Starting this Saturday, May 21st, Fannie Mae’s 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, the information provided will enable aggregators to thoroughly examine an individual appraisal’s quality – ensuring greater certainty and transparency in their correspondent loan pipelines.
CU Appraisal Sharing Overview:
- When a correspondent shares an appraisal in the UCDP, the designated aggregator will be able to view the appraisal throughout the CU web application.
- Aggregators will 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 a UCDP direct integration.
- Aggregators will be able to view all appraisals that were shared with them in the UCDP regardless of whether the appraisals were shared before or after May 21, 2016.
- All submissions of shared appraisals under the same DocFile ID will be viewable by the aggregator (the correspondent will not need to share the appraisal again in the UCDP).
CU Appraisal Sharing Benefits:
- 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 presented in the CU web application will enable aggregators to thoroughly examine an individual appraisal’s 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 appraisal sharing setup process as well as a list of specific CU appraisal sharing user interface enhancements—check out Fannie Mae’s CU Version 3.2 Release Notes.
For more information on CU in general, including the latest updates and developments, check out Fannie’s official CU webpage.
Fannie Mae – fanniemae.com