Living in the World of Mortgage Acronyms

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“I submitted the UAD Appraisal Report to the UCDP for the GSE’s and it returned the SSR’s with FNMA Appraisal Findings and UAD warnings”?

Have you heard a similar statement recently? Whether you are a bank, credit union, mortgage company employee, or an appraiser, there is a pretty good chance you have heard a similar statement. Some of these acronyms have been around forever, others not so long. Here are some commonly used mortgage appraisal acronyms and a brief explanation of each.

“UAD” – Uniform Appraisal Dataset The Uniform Appraisal Dataset (UAD) defines all fields required for an appraisal submission to the UCDP for specific appraisal forms and standardizes definitions and responses for a key subset of fields. This only applies to specific appraisal forms which will be covered in another section.

“GSE” – Government-Sponsored Enterprise A Government-sponsored enterprise (GSE) is a financial services corporation created by the United States Congress. As it relates to UAD and the UCDP, this would be Fannie Mae and Freddie Mac.

“UCDP” – Uniform Collateral Data Portal The portal developed by the Government-Sponsored Enterprises (Fannie Mae and Freddie Mac) to facilitate the electronic collection of appraisal report data. This was a directive of the Federal Housing Finance Agency.

Lenders are required to use the UCDP to submit electronic appraisal data files that conform to all GSE requirements, including the Uniform Appraisal Dataset (UAD), when applicable, before the delivery date of the mortgage to Fannie Mae and Freddie Mac.

Any loans to be sold to Fannie Mae or Freddie Mac must be submitted to the UCDP if the loan was originated on or after December 1, 2011, and includes appraisals on all of the following forms:

  • Uniform Residential Appraisal Report (Fannie Mae 1004/Freddie Mac Form 70)
  • Manufactured Home Appraisal Report (Fannie Mae 1004C/Freddie Mac Form 70B)
  • Small Residential Income Property Appraisal Report (Fannie Mae 1025/Freddie Mac Form 72)
  • Individual Condominium Unit Appraisal Report (Fannie Mae 1073/Freddie Mac Form 465)
  • Exterior-Only Inspection Individual Condominium Unit Appraisal Report (Fannie Mae 1075/Freddie Mac Form 466)
  • Exterior-Only Inspection Residential Appraisal Report (Fannie Mae 2055/Freddie Mac Form 2055)
  • Individual Cooperative Interest Appraisal Report (Fannie Mae Form 2090)
  • Exterior-Only Inspection Individual Cooperative Interest Appraisal Report (Fannie Mae Form 2095

“SSR” – Successful Submission Report Each SSR contains a summary of the appraisal submission(s) for a particular loan, the status of the submission(s), and a Document File Identifier (Doc File ID.) An appraisal must be submitted to the UCDP and receive a “Successful” status on the SSR before the loan is delivered to the GSE. The SSR contains the Doc File ID that is required by the GSEs. Even if you aren’t selling directly to the GSEs, your investors may require both SSRs.

SSR – UAD Warnings and/or FNMA appraisal Findings These warning and findings are displayed as part of the Submission Summary Report. 

The Fannie Mae Appraisal Findings Detail Report contains three sections:

  • UCDP Basic Edit Checks
  • UAD Compliance Findings
  • Fannie Mae Proprietary Edit Findings

UCDP Basic Edit Checks These are the same for both Fannie Mae and Freddie Mac.

UAD Compliance Findings These are messages generated during a UAD compliance check that contain information about data format and completeness issues. These are the same for both Fannie Mae and Freddie Mac.

Fannie Mae Proprietary Edit Findings These findings are specific to Fannie Mae and are only viewable to those who submit appraisal data files to Fannie Mae. Initially, all findings will be warnings. See Appendix D for a full list of Fannie Mae findings.

Valuation Management’s review process includes making sure all UAD and Fannie Mae Appraisal Findings are addressed prior to the appraisal report being delivered to the client if the client requested that VMG handle the delivery process to the UCDP.

Valuation Management Group is a national, full service appraisal management company that manages the appraisal process for community banks, mortgage bankers and credit unions. We take the process from ordinary to extraordinary.


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