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UAD Features in ACI

This document provides an overview of the UAD features available in ACI Report.

Complying with UAD Using ACI Software

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Report Paks and Forms ................................................................................. 2 UAD Features ................................................................................................ 3 Address Validation ......................................................................................... 3 Field-Level Data Validation ............................................................................ 4 UAD Validation Rules .................................................................................... 5 Fields-at-a-glance .......................................................................................... 6 Environment Options ................................................................................... 11 Changing Report Type................................................................................. 12 Updating Report Templates ......................................................................... 12 Terminology ................................................................................................. 13

Copyright © September 2011, ACI Revised 09.01.2011 All Rights Reserved 145 City Place, Suite 200 | Palm Coast, FL 32164 | appraiserschoice.com | 800.234.8727

Complying with UAD Using ACI Software

ACI offers technology supporting the Uniform Appraisal Dataset (UAD). ACI Report includes interactive UAD compliance dialog windows, picklists, and field-level validation to assist appraisers with UAD compliance. The Uniform Collateral Data Portal (UCDP) accepts the eight conventional appraisal forms. · · · · · · · · 1004 URAR (Uniform Residential Appraisal Report)* 2055 Drive-by (Exterior-Only Inspection Residential Appraisal Report)* 1073 Condo (Individual Condominium Unit Appraisal Report * 1075 Condo drive-by (Exterior-Only Inspection Individual Condominium Unit Appraisal Report)* 1004C Manufactured Home (Manufactured Home Appraisal Report) 2090 Co-op (Individual Cooperative Interest Report) 2095 Co-op drive-by (Exterior-Only Individual Cooperative Interest Report) 1025 Multi-family (Small Residential Income Property Appraisal Report)

* UAD standardization is only applicable to the 1004, 1073, 1075, and 2055 forms.

Report Paks and Forms

New UAD Report Paks and forms have been added to ACI2010TM. New report paks have been added for the 1004, 1073, 1075, and 2055 forms. The new Report Pak names follow the standard ACI format: the form number, form description, and the year. UAD paks end with the letters UAD for example, 1004 - Single-family 2010 UAD. The form names in Add/Remove Forms follow the same format as the Report Paks. Assignments for loans being sold to the GSEs with an Effective Date of September 1, 2011 or later must be compliant with UAD standards. Per UMDP specifications, the footer of each UAD form must include the identifier "UAD Version 9/2011". Previous versions of the form will not be accepted. Each UAD form includes a Uniform Appraisal Dataset Definitions addendum, which includes the Condition Ratings and Definitions, Quality Ratings and Definitions, Definitions of Not Updated, Updated, and Remodeled, Explanation of Bathroom Count, Abbreviations Used in Standardization Text, and Other Appraiser-Defined Abbreviations.

Complying with UAD Using ACI Software

Report Paks and Forms · 2

UAD Features

ACI has made software changes designed to assist appraisers with UAD standardization and compliance. There are 49 new data elements which have been embedded in existing fields on the UAD forms, as specified in the Appendix D Field-Specific Standardization Requirements. ACI Report includes two new interactive features to assist you with meeting these requirements: UAD Compliance dialogs and UAD Compliance warnings.

UAD Compliance dialogs are configured to automatically open in the center of the form, with UAD Guidance open, when you enter a blank field. You can choose to have UAD Guidance always open when you enter a UAD field or only when you click the green UAD extension button. The optional Guidance displays the UAD Appendix D instructions and requirements for the fields in the window. Click the Need Guidance? link to display or hide UAD Guidance. Settings are configurable. See Environment Options for additional information.

Address Validation

The format of all addresses--Subject, Lender/Client, Comps, and Company--must conform to United States Postal Service (USPS) address standards for street number, street name, city, State, and ZIP Code.

Complying with UAD Using ACI Software

UAD Features · 3

Field-Level Data Validation

ACI Report includes field-level data validation for UAD format requirements. If a field contains incorrect data, an on-screen error is displayed when tabbing off that field. For example in the Special Assessments field, and several other fields, only a currency value is acceptable, so only numbers are accepted.

For fields where only a single checkbox is permitted, multiple checkboxes trigger the field-level validation message. Select only one option from the available checkboxes for UAD compliance.

Complying with UAD Using ACI Software

Field-Level Data Validation · 4

UAD Validation Rules

After completing a UAD-compliant report in ACI, run the UAD Validation ReviewMaster rules to verify UAD compliance.

Running ReviewMaster

Errors must be corrected in order for the report to receive a Pass rating. After making corrections, run ReviewMaster until a Pass rating is received. The report passes when no errors are found in the report. 1. Click Tools > ReviewMaster, or click the ReviewMaster icon ( CTRL+SHIFT+R on the keyboard 2. Select the UAD Validation Rules File and click Run. 3. ReviewMaster analyzes the report and provides a summary with a Pass / Fail rating. Click OK to view the ReviewMaster results. 4. Double-click a message to jump to the referenced field. 5. Press the ESC key on the keyboard, or click the Box ( ) in the upper left corner of the ReviewMaster results to exit. TIP: To view the ReviewMaster results at anytime, click the ReviewMaster results icon ( Component List. ) in the ) on the toolbar, or press

Complying with UAD Using ACI Software

UAD Validation Rules · 5

Fields-at-a-glance

Subject Offering History

The Subject Offering History dialog box allows the appraiser to easily enter the details of the Subject Property's listing history. Commentary automatically overflows to the Addendum. Enter as much data as desired; text will not break mid-word. The Addendum Header, in this example "Twelve Months Listing History of Subject Property," carries forward from the field that overflowed.

Site Area

Appendix D states that the Site Area must be entered in square feet if less than one acre, or as acres if one acre or more. ACI automatically converts square feet to acres or acres to square feet, when appropriate, as you enter data. Edits are in place to check for the unit of measure and to automatically convert an entry to the correct unit of measure. Entries that are one acre or greater are displayed in acres; entries less than one acre are displayed in square feet. The total size of the entire site/parcel must be entered. No other data is permitted. For areas less than one acre, enter whole numbers only plus sf e.g., 27840 sf. For areas equal to one acre or more, enter a numeric value with up to two decimal places plus ac e.g., 3.40 ac.

Complying with UAD Using ACI Software

Fields-at-a-glance · 6

If data other than the total size of the site parcel is entered into the Site Area field, a UAD Compliance message is displayed when tabbing or clicking away from the field. Clikc OK to return to the field to correct the entry. Click Cancel to navigate away from the field. Clicking Cancel will add an Alert Highlight to the field.

View Factor

UAD requires certain field responses to be selected from predetermined lists. For example in the Site/View, Overall View Rating, and View Factor fields, responses are provided as drop-down lists. Certain fields, like View Factor, include an Other option to be used when the prescribed options are not the best match for the property. When choosing Other, enter a description in the space provided. Other descriptions can be five characters or fewer. Additional details can be entered in the addendum.

UAD-formatted text, including semi-colon separators, is displayed on the form.

Complying with UAD Using ACI Software

Fields-at-a-glance · 7

TIP: Click the green UAD extension button ( ) to open the UAD Compliance window to view the details in context.

Condition of the Property

Combination dialogs, like the Condition of the Property, allow for the selection of UAD prescriptive responses and appraiser commentary. As selections are made, the UAD Guidance scrolls to the related instructions.

Required entries are indicated with a red exclamation point, or "Alert," icon. Hover over a field's Alert icon to view field requirements. Commentary automatically overflows to the Addendum. Enter as much data as desired; text will not break mid-word. The Addendum Header, in this example "Condition of the Property," carries forward from the field that overflowed.

Complying with UAD Using ACI Software

Fields-at-a-glance · 8

Sales Grid

UAD fields on the Sales grid that require dates, include a drop-down calendar for ease of date selection.

Complying with UAD Using ACI Software

Fields-at-a-glance · 9

Bath Count

Appendix D requires the entry of the bathroom count that is, the total number of full bath and partial baths. For example, 2 ½ baths is entered as 2 Full Baths and 1 Half Bath, and is displayed on the grid as 2.1 Baths.

Basement

For both the Subject and the Comparables, the Basement dialog is a combination dialog box for the Basement & Finished Area and Rooms Below Grade fields. If a basement is indicated, both the Total Area and the Finished Area must be provided in square feet. A numeric entry in each Room Type is required if a basement is indicated. NOTE: Semicolons are not used in the UAD formatting for these fields. The Room Type abbreviations serve that purpose.

Complying with UAD Using ACI Software

Fields-at-a-glance · 10

Environment Options

Configure ACI Report options under the Options > Environment menu. The changes apply to the entire program and are available each time ACI Report opens. 1. Click Options > Environment and select UAD Options. 2. Select editing options and click OK to apply the changes, or click Cancel to exit. Show UAD Window Always The UAD Compliance dialog box always opens when clicking or tabbing into a UAD required field. When the field is empty The UAD Compliance dialog box only opens when clicking or tabbing into a blank UAD required field. Only when the button is pressed The UAD Compliance dialog box only opens when clicking the green UAD Extensions button. This is the default option. UAD Window Position At the current field The UAD Compliance dialog box opens over the current field. Centered on the current form view The UAD Compliance dialog box opens in the center of the form. This is the default option. Centered on the current screen The UAD Compliance dialog box opens in the center of the computer screen. Show UAD Guidance When this option is selected, the Guidance for the UAD Appendix D instructions and requirements is displayed. This option is selected by default.

Complying with UAD Using ACI Software

Environment Options · 11

Changing Report Type

If the original order was requested on a non-UAD form and the order was changed to be completed on a UAD form, use Change Report Type to change the form type to the correct Report Pak. 1. Open a report file. 2. Click File > Change Report Type. 3. Select a new Report Pak and click OK. NOTE: If the report was created using a custom Report Pak containing additional forms that are not in the standard Report Paks, create a custom UAD version of the Report Pak before changing report type. 4. Click Reprocess UAD fields after clone/import. This will check each of the UAD Compliance fields and try to import data. NOTE: If data does not comply with UAD requirements, you will need to manually update the field(s). Click the green UAD extension button ( ) to open the UAD Compliance window to view the details in context.

Updating Report Templates

Transfer your existing templates to the new UAD forms following the steps below. 1. Create a new report using an existing report template. 2. Click File > Change Report Type. 3. Select the corresponding UAD Report Pak and click OK. NOTE: If the report was created using a custom Report Pak containing additional forms that are not in the standard Report Paks, create a custom UAD version of the Report Pak before changing report type. 4. Click File > Reprocess UAD fields after clone/import to complete the report type change.

Complying with UAD Using ACI Software

Changing Report Type · 12

5. Click File >Save as Template, enter a Description (name) for the new template, and click OK. The template is available the next time a report using the selected UAD Report Pak is created.

Terminology

GSE

GSE is a Government-Sponsored Enterprise. Fannie Mae and Freddie Mac are GovernmentSponsored Enterprises.

UAD

UAD is the Uniform Appraisal Dataset defied by Fannie Mae and Freddie Mac. UAD defines all fields required for an appraisal submission for specific GSE appraisal forms and standardizes definitions and responses for a key subset of fields (Fannie Mae and Freddie Mac Field-Specific Standardization Requirements Document Version1.1, February 18, 2011).

UCDP

UCDP is the Uniform Collateral Data Portal, sometimes referred to as "the portal". UCDP is the single portal for the electronic submission of appraisal data files: your reports for loans sold to the GSEs. Appraisers do not deliver directly to the UCDP; lenders or their authorized agents (AMCs) are responsible for UCDP delivery.

UMDP

UMDP is the Uniform Mortgage Data Programs ­ an ongoing effort by the GSEs to develop and implement loan delivery and appraisal standards.

MISMO®

MISMO is the Mortgage Industry Standards Maintenance Organization. MISMO is an industry standards group whose role includes development of the standardized data formats. The GSEs selected MISMO version 2.6 Valuation Response as the basis for their UAD file format, 2.6 GSE.

Complying with UAD Using ACI Software

Terminology · 13

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UAD Features in ACI

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