Website Forums
|
|
Greetings!
In our newsletter of Thursday, February 9, 2012, we notified you of the approaching deadline to activate the Uniform Collateral Data Portal� (hereinafter, UCDP Portal). The UCDP Portal was launched by Fannie Mae in June 2011.
This is a web-portal for submitting appraisal file data electronically. Lenders must use the UCDP Portal for those data files, including the Uniform Appraisal Dataset (UAD), 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.
The critical appraisal requirement deadline is March 19, 2012. Fannie will not grant waivers.
The National Mortgage Professional Magazine will be publishing my article on the UCDP Portal in its March 2012 print edition. The article is entitled The Fannie and Freddie New Appraisal Portal - Uniform Collateral Data Portal�.
Courtesy of the publisher and my firm, you do not have to wait to read the article, because it is available at: Lenders Compliance Group - Forum, and National Mortgage Professional MagazineIn this newsletter we are republishing parts of our February 9, 2012 newsletter and adding a new section for the new UMDP� Yardstick, issued by Fannie on February 7, 2012. The Yardstick helps lenders and/or vendors measure their progress as they transition to the Uniform Collateral Data Portal � and the complete UMDP � implementation.
This newsletter contains portions of the article. The full text is available on our website. Regards, Jonathan |
|
Fannie has issued the February UMDP Yardstick. (PDF)- The UMDP Yardstick helps lenders and/or vendors measure their progress as they transition to the Uniform Collateral Data Portal� and the Uniform Loan Delivery Dataset.
- This edition of the Yardstick provides important information about getting ready for the March 19, 2012, UCDP mandate, ULDD extension impacts, testing the loan delivery XML file, and more.
|
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 the UCDP Portal.
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)
|
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.
|
It is not possible to submit to the UCDP Portal unless the lender sets up a "primary lender administrator" with Fannie and/or Freddie. This administrator must be the same individual for both Fannie and Freddie. So-called "backup" lender administrators are permitted, if the lender chooses to delegate certain administrator responsibilities to other lender employees; however, the initial set-up must be established by the primary lender administrator.
There is a rather simple, four step process to registering for and setting up the UCDP Portal, consisting of:
- Step 2: Completing the UCDP Set-up Form
- Step 3: Accessing the UCDP registration URL, and
- Step 4: Completing UCDP registration by clicking on the registration URL (Step 3).
Fannie Mae and Freddie Mac have separate registration processes for the UCDP Portal.
|
Full Website Article
|
Professional Assistance
|
Suite of Services
|
|
LENDERS COMPLIANCE GROUP is the first full-service, mortgage risk management firm in the United States specializing exclusively in outsourced mortgage compliance and offering a full suite of services in residential mortgage banking for banks and non-banks.
Pioneers in outsourcing solutions for mortgage compliance. Professional guidance and support to financial institutions!
Mortgage Compliance CFPB Examination Preparation Legal and Regulatory Compliance State Banking Examinations HUD/FHA Examinations Loan Originator Compensation Licensing Compliance HMDA/CRA Information Technology & Security Quality Control Prefunding Fannie LQI Audits Platform Development Retail and Wholesale Compliance Correspondent Compliance Servicer Compliance Affiliates Compliance (RESPA) Business Development Advertising Compliance Loss Mitigation Strategies Forensic Mortgage Services Sarbanes-Oxley Compliance (Part 404) Audit and Due Diligence Reviews Regulatory and Sales Training Portfolio Risk Management Credit Risk Management Loan Analytics Audits Compliance Audits Policies and Procedures Due Diligence Reviews Portfolio Purchase Audits GSE Applications Ginnie Mae Applications
This communication is sent to our valued clients and colleagues, who regularly receive our Mortgage Compliance Updates, Compliance Alerts, Commentaries, and related publications.
These publications are free to subscribers. Information contained herein is not intended to be and is not a source of legal advice.
� 2006-2012 Lenders Compliance Group, Inc. All Rights Reserved.
|
|
|
|
|