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Topic 13. Uniform Appraisal Dataset (UAD)
February 22, 2019
This Chapter has been revised in its entirety.
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a. Definition
The UAD improves the quality and consistency of appraisal data by defining all fields required on specific appraisal forms and standardizes definitions and responses for a key subset of fields. Regardless of the geographic location of the property or any localized reporting conventions, the UAD standardization includes:
Formats for fields that include dates, values, and other data,
Allowable values from a list of choices provided for certain fields,
Abbreviations to allow more information to fit on printed appraisal forms, and
Ratings and definitions for the “Condition” and “Quality” of the property and “Updated/Remodeled” status.
b. UAD-Compliant Forms
Appraisals prepared on Fannie Mae Forms 1004, 1073, 1075 or 2055 must be UAD-compliant and must include the definitions for the property condition and quality ratings and the property description abbreviations used.
c. VA Requires Closed Sales
While the UAD may allow for the use of pending sales in the sales comparison grid, VA requires that only closed sales be used.
d. Remodeling Information
UAD requires appraisers to provide specific information regarding remodeling in the past 15 years. VA expects fee appraisers to recognize and describe remodeling or updating and to make appropriate adjustments. Fee appraisers should also report UAD information concerning the remodeling if it is available in the "normal course of business" within VA timeliness requirements for completion of the appraisal.
e. UAD Condition Ratings
Since origination appraisals are prepared “subject to” any repairs needed for the property to meet MPRs, UAD condition ratings of C5 and C6 are not appropriate.