Fannie Mae and Freddie Mac are currently collaborating on a game-changing initiative to redesign the uniform appraisal dataset (UAD) for their standard appraisal forms. This project has been in the works since 2019, and we will likely see it come to fruition by the end of 2023. This is a huge undertaking that involves subject matter experts across the country, including appraisers, lenders, appraisal management companies, government agencies, and other trade organizations.
Standardizing appraisal forms to maximize efficiency has been a major pain point for the industry, so Fannie and Freddie are heavily invested in getting this right. With this initiative, they are taking a very different approach to anything that we’ve seen in the past. This will really be a complete makeover of the system that governs how appraisers report their value opinions.
The upcoming changes represent a move from a static standardized form to a form with dynamic formatting capabilities that will adjust to the properties and characteristics being appraised. Appraisal forms as we know them will eventually be phased out as the new standardized forms go into use. In this post, we’ll discuss some of the upcoming changes to standard appraisal forms.
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