Fannie Mae (Federal National Mortgage Association)
A government-sponsored enterprise (GSE) that purchases and securitizes residential mortgages, setting appraisal standards and form requirements that apply to the majority of conventional mortgage loans in the United States.
Fannie Mae's Selling Guide establishes the appraisal requirements for loans it purchases, including which forms to use, comparable selection criteria, maximum adjustment guidelines, property eligibility, and UAD compliance requirements. Along with Freddie Mac, Fannie Mae drives the standards that shape how residential appraisals are performed nationwide. Fannie Mae also develops and operates the UCDP portal, Collateral Underwriter (CU) risk scoring system, and the Appraisal Management guidelines that lenders must follow.
Related Terms
Uniform Appraisal Dataset (UAD)
UADA standardized data specification developed by Fannie Mae and Freddie Mac that defines how appraisal data fields must be completed, ensuring consistency and enabling automated analysis of appraisal reports..
Uniform Collateral Data Portal (UCDP)
UCDPA web-based portal operated by Fannie Mae and Freddie Mac where appraisal reports are electronically submitted and checked for UAD compliance, data quality, and potential red flags before delivery to lenders..
Freddie Mac (Federal Home Loan Mortgage Corporation)
FHLMCA government-sponsored enterprise (GSE) that purchases and securitizes residential mortgages.
Uniform Residential Appraisal Report (URAR)
URARThe standard appraisal report form (Fannie Mae Form 1004 / Freddie Mac Form 70) used for most single-family residential mortgage appraisals.
Form 1004
The Fannie Mae designation for the Uniform Residential Appraisal Report (URAR), used for appraisals of one-unit properties and units in planned unit developments (PUDs).
More in UAD & GSE Standards
View allUAD Condition Ratings (C1–C6)
A standardized six-level scale for rating the physical condition of a property's improvements, ranging from C1 (new or recently constructed) to C6 (in need of substantial repairs and rehabilitation)..
UAD Quality Ratings (Q1–Q6)
Q1-Q6A standardized six-level scale for rating the quality of a property's construction, ranging from Q1 (highest quality, custom-built luxury) to Q6 (basic or substandard quality construction)..
Electronic Appraisal Delivery (EAD)
EADFreddie Mac's portal for electronic submission and quality review of appraisal reports.
MISMO (Mortgage Industry Standards Maintenance Organization)
MISMOThe standards body that develops and maintains the XML data formats used for electronic exchange of mortgage industry data, including appraisal reports.