UAD and Forms Redesign (CE SESSION)
Representatives from Fannie Mae and Freddie Mac will share the latest appraisal-related policy updates, focusing on the latest in valuation modernization, Appraiser Independence Requirements, and more. Then Fannie Mae and Freddie Mac will jointly present on the UAD update,
The Uniform Appraisal Dataset (UAD) and Forms Redesign will establish a more flexible, dynamic structure for appraisal reporting. Forms designed for typewriters decades ago will soon be a thing of the past – the new Uniform Residential Appraisal Report (URAR) will replace individual appraisal report forms and be supported by the updated UAD.
Informed by extensive stakeholder input, the dataset is being updated to reflect changes to the appraisal industry since the current version was adopted in 2010, address future appraisal needs, and facilitate ongoing digitization in the appraisal process and the mortgage industry. An updated dataset will enable the retirement of the current appraisal forms, replacing them with a data-driven, flexible, and dynamic report that will still allow appraisers to provide comments in each section. The characteristics of the property will drive the sections of the report, providing clear-cut support for the appraisal’s final value conclusion and improved readability of the appraisal report for all audiences.
Scott Reuter, Freddie Mac
Lyle Radke, Fannie Mae
Ken Defeo, Fannie Mae
Sean Murphy, Fannie Mae