What is UAD in mortgage?
What is UAD in mortgage?
To improve the quality and consistency of appraisal data for loans delivered to the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, at the direction of the Federal Housing Finance Agency (FHFA), developed the Uniform Appraisal Dataset (UAD), which defines all fields required for an appraisal …
Is the 1025 form UAD?
UAD rating numbers are used for Quality and Condition. 1025 forms are not UAD coded, so why are these used? Please don’t tell me “the client said so” because the client is incorrect, and may not be aware. Use the standard wording for those items, and provide a definition description of the standard wording you use.
What is a 1004 UAD appraisal?
A 1004 appraisal form is considered to be one of the most commonly used forms in residential real estate appraisals. In accordance with USPAP a 1004, or URAR, is completed when estimating the market value of a single-family dwelling complete with an exterior and interior inspection.
What is quality of construction in appraisal?
Quality of Construction Rating The design features exceptionally high quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The design includes significant exterior ornamentation and interiors that are well finished.
What is a 1073 appraisal?
An Individual Condominium Unit Appraisal Report (ICUAR) is for appraisals of one-unit properties in condo projects based on interior and exterior property inspections. Also known as Fannie Mae Form 1073, appraisals reported on this form must be completed in accordance with the UAD Specification.
What makes a good appraisal report?
Accurate, Valid, and Reliable Data An effective performance appraisal system provides consistent, reliable, and valid data to help the management make strategic decisions. It furnishes data according to the goal that serves the purpose of performance appraisal and succession planning.
What is the UAD specification for Appraisals on form 1073?
Appraisals reported on Form 1073 must be completed in accordance with the UAD Specification. For appraisals of one-unit properties in co-op projects based on interior and exterior property inspections
What is Appendix D of the UAD specification?
Fannie Mae requires that the following appraisal report forms are completed utilizing Appendix D of the UAD Specification when reporting the results of an appraisal for a conventional loan: Individual Condominium Unit Appraisal Report ( Form 1073 ).
What appraisal report forms must be submitted through the UCDP?
The following appraisal report forms including all exhibits, addenda, and photographs, must be submitted through the UCDP and receive a “Successful” status from the UCDP prior to the delivery date of the loan: Individual Cooperative Interest Appraisal Report ( Form 2090 ).
What is an Appendix D appraisal report?
Fannie Mae requires that the following appraisal report forms are completed utilizing Appendix D of the UAD Specification when reporting the results of an appraisal for a conventional loan: Uniform Residential Appraisal Report (Form 1004), and Individual Condominium Unit Appraisal Report (Form 1073).
