A critical appraisal requirement deadline approaches!
The requirement went into effect on December 1, 2011.
The deadline is March 19, 2012.
On and after March 19, 2012, Fannie Mae and Freddie Mac (GSEs) will mandate compliance with their new Uniform Mortgage Data Program� (UMDP Program). 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.
In this article, I will pay particular attention to the Uniform Collateral Data Portal� (hereinafter, UCDP Portal). 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), when applicable, before the delivery date of the mortgage to Fannie Mae and Freddie Mac.
Due to the urgency of this matter, this article has been published in the website of National Mortgage Professional Magazine. It will also be published in the magazine's March 2012 print edition.
This newsletter contains portions of the article. The full text is available on our website.