InHouse Inc., a provider of appraiser management technology for banks, lenders, credit unions and other mortgage originators, announces it will have a direct integration to the Uniform Collateral Data Portal (UCDP) to electronically submit appraisals to Fannie Mae and Freddie Mac. All appraisal management companies (AMCs), appraisers and lenders on the InHouse Connexions platform will be able to submit appraisals to Fannie and Freddie in accordance with the new appraisal submission standards in effect for loans originated after Dec. 1, 2011 and delivered on or after March 19, 2012. Under the new submission standards, lenders may submit appraisals to the UCDP via its Web interface, or they can partner with a provider integrated to the UCDP.
"The possibility of relying on third parties to comply with the new submission standards in the most efficient manner has propelled thousands of lenders and appraisal companies to explore their options," said Jennifer Creech, CEO and president of InHouse Inc.
As part of the new GSE appraisal submission requirements, appraisals must be supplied in MISMO XML format or as a first-generation PDF. Connexions can also easily convert first-generation PDFs into the MISMO format for faster submissions. Connexions also validates compliance and tracks the status of all appraisals.