FHFA Publishes New UAD Appraisal-Level Public Use File

The Federal Housing Finance Agency (FHFA) has announced the publication of its new Uniform Appraisal Dataset (UAD) Appraisal-Level Public Use File (PUF).

"As accurate home valuations are vital to the mortgage market, publishing transparent data on appraisals, while protecting borrowers' personally identifiable information provides useful information to the public in a responsible manner," said FHFA Director Sandra L. Thompson. "Today's announcement exemplifies our commitment to developing a more efficient and equitable valuation system that supports liquid and sustainable housing finance."

The UAD Appraisal-Level PUF gives stakeholders and the public new access to a broad set of data points and trends found in appraisal reports. It contains appraisal-level data from a nationally representative 5% sample of appraisals conducted between 2013 and 2021, and associated with mortgages acquired by Fannie Mae and Freddie Mac.

The UAD is a standardized industry dataset for appraisal information that the GSEs receive electronically through the Uniform Collateral Data Portal (UCDP). The GSEs, at the direction of FHFA, developed the first UAD in 2010 using the Mortgage Industry Standards Maintenance Organization (MISMO) Reference Model 2.6. MISMO models provide consistent data standards for mortgage loans acquired by the Enterprises.

A UAD appraisal record includes information collected by appraisers using the Uniform Residential Appraisal Report (URAR). Not all mortgage loans acquired by the GSEs will have a UAD appraisal record. For instance, both GSEs waive traditional appraisals in certain instances where they deem automated appraisal methods as adequate. Thus, UAD appraisal records include only mortgage loans requiring traditional appraisals. The UAD appraisal records that the GSEs collect may include some appraisals related to other lending sources, including Federal Housing Administration (FHA) and portfolio loans, as well as appraisal not connected to any mortgage loan, such as those associated with a denied loan application.

FHFA receives UAD appraisal records from the GSEs. The FHFA currently possesses records from 2013 through the most recent quarter. As of June 2023, this collection includes more than 80 million records about the “subject” property, and more than 360 million records about “comparable” properties. However, it is important to note that not all these records reflect a property’s final appraisal(s). The UCDP is a transactional business system. As such, it contains UAD appraisal records that may be incomplete or out of date.

The dataset can be used to, among other things, study housing valuation, housing market disparities and inequities, and consumer preferences.

FHFA used UAD appraisal records collected from January 1, 2013, through December 31, 2021, on single-family properties associated with mortgages acquired by the Enterprises to create an appraisal-level data file in a manner that protects borrower privacy. Each UAD appraisal record includes information reported by appraisers on the Uniform Residential Appraisal Report (URAR). The current version of the URAR for single-family homes is Fannie Mae Form 1004 and Freddie Mac Form 70.

Click here to access the Uniform Appraisal Dataset (UAD) Appraisal-Level Public Use File (PUF) Version 1.0 Data Dictionary.