Are You Ready to Connect to Freddie and Fannie on March 19?
The Mortgage Bankers Association has worked closely with the Federal Housing Finance Administration (FHFA) and Freddie and Fannie to develop uniform standards for reporting and analyzing appraisal and loan data through the Uniform Mortgage Data Program (UMDP).
FHFA's UMDP directed Freddie and Fannie to tighten up and clarify data requirements from appraisers, to minimize the subjective elements in appraising properties and to make the process as uniform and transparent as possible. If mistakes are made that would incorrectly price a property, and thus a mortgage, it should be more easily discovered and corrected.
Freddie Mac and Fannie Mae have developed the Uniform Appraisal Data Set (UAD) and all appraisals. The UAD defines all fields for specific appraisal forms and standardizes definitions and responses for a key subset of those fields. For all conventional mortgages, the information must be submitted electronically through the Uniform Collateral Data Portal® (UCDP).
Appraisal report forms for all conventional mortgages delivered to Freddie Mac on or after March 19, 2012, must be submitted to the UCDP if:
- The loan application is dated on or after December 1, 2011.
- An appraisal report is required.**
Six forms required by Freddie Mac include:
- Uniform Residential Appraisal Report (Freddie Mac Form 70)*
- Manufactured Home Appraisal Report (Freddie Mac Form 70B)
- Small Residential Income Property Appraisal Report (Freddie Mac Form 72)
- Individual Condominium Unit Appraisal Report (Freddie Mac Form 465)*
- Exterior-Only Inspection Individual Condominium Unit Appraisal Report (Freddie Mac Form 466)*
- Exterior-Only Inspection Residential Appraisal Report (Freddie Mac Form 2055)*
It takes about 2 weeks to register with the UCDP. Although we're getting very busy around this deadline, it usually takes about a day or two for us to connect you to the portal. Don't miss the March 19 deadline and make sure your appraisals go through error-free and compliant. Email or call us at 877.866.2747.
* These are UAD forms
**Source: Freddie Mac Web site. Uniform Collateral Data Portal. Updated December 14, 2011. http://www.freddiemac.com/sell/secmktg/uniform_collateral_data_portal.html. Accessed 1/5/12.