Tuesday, September 13, 2011

New UAD Forms and Codes

These are the four new required Appraisal forms, effective Sept 1, 2011 for all FNMA/FHLMC transactions.

Uniform Residential Appraisal Report (Fannie Mae Form 1004/Freddie Mac Form 70)

Individual Condominium Unit Appraisal Report
(Fannie Mae Form 1073/Freddie Mac Form 465)

Exterior-Only Inspection Individual Condominium Unit Appraisal Report (Fannie Mae Form 1075/Freddie Mac Form 466)

Exterior-Only Inspection Residential Appraisal Report (Fannie Mae/Freddie Mac Form 2055)

Here is the checklist for the new codes:

UAD‐01: Real estate taxes and/or special assessments are to be entered in whole dollars only.
UAD‐02: If there are no HOA fees or Special Assessments, enter the numeral zero (0).
UAD‐03: If there is a HOA or the subject is a condo, answer yes or no for the question, “Is the
developer/builder in control of the Homeowners’ Association (HOA)?”
UAD‐04: If the subject property is currently offered for sale or has been offered for sale in the 12 months
prior, report the data source(s) used, offering price(s), Days on Market and date(s). If the answer is ‘No,’ the
data source(s) used must be provided.
UAD‐05: For a purchase transaction, in the contract section state what the sale type is.
UAD‐06: Provide an outline of the neighborhood boundaries clearly delineated using ‘North’, ‘South’, ‘East’,
and ‘West’
UAD‐07: For sites/parcels that have an area of less than one acre, the size must be reported in square feet ‐
whole numbers only. For sites/parcels that have an area of one acre or greater, the size must be reported in
acreage to two decimal places. The unit of measure must be indicated as either ‘sf’ for square feet or ‘ac’ for
acres. (for subject and comparables)
UAD‐08: View rating must be N, B or A along with an abbreviated factor. (site section and grid)
UAD‐09: For utilities, other must be accompanied with a description; if it is not present, enter ‘None’.
UAD‐10: Indicate whether the street or alley type is ‘Public’ and/or ‘Private’. Enter ‘None’ in the appropriate
description field if there is no street or alley.
UAD‐11: # of stories (and # of levels for a condo) can only be numeric; omit descriptors.
UAD‐12: If there is commercial space in the condo project, check yes at the bottom of page 1and indicate
overall % of commercial space – 2 digits, whole numbers only.
UAD‐13: Design style should be an architectural design such as ‘Colonial’, ‘Rambler’ ect. Descriptors such as ‘2
stories’ or ‘conventional’ are not architectural styles.
UAD‐14: If year date is unknown, estimate the year it was built with a tilde (~) preceding the year built.
UAD‐15: Indicate the basement size in square feet and the percentage of the basement that is finished. If there
is no basement, enter the numeral zero (0) in both fields ‐ whole numbers only.
UAD‐16: If there is no heating or cooling source, indicate ‘Other’ and enter ‘None’.
UAD‐17: For amenities, enter the numeral zero (0) in the appropriate space if there are no fireplaces or
woodstoves. Enter ‘None’ in the appropriate space if there is no patio/deck, pool, fence, porch, or other
UAD‐18: For car storage, enter the number of spaces in whole numbers only for each type. If none, enter the
numeral zero (0) for # of cars.
UAD‐19: Baths should include the total number of baths above grade. A three‐quarter bath is to be counted as
a full bath in all cases. Quarter baths (baths that feature only a toilet) are not to be included in the bathroom
count. The number of full and half baths must be entered, separated by a period. The full bath count is
represented to the left of the period. The half bath count is represented to the right of the period.
UAD‐20: Condition must state the rating, then indicate ‘Yes’ or ‘No’ if there has been any material work done
to the kitchen(s) or bathroom(s) in the prior 15 years. If ‘No’, the text ‘No updates in the prior 15 years’ must
be provided; if ‘Yes’, additional information for kitchens and bathrooms must be provided including ‘not
updated’, ‘updated’ or ‘remodeled’ and the timeframe.
UAD‐21: Condition rating (for the subject and comps) must be in UAD format; select one of the following: C1,
C2, C3, C4, C5 or C6.
UAD‐22: Addresses for the comparables must include the address, city, state and zip code.
UAD‐23: Proximity must be in miles and 2 decimal places, along with the word ‘miles’ and direction (NW).
UAD‐24: The subject sales price must match the contract price in whole dollars.
UAD‐25: Data source for comparables must be given with the identifying number; then DOM must appear. If
not listed, enter numeral zero (0). If DOM is unknown, enter ‘Unk’.
UAD‐26: Indicate the sales type for each comparable property with the UAD abbreviation.
UAD‐27: Enter the financing type in UAD abbreviation; and total amount of concessions. If none, enter the
numeral zero (0). If other, indicate if sales transactions with below‐market financing are used for comparable
UAD‐28: Enter the status type abbreviation for the settlement date; followed by the contract date in mm/yy
format. Use ‘Unk’ if the contract date is unknown.
UAD‐29: Location rating must be N, B or A along with an abbreviated factor.
UAD‐30: Actual age for a new construction less than a year old should be (0) do not enter additional
information such as ‘years’. If actual age is unknown, estimate the age with a preceding tilde (~).
UAD‐31: Quality of construction rating (for the subject and comps) must be in UAD format; select one of the
following: Q1, Q2, Q3, Q4, Q5 or Q6.
UAD‐32: If no basement, enter (0) in the grid, otherwise indicate finished sq ft, do not indicate a % finished.
Type of access should be wo, wu or in. Then indicate the type of finished rooms by abbreviation or enter (0)
if there are no rooms of a particular type.
UAD‐33: Enter any energy efficient items or enter ‘None’.
UAD‐34: Off‐street parking spaces are to be entered on the garage/carport line or enter ‘None’.
UAD‐35: If no adjustment is warranted, enter a zero (0). When the features are the same, leave the field blank.
UAD‐36: Active listings must state ‘Active’ in the date field.
UAD‐37: Leave the supervisory appraiser field blank; do not enter N/A or none.
UAD‐38: AMC name should be entered in the Lender/Client section of the certification only

Interior/Exterior Complete Inspection Reports:
Overall Condition Rating – The appraiser must select one of the following ratings
that best describes the overall condition of the subject property or unit. Only one selection is permitted. The rating for the subject property must match the overall condition rating that is reported in the
Sales Comparison Approach section.
The definitions for the ratings listed above are provided in Exhibit 1:

Level of Work Completed:
not updated
Definitions for the Level of Work Completed are provided in Exhibit 2:
Requirements – Definitions of Not Updated, Updated, and Remodeled.
less than one year ago
one to five years ago
six to ten years ago
eleven to fifteen years ago
timeframe unknown

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