a la mode inc.’s Mercury Network has been listed as an appraisal submission platform for Fannie Mae and Freddie Mac’s Uniform Collateral Data Portalsm (UCDP). The UCDP is the single portal for the electronic submission of appraisal data files to Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs). The GSEs announced that UCDP will go live on June 27, 2011. Appraisal reports for all conventional mortgage loans delivered on or after March 19, 2012, must be submitted to the UCDP before the delivery date of the mortgage if the loan application is dated on or after Dec. 1, 2011 and an appraisal report is required. Mercury Network has been named as a solution to submit electronic appraisal data to UCDP on the GSEs Vendor Web page.
a la mode has been deeply involved in the UCDP initiative since the beginning. They were the first and currently only vendor to release appraisal form-filling software for appraisers’ compliance with the program, and they will also offer a free platform for lenders who are not Mercury Network clients to submit to UCDP. a la mode will also host training conferences in dozens of cities nationwide for its appraiser customers, as well as host online training for lenders throughout the summer.
“Frankly, we’ve heard from many lenders over the past few months who think they’re ready because vendors have told them they’ve got it under control,” said Sean Shiplet, chief operating officer of a la mode inc. “But when they take a closer look, it’s clear they’re not. For example, many lenders are still relying on appraisal data extracted from PDFs to satisfy the GSEs, but it is our understanding that this method will cause delays in their pipelines and they’ll be hit with file conversion fees on top of the delays. The Native XML straight from the appraisers’ desktops is easy to get, yet some lenders don’t know they even need it. Our training will address all of these pitfalls so a majority of the country’s lenders have smooth transitions to UCDP.”