AUGUST 2021: Fannie Mae Notification - UAD Forms

[ramrcdk]

Uniform Appraisal Dataset | Fannie Mae

The UAD and Forms Redesign initiative will leverage extensive stakeholder input to update the appraisal dataset, align it with the industry-standard MISMO® Reference Model Version 3.X, and overhaul the uniform appraisal forms to establish a more flexible, dynamic structure for appraisal reporting.

singlefamily.fanniemae.com

UAD and Forms Redesign FAQs
Fannie Mae and Freddie Mac have published FAQs for the UAD and Forms Redesign initiative to answer some common questions received during our ongoing engagement with industry.


AND

Quick Fact: BPOs versus appraisals​

For a borrower-initiated request to terminate conventional mortgage insurance based on current property value, including requests for substantial improvements, servicers must order an interior and exterior Broker Price Opinion (BPO) for one-unit properties or condominium units unless state law requires an appraisal.
Read the termination of conventional mortgage insurance policy
Read the escrow, taxes, assessments, and insurance policy
Access the Borrower-Initiated MI Termination FAQs