Blog Updates

Just when you thought the regulatory waters had grown calm, we're looking at the rollout of a new set of rules affecting how real estate appraisal data is formatted, how the data is collected or transmitted, and then how mortgage loan data is handled.

Under the new UMDP (Uniform Mortgage Data Program) - a joint effort between Fannie, Freddie, and Ginnie to create uniform data standards & collection - the following rollout schedule is now live in the wild:

UAD Appraisal Data Standards 9/1/11: Starting in September, all appraisal reports that use any of the three GSEs (government sponsored enterprises) - namely Fannie Mae, Freddie Mac, or Ginnie Mae (a late addition to the UMDP agreement) must use the new UAD (Uniform Appraisal Dataset) data standardization. It's a mouthful, but it means lenders must only accept appraisal reports that use a new set of standardized fields within the appraisal, with a new agreed upon set of standardized definitions and responses. By September 1st, the appraisals you receive for the big three (GSEs) must be compliant. [what it looks like]

UCDP Appraisal Data Collection Standards 12/1/11: Christmas comes early in December. By the first of that month, appraisals for Fannie, Freddie, and Ginnie must be delivered electronically via the new UCDP (Uniform Collateral Data Portal), which is a single portal for submitting appraisal reports for conventional mortgages GSEs. Lenders must deliver full UAD-compliant appraisal report data and expanded loan delivery data through the new portal. This means receiving or sending PDFs by e-mail, or trying to transmit appraisals to the GSEs using software that's not compatible with the new portal, won't work anymore. Incidentally, a new service called DataCourier from alamode inc. gives any lender or appraisal management company a free platform to connect to UCDP, so Appraisal Unlimited Management Group is standing by and ready to go. If you're using a different AMC or relying on individual appraisers, this is something you'll want to check on. You should know that we are on the list of compliant providers, because we are using the alamode network to ensure compliance [check it here]

ULDD Loan Data Delivery Standards 3/19/2012: Spring brings new things yet again. Before March is over, loan delivery data must also be in ULDD (Uniform Loan Delivery Dataset) format (unless entered manually in the loan delivery). This means a single, standardized file layout with new data points will be used to submit loan data to the three GSEs [more]. In short, the third phase of UMDP rollout affects lenders and mortgage professionals even more directly.

We will keep you updated on what's coming, here at the Blog for Appraisal Unlimited Management Group, but we're almost at the 30-day mark leading to the first deadline. A month away, in other words. If you're with us, of course, that deadline is a lock. If you're not, we have this suggestion: even if you're fairly certain you're good to go, you are welcome to contact us, and set up an account, so you can rocket off an order if your current solution turns out to be a non-starter. A failsafe or backup plan means having a solid AMC standing by to keep knocking out UMDP-compliant appraisals that adhere to regulatory requirements when current technology fails, or if your current provider can't get one through the new system. You might find that you like us so much, you stick with us.

One of the ways you can ensure that all appraisals you receive are UAD and UMDP compliant is to use an appraisal management company that covers all 50-states, so you're always protected. Let us know, at Appraisal Unlimited Management Group, if we can help. It takes just a few minutes to set up an account, and then you can start ordering appraisals.

Appraisal order management nationwide, all 50-states, all real estate appraisal types - residential appraisals, commerical appraisals, FHA/HUD appraisals, AIR appraisal, Legal/Litigation appraisal, etc.