Vendor’s UCDP Connection Passes Tests Ahead of GSE Appraisal Requirement

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

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Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_482/vendors-ucdp-connection-passes-tests-1027564-1.html

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