TopALERT-Main Visual (1)
 

February 9, 2012

 


Fannie and Freddie: New Appraisal Portal - Deadline Approaches


Subscribe-Blue
Newsletter-Blue
 Website-Blue
 Forums-Blue
Twitter-2
Facebook-1
Linkedin-1
Banging Head Let us help!
Isn't it time to bring in the professionals? 
Contact Us-1-Beveled-160

Website Forums

LCG-Square-CC-1  

CFPB Forum-CC-1  

Dodd-Frank Forum-CC-1  

OCC News Forum-CC-(134x134)  

NMLS Users Forum-CC-1  

Mortgage Compliance Forum-Main  

FHA Forum-CC-1  

Veterans Mortgage Forum-Main  

516-442-3456  

Home-Website-LCG(160x27)-1
Compliance-Website-LCG(160x27)-1
Presentations-Website-LCG(160x27)-1
About Us-Website-LCG(160x27)-1
Clientele-Website-LCG(160x27)-1
Articles-Website-LCG(160x27)-1
Newsletters-Website-LCG(160x27)-1
Library-Website-LCG(160x27)-1
Contact Us-Website-LCG(160x27)-1
Greetings! 

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.       

 

Regards,

Jonathan  

 Back

 In This Newsletter-1 

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)
 BACK 

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.

 BACK 

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.

 BACK 
Full Website ArticleRead
Read Article-1
 BACK 
  Professional AssistanceLCG 
Contact Us-2
 BACK 
Suite of ServicesSuite
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.