A critical appraisal requirement deadline approaches![i]
The requirement went into effect on December 1, 2011. The deadline is March 19, 2012.
In This Article *
In This Article *
Synopsis
Overview
Starting the Registration Process
-Registering with Fannie Mae
-Registering with Freddie Mac
Accessing the UCDP Portal
Using the UCDP Portal
Training
What to Expect from Lenders
Important Dates
Synopsis
On and after March 19, 2012, Fannie Mae and Freddie Mac (GSEs) will mandate compliance with their new Uniform Mortgage Data Program® (UMDP Program).[ii] The UMDP Program has been developed under the direction of their regulator, the Federal Housing Finance Agency. The UMDP Program implements uniform appraisal and loan delivery data standards that are meant to support data accuracy and integration of mortgage data. Actually, the UMDP Program implements two of Fannie Mae's Loan Quality Initiative (LQI) objectives: electronic submission of appraisal data and collection of additional loan data in an updated format. Thus, the UMDP Program is an intrinsic part of the LQI requirements.
The UMDP Program includes:
· Uniform Appraisal Dataset (UAD): standardizes key appraisal data elements.
· Uniform Collateral Data Portal® (UCDP®): electronic collection of appraisal data.
· Uniform Loan Delivery Dataset (ULDD): leverages MISMO Version 3.0 standard. [iii]
In this article, I will pay particular attention to the Uniform Collateral Data Portal® (hereinafter, UCDP Portal).[iv] The UCDP Portal was activated in June 2011. This is a single portal for submitting data electronically of an appraisal file. Lenders must use the UCDP Portal to those data files, including the Uniform Appraisal Dataset (UAD),[v] when applicable, before the delivery date of the mortgage to Fannie Mae and Freddie Mac.
Appraisal report forms for all conventional mortgages delivered to the GSEs on or after March 19, 2012 must be transmitted through the UCDP Portal (prior to the delivery date of the mortgage) under these two conditions:
- The loan application is dated on or after December 1, 2011, and
- An appraisal report is required.
Variances and waivers will not be given to a lender from either GSE for the subject data, if a lender is not able to submit an appraisal before a single delivery or is not ready by the announced effective dates.
The loans subject appraisal data upload to the UCDP Portal at this time are conventional loans sold to Fannie and Freddie. FHA, VA, and Rural Development mortgages are excluded from the UCDP Portal requirement. Mortgage brokers cannot register for UCDP Portal.[vi]
There are three user categories that will access the UCDP Portal:
- Lenders that have an existing Fannie Mae Seller/Servicer Number
- Correspondents that do not have an existing Fannie Mae Seller/Servicer Number
- Agents (Appraisal Management Companies, Appraiser Vendors)
Overview
There are many “moving parts” to the UMDP Program, but we will highlight the UCDP Portal.
The rule of thumb is, as follows: if an appraisal is required, the appropriate appraisal report form should be transmitted via the UCDP Portal for all conventional mortgages with application received dates on or after December 1, 2011 for loans delivered to the GSEs on or after March 19, 2012.
