Over the past few months, both Fannie Mae and Freddie Mac have issued several Uniform Collateral Data Portal (UCDP) Release Notifications and Uniform Appraisal Dataset (UAD) Updates to remind the industry about the upcoming conversions of several UAD compliance warning edits to fatal UAD edits within the UCDP.
This first phase of conversions is set to officially be implemented on this Saturday, June 22, 2013, and includes the following data fields:
1) Appraisal effective date
2) Subject contract price / Comparable sale price
3) Above grade Gross Living Area (GLA) (subject and comparables)
4) Sale type (subject and comparables)
Each of the data fields above has an associated UAD edit that will be returned by the UCDP if the data provided is incomplete or in an invalid format. If an appraisal file is submitted to the UCDP and receives one or more fatal UAD edits, it will initiate Hard Stop 401 (UAD Compliance Check Failure) and a “Not Successful” status will be issued in the UCDP as a result. When a lender or appraisal vendor receives this “Not Successful” status in the UCDP, they must first correct the appraisal file and then resubmit it with the required data in the correct format.
The upcoming conversions will apply to the GSEs’ four UAD forms:
1) Fannie’s 1004/Freddie’s 70
2) Fannie’s 1073/Freddie’s 465
3) Fannie’s 1075/Freddie’s 466
4) Fannie/Freddie’s 2055.
Fannie and Freddie will initiate the second phase of conversions for the remaining applicable data fields during the second half of 2013, and will provide all the associated messages and forms at least 90 days prior to the official conversion. Currently, there is no official implementation date set, so stay tuned for future announcements from the GSEs.
Global DMS’ Global Kinex application has been fully prepared for all the GSEs’ upcoming conversions, and will continue to compliantly deliver appraisal files directly to the UCDP without any delays or errors.
Global Kinex uses web services technology to allow for seamless integration to the UCDP, and can be integrated into any lender or AMC’s infrastructure regardless of what software platform they operate. This state-of-the-art application will validate and extract the Base 64 encoded PDF within the MISMO XML file, automatically validate and correct appraisal files, seamlessly deliver files to the UCDP, and store your SSRs that are returned.