Changes to the data portal used by Fannie Mae and Freddie Mac will enable the sharing of appraisal reports among aggregators.
A new appraisal-sharing solution is being implemented by the pair of secondary lenders within the Uniform Collateral Data Portal.
The update to the UCDP, which was originally announced back in September 2015, becomes effective as of Feb. 7.
The update was disclosed in a notice Thursday from Washington-based Fannie.
With the new feature, correspondent lenders will easily be able to
share appraisal information with their aggregators within the UCDP.
In addition, aggregators will have access
to real-time results for their correspondents’ appraisals. They will be able to retrieve a list of correspondent-shared appraisals as well as the status, findings and submissions summary report for shared reports.
The change is intended to provide aggregators with confidence that they always have the most up-to-date appraisal information when selling a loan to the government-sponsored enterprises.
Aggregators will need to set up their UCDP profile in order to
take advantage of the appraisal-sharing functionality.
Two new optional direct-integration calls are featured in the updates.
Direct-integration users must have their lender administrators ensure
UCDP web login credentials are active ahead of the Feb. 7 release.
