The effort, called the Uniform Mortgage Data Program, sets standards on data and collection processes. The FHFA previously directed Fannie and Freddie to create common data sets and standards for electronic submission and loan delivery data.

“This initiative is a major step toward meeting industry requests for uniformity in appraisal and loan data,” said FHFA acting director Edward DeMarco in a statement (download here). “Improvements in data quality will benefit all mortgage market participants and strengthen the housing finance system.”