Uniform Collateral Data Portal
Getting ready to submit electronic appraisal data to the GSEs.
To facilitate the collection of appraisal report data the, Government-Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac, at the direction of the Federal Housing Finance Agency (FHFA), are developing the Uniform Collateral Data PortalSM (UCDPSM), which is a single portal for the electronic submission of appraisal data files.
Lenders will be required to use UCDP to submit electronic appraisal data files that conform to all GSE requirements, including the Uniform Appraisal Dataset (UAD) when applicable, before the delivery date of the mortgage to either Fannie Mae or Freddie Mac.
The UAD defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses for a key subset of fields. More details about the UAD can be found at both GSE’s websites.
Using the UAD and UCDP, lenders will have a GSE-consistent approach and understanding of appraisal definitions and requirements and a common portal for submitting appraisal data files. This critical appraisal data standardization effort will:
- Give lenders greater confidence in loan quality by offering enhanced appraisal data quality and integrity checks.
- Create efficiency and consistency in appraisal reviews by offering appraisers and lenders an improved view and understanding of GSE appraisal data requirements.
- Support processes to manage and mitigate valuation risk by resolving inconsistencies with appraisal data, including formatting, terminology, and use of specific descriptions.
- Starting September 1, 2011, all appraisers must use the new appraisal dataset for appraisal reports.
- Starting December 1, 2011, lenders must collect the standardized appraisal data for new loan applications.
- Starting March 19, 2012, the appraisal data must be submitted to UCDP if:
- The loan application is dated on or after December 1, 2011, and
- An appraisal report is required.
Getting Started with UCDP
To begin using UCDP, which will be available for submitting electronic appraisal data on June 27, 2011, you need to complete the following steps:
- Talk to appraisal providers about obtaining appraisal data in XML format.
- Determine whether your organization will upload/deliver appraisals to UCDP or if you will designate an agent to upload appraisals and resolve issues on your behalf.
- Determine UCDP access method: web‐based interface or direct integration via vendor (lists are available on the GSE websites).
- Think about your appraisal ordering and loan origination processes to determine at what points in your process to submit the appraisal and who will manage any edits and errors.
- Determine your business process for capturing the submission results (most importantly the system-generated “Document File ID”) from UCDP and providing those results to your loan shipping area for inclusion in loan delivery submissions.
- Identify your “Lender Admin” who will responsible for your organization’s portal registration process.
More on registering for UCDP
Fannie Mae and Freddie Mac have separate, multistep registration processes for users of UCDP and details are available on both websites. Lenders are encouraged to start thinking about roles and to determine an appropriate lender administrator in their organization. Please note if your organization delivers loans to both GSEs, the initial lender administrator must be the same individual for both GSEs.
The lender administrator is responsible for:
- Establishing access to UCDP for the lender, confirming a relationship with one or both GSEs, setting up his or her organization’s profile, and adding additional users.
- Initiating the setup of other lender administrators in the organization for the ongoing maintenance of UCDP access.
- Authorizing lender agents to submit appraisals to UCDP on behalf of the organization.
Resources are available to assist you
Training, registration, and customer support information are available on the Fannie Mae and Freddie Mac websites. Please check both websites for frequent updates and new information.