Technology vendor a la mode said its connection to the GSEs’ new appraisal delivery portal has passed testing and is now operational, submitting appraisals to Fannie Mae and Freddie Mac through the Uniform Collateral Data Portal, or UCDP.
The GSEs will require lenders to deliver full electronic appraisal reports on all loans with application dates on or after Dec. 1. The requirement is a component of the Federal Housing Finance Agency-mandated Uniform Mortgage Data Program, which also includes a new electronic file with loan data that lenders will begin submitting in March.
Lenders or their appraisal management companies will submit appraisals to the UCDP, a web-based conduit that will deliver the appraisals to the GSE that is buying that particular loan or pool of mortgages.
The UCDP can be accessed through a browser for manual uploading, but Oklahoma City-based a la mode is one of a number of vendors who are providing a direct link to the UCDP for batch uploads and pre-submission testing of appraisal files to ensure compliance with the data and file standards established by the GSEs.
The tech vendor also provides mobile technology for appraisers to gather field data and a form filling product to generate reports. The company has been rolling out updates to its suite of appraisal technology throughout the year, making its forms and appraisal delivery technology compliant with the new requirements.
On Sept. 1, Fannie and Freddie required appraisers to begin generating their valuation reports using new forms that comply with the Uniform Appraisal Dataset. The UAD is an XML file format for the four standard appraisal reports currently required by the GSEs. It also sets a standard for the responses that appraisers can input in the appraisal forms. (For more on the new loan file delivery requirements, read the Nov. 28 issue of National Mortgage News, which includes a special report on Advancements in Loan Origination Systems.)
For more on the UMDP, read the April issue of Mortgage Technology magazine.
Daily Briefing | Wednesday, November 23, 2011
PMI Files for Chapter 11 Bankruptcy
The PMI Group Inc., Walnut Creek, Calif., has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.
Conforming Loan Limits Rising in Only One County in 2012
Only one county in the countryFairfield, Conn.will have a higher conforming loan limit in 2012. The ceiling in the other 3,200-plus counties will remain unchanged.
30-Year Rate Slips Below 4% Again
The average weekly rate for a 30-year loan slipped slightly below 4% and rates for adjustable-rate mortgages averaged new record lows in Freddie Mac’s survey Wednesday.
Freddie Reports Higher Refis Delinquencies
Freddie Mac reported a 24% jump in refinancings from September to October while total loan volume rose by less than 4%.
Massachusetts Foreclosure Activity Reverses Yearlong Trend
After more than a year of declines, foreclosure activity rose in Massachusetts in October, according to the Boston-based real estate data publisher The Warren Group.
FHFA, GSEs: Dec. 1 UCDP Deadline Will Be Enforced
The government-sponsored enterprises’ Uniform Mortgage Data Program has been marred with delays and setbacks since the earliest steps began at Fannie Mae two-and-a-half years ago with the precursor to the Uniform Collateral Data Portal, the technology platform that will accept full electronic appraisal reports in a new XML-formatted data file.
Purchase Apps Up But Refinancings Sink
Application volume fell by 1.2% on a seasonally adjusted basis for the week ended Nov. 18, as purchase apps were up to their highest level since August, but refinancings were down to their lowest point since July, according to the Mortgage Bankers Association. The data for the previous week (Nov. 11) was adjusted to take into account Veterans Day.
Permits Up Again in California
For the third consecutive month, builders in California pulled an increasing number of permits compared to the previous year.
Lennar Adds to Debt Offer
Lennar Corp. has upsized its senior debt offering to $350 million and priced it at a 3.25% interest rate. It first proposed selling $300 million in debt. The over-allotment for the offering was also increased to $50 million from $45 million.