a la mode inc. has announced the release of its UAD Reader product, a free desktop tool which allows anyone to open, view, error-check, and manage appraisals in the new UAD MISMO 2.6 XML format. It works with any Uniform Appraisal Dataset (UAD)-formatted appraisal, regardless of which software was originally used to create the report. UAD is the appraisal format designed and required by the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, and adopted by the Federal Housing Administration (FHA) as well. All GSE-destined appraisals as of Sept. 1, 2011 must be in strict UAD format. FHA has announced it will require UAD after Jan. 1, 2012. UAD Reader is a free download, available at alamode.com/UADReader.
The UAD specification standardizes both the technical XML file structure, as well as the particular words, number formats, and abbreviations that appraisers are allowed to use in the report. Some industry members will find UAD appraisals to be hard to read and understand as a result of the new terminology, but first they have to be able to view the reports on screen at all, which is harder than it seems.
“Appraisals are now delivered as ‘.XML’ files, not as ‘.PDF’ files, so anyone in the entire workflow chain will start encountering documents they can’t open, or which look like gibberish on screen”, said Dustin Moore, president of a la mode’s Real Estate Solutions Division. “UAD Reader solves that problem, plus others.”
a la mode’s UAD Reader, anyone double-clicking a UAD XML file gets the embedded PDF on screen just as they’re used to seeing, along with a variety of appraisal document review and management features. It not only allows the user to save the PDF out separately, it also shows the XML appraisal data in a handy visual “split screen” mode.
Beyond the visual display of the appraisal, the UAD Reader also verifies that the appraisal file passes the GSE’s tightly defined rules. Any errors flagged are hyperlinked to the actual GSE descriptions of what the form field should contain, and the offending data is also clearly highlighted on the form. For lenders or AMCs, this makes it easy to request revisions from the appraiser. For the appraiser, it allows errors to be caught before sending to the client in the first place.
With an appraisal on-screen, several different UAD Reader communications tools streamline the client delivery process. Lender staff, as well as any real estate agents who encounter UAD files, are given a convenient “Send to Borrower” e-mail function which not only provides proof of receipt to comply with Dodd-Frank timely disclosure rules, but also includes a “How to Read This Appraisal” guide explaining the abbreviations, formats, and conventions of the UAD report.
Due to a la mode’s direct integration with the GSEs’ Uniform Collateral Data Portal (UCDP), lenders and AMCs can also submit the UAD appraisal report to UCDP from within the UAD Reader. The report is automatically pre-checked for any UAD rules compliance before it leaves the UAD Reader. Careless mistakes such as accidentally submitting the wrong XML file are also eliminated since the report is clearly displayed on screen at the time.
