Fannie Mae and Freddie Mac will implement a new appraisal-sharing solution within the Uniform Collateral Data Portal (UCDP). This appraisal-sharing feature, to take effect Feb. 7, 2016, will allow correspondent lenders to more easily share appraisal information with their aggregators within the UCDP.
Aggregators will have access to real-time results for their correspondents’ appraisals, providing confidence they always have the most up-to-date appraisal information when selling loans to GSEs.
The appraisal-sharing solution will provide the ability to share individual appraisals with specific aggregators regarding correspondent functionality, while for aggregator functionality, there will be the ability to retrieve a list of correspondent-shared appraisals, regularly retrieve the Status, Findings and Submission Summary report for correspondent-shared appraisals and retrieve the embedded PDF file for correspondent-shared appraisals via the UCDP user interface.
The updates to the UCDP also will feature two new optional Direct Integration (DI) calls which will support the appraisal-sharing capabilities for lenders who have a DI solution. A targeted communication and updated version of the Technical Integration Guide for the UCDP was provided to vendors to support the implementation of this new functionality, which was available for testing in January.
To take advantage of this appraisal-sharing functionality, aggregators must set up their “Aggregator profile” within the UCDP web portal. If you use a DI solution, lender administrators at aggregator companies should ensure their UCDP web login credentials are active in advance of the Feb. 7 release to perform the required set up.
In preparing for these enhancements, clients are urged to contact their DI vendor (if applicable) to discuss their implementation plan and timing. Updated UCDP user documentation, as well as new job aids that highlight this functionality, will be available on the Fannie Mae and Freddie Mac UCDP pages.