As of January 26, 2015, FNMA ("Fannie Mae") will be implementing a new appraisal risk assessment application that will be integrated into the Uniform Collateral Data Portal ("UCDP") that was launched by Fannie Mae and FHLMC 
in January 2013.The UCDP facilitates the electronic collection of appraisal report data. It is a single portal for the electronic submission of appraisal data files which lenders are required to use. The portal is linked to the Uniform Appraisal Dataset which defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses.
The new application is referred to as "Collateral Underwriter" ("CU"). The program will add a new facet to UCDP that will provide for new scores, flags and messages for appraisals. A number of the messages will be based on other appraisals in the system for the same property and will highlight discrepancies between the appraisals that apply to the same property. There will be two levels of messages. There are a number of "warning messages" that will identify inconsistencies in factual issues between appraisals of the same property, such as number of bathrooms. The second class of messages is for matters that can be overridden such an appraiser's license not matching the state in which the property is located or a failure to indicate that the contract was reviewed.
The new system will generate a report that will contain codes that correspond to the various matters for which messages can be generated. Fannie's explanation of the new application and a list of the messages and their status can be found HERE. The explanation of the original UCDP can be found HERE.
This new application is designed to further streamline the appraisal review process. This new application will require some retooling by lenders to deal with the new class of messages that can be overridden with the submission of corrected or new data. No doubt it will take some time to work out all the kinks that might occur in such a changeover. Some loans may be processed more slowly than previously. We need to be prepared for this potential disruption in the flow of loans to Fannie Mae.
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