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 Magazine

In 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  

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:  

• 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 1: Registration

• 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.