New Uniform Appraisal Dataset (UAD) Rules

Effective for residential property appraisals with an effective date, or date of inspection, on or after September 1, 2011, appraisal reports must be completed in compliance with the Uniform Appraisal Dataset (UAD). The rule applies to all conventional mortgage loans sold to Fannie Mae or Freddie Mac. The UAD is a component of the Uniform Mortgage Data Program, which was jointly established by Fannie Mae and Freddie Mac under the direction of their regulator, the Federal Housing Finance Agency to provide common requirements for appraisal and loan delivery data.

Source: http://EzineArticles.com/6347549

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