It should come as no surprise that the Uniform Collateral Data Portal is now in effect. Freddie Mac sent out a reminder to all that it’s now up to the lending community to ensure that appraisals comply with the new requirements.
“As a reminder, appraisal report forms for all conventional mortgage loans delivered to the GSEs must now be submitted to the UCDP and receive a ‘Successful’ status from the GSE to which the loan is being delivered, if an appraisal report is required and the loan application is dated on or after Dec. 1, 2011,” a release stated. “Also, please remember that it’s important that you collect and store the Doc File ID, returned by the UCDP, in your systems. You will need the Doc File ID, also referred to as the ‘Appraisal Identifier’ data point in the Uniform Loan Delivery Dataset, for future deliveries to the GSEs. For deliveries on or after July 23, this data point is required to be included in the loan delivery file submitted to either GSE as part of the ULDD requirements.”
Upcoming condo unit number hard stop update in the UCDP
On March 30, the Condo Unit Number hard stop 303 -- Invalid address – unit No. not validated -- will be updated from a manual override to an automatic override to address lenders' concerns regarding the frequency with which this hard stop is occurring. This hard stop may affect properties that do not utilize the legal unit number in the mailing address (e.g., townhouse condominiums). Lenders are still required to confirm that the unit number designator is properly listed on the appraisal form, Freddie Mac said. This hard stop will remain an automatic override until otherwise notified.
The GSE also announced that the UCDP will be unavailable beginning March 30, 12:01 a.m. to 3 a.m. ET for planned maintenance to implement this change. Be sure to frequently check the monthly UCDP maintenance calendar located on FreddieMac.com for updates on planned maintenance to the UCDP.
Helpful UCDP resources
Additionally, Freddie Mac pointed to several UCDP resources:
• Training and business resources available on FreddieMac.com to support your ongoing use of the UCDP. Be sure to check out the recorded tutorials that provide a self-paced training opportunity on how to use the UCDP application, including how to upload and submit appraisal data files, reporting options, and more.
• The UCDP Support Center at (800) 917-9291, which can assist with questions about system.