Beeken Appraisal Blog

Well, you've probably heard by now that there are a couple of changes heading our way. There's a bunch of new acronyms that are part of the change. What are the UMDP and UAD and what do they mean for you?

UMDP stands for the Uniform Mortgage Data Program, which was created jointly by the GSEs at the direction of the Federal Housing Finance Agency. It's designed as a way to standardize common requirements for appraisal and loan data across the entire transaction.

UMDP consists of several pieces, but the Uniform Appraisal Dataset (UAD) is the key piece that will affect day-to-day appraisal reporting, and consists of key appraisal data elements being standardized to ensure that they are consistently reported across the entire scope of the GSEs' loan portfolio.

We here at Beeken Appraisal are actively implementing some of the new field requirements. We are getting the feel of writing our reports to comply with the changes. Our intent is that when the requirements go into place, we will already have the hang of it, resulting in no lost time in turning around our appraisals.

A la mode expects to deliver the new UAD support forms well in advance of the September 1st deadline and we will be ready for them.

You can read about the UMDP on Fannie Mae or Freddie Mac's websites (click here or here).

Also, a la mode has a good overview as well (click here)

Embrace change!

...Kathy