Appraisal Management News

GSEs open registration for new appraisal submission portal

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Housingwire

The government-sponsored enterprises opened registration and a support line for lenders submitting appraisals electronically through the upcoming Uniform Collateral Data Portal.

The new system will be available June 27. Lenders have until March 19 before they are required to send appraisal reports through the portal for all loans originated after Dec. 1. According to guidance Fannie Mae put out to lenders Tuesday, a support center is now in place to help with compliance.

The GSEs encourage lenders to determine a plan for accessing UCDP and submitting the files. The companies also ask lenders prepare appraisers for sending the reports in a MISMO 2.6 XML format.

Veros Real Estate Solutions will provide the technology for the portal, and there are many firms integrating to the platform, including a la mode. On Tuesday, a la mode announced its new DataCourier service will be offered for free as part of the Mercury Network vendor management platform.

The a la mode platform enables lenders and AMCs to receive files from any appraiser using the firm’s software and then submit the file through the UCDP. For appraisals sent through another software package, the lender or AMC can upload it into DataCourier and send it through the UCDP.

The company said DataCourier includes checks to ensure the compliance and reports to let lenders and AMCs track the status of the appraisal.

The joint support center from the GSEs will answer lender and AMC questions related to the registration and the submission procedures.

"To help you prepare to use the UCDP, today we are beginning the registration process and introducing new resources, including details on the new joint UCDP Support Center," Fannie said in its guidance.

appraisal management, fha appraisals, appraisal management companies, fha appraisal compliance, reverse mortgage appraisals

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Written by appraisalmanagementnews

June 8, 2011 at 6:45 pm

Posted in UCDP

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