Earlier this fall, both Fannie Mae and Freddie Mac announced that they will be implementing a new appraisal-sharing solution within the Uniform Collateral Data Portal (UCDP), which is set to go live on February 7th, 2016.
According to the GSEs’ release notification, this appraisal-sharing feature will enable correspondent lenders to easily share appraisal information with their aggregators within the UCDP. Aggregators will have access to real-time results for their correspondents’ appraisals, which will help provide confidence that they always have the most up-to-date appraisal information when selling a loan to either Fannie or Freddie.
The UCDP’s new appraisal-sharing solution will provide the following:
- Ability to share individual appraisals with specific aggregators.
- Ability to retrieve a list of correspondent-shared appraisals.
- Ability to regularly retrieve the Status, Findings, and Submission Summary Report (SSR) for correspondent-shared appraisals.
- Ability to retrieve the embedded PDF file for correspondent-shared appraisals via the UCDP user interface.
The UCDP updates will also feature two new optional Direct Integration (DI) calls, which will support the appraisal-sharing capabilities for lenders who have a DI solution. To support the implementation of this new functionality, an updated version of the Technical Integration Guide for the UCDP was provided to vendors this past July.
To begin using the UCDP's new appraisal-sharing functionality, aggregators must first set up their "Aggregator Profile" within the UCDP web portal. If an aggregator uses a DI solution, lender administrators should ensure that their UCDP web log-in credentials are active in advance of the February 7th release in order to perform the required set up.
In preparation for these enhancements, the GSEs have advised lenders to contact their DI vendor (if applicable) to discuss implementation plans and timing. Additional information will soon be provided by both Fannie and Freddie on their associated UCDP webpages: