Fannie Mae Uniform Mortgage Data Program Updates and Lender Letter on Appraisal Data

 

Fannie Mae has issued the following Lender Letter: LL-2010-15, Uniform Appraisal Dataset and Uniform Collateral Data Portal Fannie Mae and Freddie Mac today announced updates to the implementation dates and requirements for loan delivery and appraisal data under the Uniform Mortgage Data Program (UMDP). Fannie Mae also issued Lender Letter LL-2010-15, Uniform Appraisal Dataset and Uniform Collateral Data Portal, to provide formal notice of our appraisal data requirements under the UMDP and advance notice of related policy updates in connection with appraisal data standardization. The UMDP is a joint effort by Fannie Mae and Freddie Mac (the GSEs) at the direction of Federal Housing Finance Agency (FHFA) to standardize and drive data quality that benefits the entire mortgage industry. Fannie Mae and Freddie Mac understand the magnitude of the change required to achieve this important goal and its impact on a number of industry players. To facilitate its successful adoption, the GSEs have collected extensive feedback from a wide array of customers, lenders, appraisers, and other industry participants. Based on this input, and to position all industry stakeholders for success in implementing the UMDP, today the GSEs announced revisions to the effective dates and requirements. The GSEs are also providing new and updated resources to assist lenders and their appraisers in preparing for implementation. These updates provide additional time for the industry to meet the full UMDP requirements. Furthermore, the GSEs will be able to support early adoption of appraisal data standardization, which will benefit all industry stakeholders. Details and Resources For details on these updates, including revised and new Uniform Loan Delivery Dataset (ULDD) and Uniform Appraisal Dataset (UAD) resources, refer to the UMDP Update (December 16, 2010) and other information on the UMDP page on eFannieMae.com.