Fannie Mae recently announced that coming this May, Collateral Underwriter (CU) will begin leveraging the Uniform Collateral Data Portal’s (UCDP) appraisal sharing functionality to provide aggregators with access to their correspondents’ appraisal results in the CU web application.
According to Fannie’s announcement, the information provided will enable aggregators to thoroughly examine an individual appraisal’s quality, ensuring greater certainty and transparency in their correspondent loan pipelines. The government sponsored enterprise (GSE) also provided a brief overview of how its appraisal-sharing functionality works as well as a list of its key benefits.
- Correspondents share individual appraisals with designated aggregators in the UCDP.
- Aggregators have access to real-time results for their correspondent-shared appraisals (including the CU risk score, flags, and messages) through the UCDP user interface and/or UCDP direct integration.
- Beginning in May 2016 with the implementation of CU version 3.2, appraisals shared by correspondents in the UCDP can also be viewed by aggregators in the CU web application.
- Correspondents and aggregators will be able to replace manual operations for sharing and reviewing correspondent appraisals with an integrated solution using the UCDP and CU.
- Aggregators will be able to use the CU findings to allocate resources for higher risk appraisals, enabling informed and confident pre-funding decisions.
- The information in the CU web application will enable aggregators to thoroughly examine individual appraisal quality, providing greater certainty and transparency in their correspondent loan pipelines.
- Aggregators’ quality control departments will be able to use CU to achieve the same level of oversight in their correspondent channels as in their retail channels.
For more information, including instructions on how to complete the UCDP appraisal sharing setup process, check out Fannie’s CU Appraisal Sharing Functionality Release Notes.
For more information on CU in general, including the latest updates and developments, check out the GSE’s official CU webpage.
Fannie Mae – fanniemae.com