Both Fannie Mae and Freddie Mac have officially implemented their new appraisal-sharing solution within the Uniform Collateral Data Portal (UCDP), which enables correspondent lenders to easily share appraisal information with their aggregators directly within the UCDP.
According to the GSEs’ release notifications, aggregators now 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 provides 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 GSEs’ UCDP updates also feature two new optional Direct Integration (DI) calls, which help support the appraisal-sharing capabilities for lenders that have a DI solution. These lenders have been advised by both Fannie and Freddie to contact their DI vendor to discuss implementation plans and timing, if they haven’t done so already.
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 order to perform the required set up.
To help ensure a smooth implementation for industry participants, the GSEs have provided the following resources: