Fannie Mae and Freddie Mac recently announced that they have launched an initiative to update the Uniform Appraisal Dataset (UAD) and uniform appraisal reporting forms to provide greater clarity for industry participants, simplify appraisal reporting and reviewing, and to build a foundation for appraisal modernization.
According to the GSEs’ announcement, this UAD and forms redesign initiative will leverage extensive stakeholder input to update the appraisal dataset, align it with the industry-standard MISMO® Reference Model Version 3.X, and overhaul the uniform appraisal forms to establish a more flexible and dynamic structure for appraisal reporting.
Fannie and Freddie will be working together on this project, at the direction of the Federal Housing Finance Agency (FHFA), to assess and begin the implementation of strategies to redesign the UAD, which will focus on the modernization of the current UAD dataset and residential appraisal forms.
The initial stages of this multi-year initiative will explore options and make recommendations regarding changes to the UAD and appraisal forms that will support emerging technologies, data updates, and provide a foundation for modernization.
The GSEs mentioned that they will provide periodic updates and progress notifications as they become available. For more information, including a tentative timeline, check out Fannie and Freddie’s joint announcement.