New Appraisal Guidelines moved back to Jan 1, 2012

By
Mortgage and Lending with HomePlus Mortgage

On Monday August 22nd, Mortgagee Letter 2011-30 announced that the deadline for the new Uniform Appraisal Dataset (UAD) requirements has been pushed back to January 1. It will apply to appraisal guidelines for FHA financed purchases (with case numbers assigned on or after Jan 1), and appraisal guidelines for all HUD real estate owned (REO) and Pre-Foreclosure Sale (PFS) properties with an effective date on or after January 1, 2012.

The aim is to streamline the appraisal process and make appraisals more uniform. Appraisal management companies are working to teach and train appraisers to use the UAD appraisal guidelines system, which will change the way appraisals are documented by setting standards throughout the appraisal process.

The UAD is part of a larger effort toward improving the appraisal process. In addition, a Uniform Collateral Data Portal (UCDP) will enable lenders to submit appraisal report forms electronically. Either format may be used in advance of the January 1 implementation date.

Previously, the implementation date for the UAD was set to September 1.

Comments (1)

Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Carl -- Thank you for the update.

Aug 30, 2011 11:32 AM