Preparing for the Uniform Mortgage Data Program
Uniform Mortgage Data Program (UMDP) Overview
To enhance appraisal data quality, consistency and promote the collection of electronic appraisal data, Fannie Mae and Freddie Mac, at the direction of their regulator, the Federal Housing Finance Agency (FHFA), have worked together to develop two initiatives that will impact how you do business.
Chase is currently identifying how UMDP will influence loan delivery. Look for ongoing communications regarding this topic.
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The Uniform Appraisal Dataset (UAD) defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses to enhance data quality and promote consistency. Appraisals conducted with an effective date on or after September 1, 2011 must be completed using the new UAD requirement for the following:
- Uniform Residential Appraisal Report (Form 1004/70)
- Individual Condominium Unit Appraisal Report (Form 1073/465)
- Exterior-Only Inspection Individual Condominium Unit Appraisal Report (Form 1075/466)
- Exterior-Only Inspection Residential Appraisal Report (Form 2055/2055)
The Uniform Collateral Data Portal (UCDP) is a website through which lenders will electronically submit appraisal reports for mortgages delivered to Fannie Mae or Freddie Mac. Beginning on June 27, 2011, the UCDP is available for use. This gives you the opportunity to integrate this tool into your existing processes prior to the mandatory submission date on December 1, 2011.
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How do I prepare?
- Complete the UAD Tutorial
- Meet with your appraisers and/or Appraisal Management Companies (AMCs) to ensure they are implementing the new UAD requirements
- Coordinate your company's ability to accept the new appraisal format well in advance of the September 1, 2011 implementation date
- Begin developing a UAD implementation plan for your company
- Review your closing, underwriting, and quality control policies and processes with enough lead time to accommodate implementation of the new standards
- Ensure that appraisal reviewers and underwriters are familiar with the UAD requirements
- Determine if system changes are required depending on how you currently capture, process and store appraisal data
- Develop a plan for how to store the new appraisal data format
- Prepare to use the UCDP, available on June 27, 2011
- To ensure a smooth transition, we encourage you to integrate this tool into your existing processes as early as possible
- We also recommend you upload appraisal data to UCDP in lieu of a first-generation PDF. This will reduce additional costs and conversion time.
Training Opportunities
To help you prepare for these requirements, Fannie Mae is offering free webinars on the following topics:
For details on the UMDP, see Lender Letter LL-2010-15. You can also visit the following links for additional tools and resources:
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Key Terms
The Uniform Mortgage Data Program (UMDP) is a Fannie Mae and Freddie Mac initiative intended to enhance appraisal data quality, consistency and promote the collection of electronic appraisal data.
The Uniform Appraisal Dataset (UAD) defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses.
The Uniform Collateral Data Portal (UCDP) is a website through which lenders will electronically submit appraisal reports for mortgages delivered to Fannie Mae or Freddie Mac.
The Uniform Loan Delivery Dataset (ULDD) establishes a common usage for the majority of the loan delivery data elements and minimizes the differences when possible. Fannie Mae and Freddie Mac are transitioning our single-family loan delivery file formats to the industry standard MISMO Version 3.0 Reference Model and changing the data elements we require at the time of loan delivery.
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©
2012 JPMorgan Chase & Co.
