Fannie and Freddie Webinars
Most know by now that, in a “quest to improve loan quality through more robust and uniform data,” Fannie Mae, Freddie Mac are introducing a new “language” called the Uniform Appraisal Dataset (UAD). The GSE’s are providing specific and mandatory guidance on how to fill out the 1004, 2055, 1073 and 1075 forms. The FHA and VA have signed on as well. There will be specific rules and verbiage required for the various fields in the forms. Unless the date is pushed back, as of September 1, 2011, all appraisers must complete the appropriate appraisal forms as required by the UAD. December 1, 2011 is the date by which lenders must collect the new Uniform Loan Delivery Dataset (ULDD) data points required for the first phase of implementation, as well as the UAD standardized appraisal data for new loan applications. There is much information available to help appraisers get up to speed, including two free webinars from Fannie and Freddie that have gotten good reviews:
http://www.freddiemac.com/sell/secmktg/uniform_appraisal.html