Are you ready for the next UMDP deadline: March 19?
Announced by government sponsored enterprises (GSEs) in May 2010, the UMDP (Uniform Mortgage Data Program) initiative was established by the FHFA (Federal Housing Finance Administration) to help improve loan data accuracy, simplify the exchange of data and increase confidence to lending institutions that the loan data provided are complete and accurate.
The UMDP developed by Freddie Mac and Fannie Mae under the direction of FHFA requires that all appraisal information submitted to these GSEs conforms to uniform standards in order to go through their online portal, the UCDP (Uniform Collateral Data Portal).
The Uniform Appraisal Data Set (UAD), which affects the fields and meanings of forms filled out by appraisal providers, started rolling out September 2011. If you've been having trouble having your appraisals accepted, chances are that your forms are not yet up to date with the first set of data standards, the UAD. UAD is required for loans insured by the Federal Housing Administration (FHA) and Rural Development and is optional for loans guaranteed by the U.S. Department of Veterans Affairs (VA). [http://appraisalinsight.blogs.realtor.org/].
Appraisal information for any conforming loan originated on or after December 1, 2011 must be submitted electronically in the UAD format via the Uniform Collateral Data Portal by March 19.
Make sure you meet the UAD-implementation March 19 deadline and get your appraisals through the UCDP. It takes about 2 weeks to register with the Freddie and Fannie. But with our Global Launch service, you can get up and running in about a day.
Tune in to the next installment to find out about how the UAD's cousin, ULDD, will impact lenders.