Fannie Mae and Freddie Mac plan to continue converting several of the current Uniform Appraisal Dataset (UAD) compliance warning edits to fatal UAD edits within the Uniform Collateral Data Portal (UCDP) on January 26, 2014.
This second phase of conversions will convert the following data fields from warning edits to fatal UAD edits:
- Quality of Construction Rating (subject and comparables)
- Location Rating (subject and comparables)
- View Rating (subject and comparables)
- Condition Rating (subject and comparables)
Each of the data fields above has an associated UAD edit that will be returned by the UCDP if the data provided is incomplete or in an invalid format. If an appraisal is submitted to the UCDP and receives one or more fatal UAD edits, it will initiate Hard Stop 401 (UAD Compliance Check Failure) and a “Not Successful” status will be issued in the UCDP as a result. When a lender or appraisal vendor receives this “Not Successful” status in the UCDP, they must first correct the appraisal and then resubmit it with the required data in the correct format.
Fannie and Freddie have also announced the remaining data fields that will be converted from compliance warning edits to fatal UAD edits in July 2014, and these include:
- Subject and Comparable Address (including unit number for condominiums)
- Subject Contract Date
- Comparable Date Sale/Time
Additional GSE Updates:
Hard Stop 401 (UAD Compliance Check Failure) Processing:
The GSEs are planning to make a change to Hard Stop 401’s current processing on January 26, 2014 in order to provide more comprehensive feedback to lenders. Once the change is implemented, the UCDP will return all messages related to an appraisal submission that triggers Hard Stop 401. This will allow lenders, or their authorized agents, to address all issues or questions with an appraiser in a more timely matter.
Change to Accepted XML File Formats in UCDP:
In order to ensure that the UAD data submitted to the UCDP is of high quality and compliant with all data standards, Fannie Mae and Freddie Mac will discontinue accepting appraisals in PDF and other alternative appraisal formats (ACI XML and AIReady XML) in July of 2014. Once this official “retirement” of the alternative appraisal formats has taken place, only the MISMO 2.6 XML file format will be accepted within the UCDP.