GSE’s Issue New Lender Readiness Kit
Written by: Rob Ellis, Senior Compliance Consultant
Why This Matters: Lenders need to begin development and implementation of the multi-year, joint-GSE initiative which provides updates to the Uniform Apprisal Dataset and retires existing appraisal forms.
On June 11, 2024, Fannie Mae issued a press release notifying lenders of the availability of a new readiness toolkit.
This kit is a supplement to the Uniform Appraisal Dataset (UAD) and Forms Redesign Partner Playbook(1). It’s designed to help lenders prepare for and adopt the multi-year, joint government sponsored enterprise (GSE) initiative to update the UAD and retire the existing appraisal forms. This document will help lenders prepare for and adopt the updated UAD and retire the existing appraisal forms.
A total of 14 appraisal forms are being replaced (see page 4 of the kit), and the GSE’s will begin taking new appraisals as early as mid-2025, so it’s important for you to begin development and implementation now.
The following is a link to the UAD forms readiness timeline: UAD redesign timeline.
Lenders and LOS providers should already be in the “Develop and ensure processes in place (i.e., ordering without form numbers and training)” phase!
Reach out today to us to discuss your readiness and how SCA can assist and support you in implementing these requirements. Please contact our Director, Bill Dolan, at WDolan@scapartnering.com or by phone at (617) 694-2617 and schedule a time to speak with us today.
