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According to Nora King & Co, an appraisal company based in Connecticut, the government-sponsored enterprises' (GSEs) Uniform Mortgage Data Program will go into force by Sept. 1. After that date, the GSEs will require full appraisal reports in dataset format. This will bring about big changes for appraisers and lenders.
Key dates are:
Sept. 1, 2011: Appraisers must use the new appraisal dataset for appraisal reports.
Dec. 1, 2011: Lenders must collect the standardized appraisal data for new loan applications.
March 19, 2012: Appraisals for Fannie Mae/Freddie Mac loan deliveries (for loan applications dated Dec. 1, 2011 or later) must be submitted to UCDP before loan delivery.
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