Important Announcement | 08/26/2011
Lincoln Appraisal & Settlement Services would like to remind our valued client and appraiser partners that The Uniform Appraisal Dataset (UAD) goes into effect September 1, 2011. This is a significant change to Fannie Mae and Freddie Mac reporting requirements.
Only the following forms are affected by this change currently:
- 1004 Form – The Uniform Residential Appraisal Report
(Fannie Mae Form 1004/Freddie Mac Form 70) - 2055 Form – The Exterior-Only Inspection Residential Appraisal Report
(Fannie Mae/Freddie Mac Form 2055) - 1073 Form – The Individual Condominium Unit Appraisal Report
(Fannie Mae Form 1073/Freddie Mac Form 465) - 1075 Form – The Exterior-Only Inspection Individual Condominium Unit Appraisal Report
(Fannie Mae Form 1075/Freddie Mac Form 466)
As of the September 1, 2011 deadline no other report forms need to be UAD compliant. Only those appraisals intended for the use of Fannie Mae/Freddie Mac which are reported on the 1004, 2055, 1073 and 1075 form.
The FHA has recently announced that they have extended the date that they will require UAD-compliant forms until January 1, 2012.
Keep in mind that an individual Lender MAY require the use of UAD-compliant forms for their own purposes, even those that are FHA insured. We must be aware of our individual client’s requirements.
This could be a difficult transition for appraisers, lenders and AMC’s alike. All of us at Lincoln Appraisal are ready to help assist our clients and partners during this exciting transition period.
Our industry needs to work together to make the implementation of these reporting changes as smooth as possible.
All parties are going to have to have understanding and patience while our industry works out changes in the reporting and delivery of real property valuations for Fannie Mae and Freddie Mac.
The new reporting format is a learning opportunity for everyone and some mistakes may be made during this transition period.
The appraisal software companies have been working diligently to provide their appraiser-clients the software tools they need to comply with the new reporting requirements. Appraisers and lenders are educating themselves and Lincoln Appraisal and Settlement Services has been getting prepared too!
We have implemented a new, state of the art management software platform that will work seamlessly with the new UAD/UMDP software.
Our new platform will provide our lender clients and as well as our appraiser partners with a cutting edge appraisal management system for placing, tracking, and receiving orders. In addition, it enables our in-house team of certified and licensed appraisers to review appraisal reports in the most efficient manner possible thereby minimizing turn times.
UAD Compliance
For appraisers:
UAD Compliance is mandatory on September 1st 2011
Lincoln Appraisal & Settlement Services would like to remind our appraiser partners that effective September 1, 2011 they will be required to submit all reports made on the 1004, 1073, 2005 and 1075 forms which will be used by Fannie Mae and Freddie Mac in compliance with the Uniform Appraisal Dataset (UAD).
All appraisal reports with an effective date (inspection date) on or after September 1st, 2011 must be submitted in UAD compliant format.
We understand that the conversion to UAD will require some adjustment in your business processes. The entire staff of Lincoln Appraisal, from our review team through our IT experts, is prepared to assist you in making this transition as seamless as possible.
It is your responsibility to upgrade and to become proficient with your appraisal software. All appraisal software providers are offering the upgrades free of charge to current subscribers. Please contact your software provider directly for more information. You must have UAD compliant software to submit reports to your clients on or after September 1, 2011.
For clients:
Trust Lincoln Appraisal – Proficient in UAD Compliance
Lincoln Appraisal & Settlement Services is fully prepared for Uniform Appraisal Dataset compliance as required on all Fannie Mae and Freddie Mac loans with an effective date (inspection date) on or after September 1st, 2011.
All appraisals reported on the 1004, 1073, 2005 and 1075 Form will be submitted in compliance with UAD reporting requirements after September 1, 2011.
Our appraisers throughout the country are ready for this transition, and our entire staff is available to assist you with any concerns or questions you may have.
UAD Resources
- UMDP Implementation Dates
- Uniform Loan Delivery Dataset (ULDD)
- Uniform Appraisal Dataset (UAD)
- Uniform Collateral Data Portal (UCDP)
The UAD for appraisal reporting is one many changes going into effect in the coming months.
All appraisers and lenders working with Fannie Mae, Freddie Mac and the FHA are going to be required to implement the Uniform Mortgage Data Program (UMPD) within the next few months. That means that in addition to the UAD we will be working together on implementation of the Uniform Loan Delivery Dataset (ULDD) and Uniform Collateral Data Portal (UCDP) in the coming months. I encourage everyone to become educated about these opportunities. Working together we will make this work.
Please feel free to contact us with any issues you may have. We would be happy to assist you during this important transition.
Vendor Services:
401-831-3500, Option 4
VendorDept@LincolnAppraisal.com
Client Services:
401-831-3500, Option 3
ClientServices@LincolnAppraisal.com
