MortgageTechnology

Fannie Mae to include more data in appraisal findings report

Risk scores and flags will be provided on appraisal reports submitted by lenders

Government-sponsored enterprise Fannie Mae this week announced an update to its Uniform Collateral Data Portal (UCDP) to include feedback from its Collateral Underwriter (CU) application.

UCDP is a Web portal through which lenders electronically submit appraisal reports for conventional mortgages delivered to Fannie Mae or Freddie Mac. Through UCDP, lenders can upload appraisal data and view edits and submission details.

When an appraisal is submitted to the UCDP, Fannie Mae will now provide an appraisal risk score, risk flags and new messages from CU, an appraisal risk assessment application developed by Fannie Mae to support proactive management of appraisal quality.

Fannie Mae will roll out the update to its “appraisal findings report” in April.

The report, available to Fannie Mae Seller/Servicers, provides a monthly summary to supplement the submission-level Fannie Mae feedback and covers appraisals submitted to UCDP in the prior month. It will be generally available on the fifth business day of every month in a single file, replacing the three separate reports currently provided: “overview of Fannie Mae proprietary messages on active appraisals,” “Fannie Mae proprietary appraisal message trending summary by seller/servicer” and “summary report for active appraisals.”

The updated “appraisal findings report” will have four tabs showing a summary of the distribution of CU risk scores and frequency of risk flags on appraisal submissions; lists of the frequency of CU, Fannie Mae and UCDP/UAD messages by message ID on appraisal submissions; the number of submissions to UCDP and the number of corresponding appraisals viewed in the CU Web-based user interface; and lists of the lender’s individual users of the CU user interface and number of appraisals viewed by each one.

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For more on the update, visit Fannie Mae’s website and search “appraisal findings report.”

Email Amy Swinderman.