The Universal Appraisal Dataset (UAD) is a special reporting requirement utilized in mortgage lending. (UAD data formats are not needed in non-lender appraisals.) What is UAD and How Does it Apply to lender Appraisal Reports?
The Uniform Appraisal Dataset (UAD) is a component of the Uniform Mortgage Data Program® (UMDP®), jointly established by Fannie Mae and Freddie Mac under the direction of the regulator, the Federal Housing Finance Agency, to provide common requirements for appraisal and loan delivery data.
For example, an appraiser reporting on a residence with a two-car garage could indicate the garage as a: '2 car garage'--this is straightforward and easily understood. With UAD, however, the description has been shortened to: '2cg2dw.' The addition of 'dw' stands for 'driveway' which is used in UAD appraisal reporting formats.
At present there are approximately 80 standard UAD format convention labels utilized in lender appraisal documents.
AMS Appraisals provides appraisal services in Phoenix and utilizes special Error & Ommision computer software to check each completed appraisal for full compliance with all UAD requirements. This ensures complete UAD reporting conformance with zero UAD reporting errors prior to appraisal submission to mortgage lenders. In addition, AMS Appraisals conforms to the newly released Fannie Mae Selling Guide SEL-2014-03 in the preparation of all UAD conforming appraisals.