While it has been no secret in the appraisal and lending communities that FHA would be adopting the UAD, details of the implementation had not been spelled out until now.
Mortgagee Letter 2011-30 states that FHA will be adopting the UAD for all case numbers assigned on or after January 1, 2012, and for all HUD REO appraisals and Pre-Foreclosure Sale (PFS) appraisals with an effective date on or after January 1, 2012.
As created by Fannie Mae and Freddie Mac, the UAD applies to appraisals reported using the 1004, 2055, 1073, and 1075 forms; however FHA is only adopting the 1004 and the 1073 forms. FHA does not accept appraisals reported on the 2055 or 1075 forms.
During the first several months of 2010, HUD has been very busy, issuing several mortgagee letters and modifying other requirements that affect appraisers. Here are some of the more important changes; this list is not intended to be all-inclusive.
1. Mortgagee Letter 2010-13 was issued, clarifying that the 1004D Update Report may only be used one time to update an FHA appraisal. It also states that when an appraisal is updated by a 1004D, the 1004MC Market Conditions addendum must be completed. The 1004D Update Report may not be used when ordered by a lender who was not an intended user in the original report, unless the appraiser incorporates the original report by attachment. The maximum validity period of an updated appraisal is 240 days.
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