Last month, Fannie Mae and Freddie Mac issued another Uniform Collateral Data Portal (UCDP) Release Notification and Uniform Appraisal Dataset (UAD) Update to remind the industry of several important changes that will soon be implemented within the UCDP. The Government Sponsored Enterprises (GSEs) are planning to change the accepted XML file formats that can be submitted to the UCDP, as well as implement the third phase of conversions of current UAD compliance warning edits to fatal UAD edits within the UCDP.
Change to Accepted XML File Formats:
Beginning on July 13, 2014, Fannie and Freddie will only accept MISMO XML submissions in the UCDP. The PDF extraction service in the UCDP will be retired on this date, and the GSEs will no longer accept appraisals submitted in PDF, ACI XML, and AIReady file formats. They will continue to work closely with lenders and vendors that use these file formats to help ensure a smooth migration, and existing lender and vendor system integrations to the UCDP will not be impacted.
Third Phase of Conversions:
The GSEs are planning to initiate the third phase of conversions of current UAD compliance warning edits to fatal UAD edits within the UCDP on July 13, 2014, in which the following data fields will be affected:
- Subject and Comparable Address (including unit number for condominiums)
- Subject Contract Date
- Comparable Date of Sale/Time
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 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 and then resubmit it with the required data in the correct format.
To see a full listing of the UAD messages for the above data fields, please click here.