In March 2023, Fannie Mae announced value acceptance + property data, which was limited to certain one-unit properties, excluding condos, according to a release from Fannie Mae.
On Dec. 1, 2023, the jointly developed GSE Uniform Property Dataset (UPD) went active and included a data standard for condos. This new dataset will replace its proprietary data standard on April 1.
Fannie Mae noted that lenders are still required to confirm the condo project is not ineligible in Condo Project Manager.
Additionally, the following updates relevant to value acceptance + property data were made to the Selling Guide including removing references to “C6 condition and Q6 quality,” since UPD does not require the collection of condition and quality ratings,
Also, the Individual Condominium Unit Appraisal Report (Hybrid) (Form 1073 Hybrid), for use when the value acceptance + property data offer is lost due to changes in qualifying loan characteristics, was added, in addition to the removal of “property data collection to be obtained after the initial DU offer” to allow property data collection use in multiple transactions.
Furthermore, Desktop Underwriter will now issue value acceptance + property data messages on condo casefiles.