a la mode inc. has announced a summer schedule of lender and appraisal management company (AMC) Web-based training courses in preparation for the government-sponsored enterprises' (GSE) Uniform Mortgage Data Program (UMDP). The training courses are open to anyone in the industry, and the full schedule and course descriptions can be found by clicking here.
UMDP was created jointly by the GSEs at the direction of the Federal Housing Finance Agency (FHFA). It standardizes common requirements for appraisal and loan data across the entire transaction. As part of the program, all appraisals for all conventional mortgage loans originated on or after Dec. 1, 2011, must be UAD-compliant and submitted via the GSEs’ new platform. Last month, a la mode’s Mercury Network was named a platform for GSE submission.
a la mode inc. is the provider of the most popular appraisal formfilling software, used by over half the nation’s appraisers. The appraisal software is UAD-ready now, and a full 21-city appraiser training program was launched last week to prepare appraisers for the coming changes. The lender and appraisal management company track is part of a la mode’s overall UMDP training initiative. As the industry prepares to migrate to the new standards, underwriters, reviewers, and appraisal operations desks can participate in these web-based courses so they’re prepared to handle the coming changes without encountering extra fees or appraisal pipeline delays.
“These new requirements will dramatically affect appraisal management and operations”, said Jennifer Miller, executive vice president of products for a la mode’s Mortgage Solutions Division. “If appraisal managers and underwriters are not prepared for the changes, they can count on problems as the deadlines approach. These courses will give them the materials and knowledge they need to avoid chaos within their own organizations as these changes take effect.”