet the new
standard implemented by Fannie and Freddie.
With a deadline of 09/01/11, programmers have been working overtime to provide you with the appropriate
software to  complete your appraisals in compliance with the Uniform Appraisal Dataset (UAD) easily and on
time.   Over the course of the next several months, we will be reviewing these changes with you so that by the
time they are required, you’ll be able to handle the new requirements with ease.
We have been working jointly with Fannie Mae and Freddie Mac since early last year when this program was
first initiated. The program has gone through many refinements since then with the final specifications being
published last December after a number of delays.
The biggest changes are to the data that you gather and how you enter it on the forms. There is more data to
gather; it’s now standardized; there are rules on how it is placed on the form; how it is abbreviated (because in
some cases it must be abbreviated); and how different pieces of data are separated (i.e. with semi-colons)
within a field.
There are also changes to the meaning of data collected. For example, in the sales grid “Condition” and
“Quality” are now ranked C1 through C6 and are relative to the properties themselves rather than the subject.
This and other specifics will be explained further in mailings, newsletters and on our website as complete
information is available and processed.
September 1, 2011 - All appraisers must be able to complete the appropriate appraisal forms as
required by the Uniform Appraisal Dataset (UAD).
This means that by September 1st (and probably sooner in some cases) you must be able to
submit appraisals that are UAD compliant. We expect that your friendly AMC clients will start to put
pressure on you to comply much sooner than September 1.  We will be ready.
December 1, 2011 -  Lenders must collect the new Uniform Loan Data Delivery (ULDD) data points
required for the first phase of implementation, as well as the UAD standardized appraisal data for
new loan applications. Lenders must submit an electronic appraisal report form before delivery to
Fannie/Freddie if the loan application date is on or after December 1, 2011.
Since there is usually a 90 day lag between when a loan is initiated and when it gets to Fannie or Freddie, this
ensures that all loans initiated on or after September 1 will be compliant with UAD and ULDD requirements
allowing the lender to submit the electronic version and be in compliance.
Although the deadline for appraiser compliance is September 1, 2011, we expect an early software
release in late Spring or early Summer, well ahead of schedule.  Watch for continuing information
regularly from WCA on these important changes.
Part 2

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Last Updated
February 12, 2015


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