ISGN Corporation has announced the launch of a new Plug-In interface for the electronic delivery of Uniform Appraisal Dataset (UAD) compliant appraisals to the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, for lenders on its MORvision loan origination system (LOS). The new Plug-In provides MORvision lenders an integrated interface to the GSEs’ new Uniform Collateral Data Portal (UCDP), a single portal for the electronic submission of appraisal data files, which will be mandatory for all GSE appraisals beginning March 12, 2012. UAD appraisal guidelines went into effect on Sept. 1, 2011.
The MORvision Plug-In Partner Network is a collection of dozens of third-party providers that has been seamlessly integrated with MORvision, ISGN’s end-to-end LOS. MORvision’s Settlement Services Plug-In has been enhanced to support UAD and UCDP guidelines with the new Plug-In feature.
Fannie Mae and Freddie Mac, under the direction of their regulator, the Federal Housing Finance Agency (FHFA), have implemented the Uniform Mortgage Data Program (UMDP) to improve the accuracy and quality of loan data required for GSE appraisals and loan delivery. The UMDP has three components: The UAD, which defines and standardizes appraisal definitions and all fields required for appraisal submission; the UCDP, the single portal for submitting GSE appraisals; and, the Uniform Loan Delivery Dataset (ULDD), common requirements for GSE loan delivery data.
The new UAD/UCDP Plug-In gives MORvision customers three options for ordering and delivering UAD electronic appraisals to UCDP:
►Full-service: Via the Plug-In MORvision lenders can order a UAD compliant appraisal from ISGN’s appraisal management company and have it automatically delivered to the UCDP.
►Panel management service: Via the Plug-In MORvision lenders can order a UAD compliant appraisal from the lender’s appraiser panel that is managed by ISGN systems and staff and have it automatically delivered to UCDP.
►Data only: Via the Plug-In MORvision lenders can deliver a UAD compliant appraisal from their own appraisers directly to UCDP.
This service also will be available on Catapult, ISGN’s next-generation LOS.
“The UAD/UCDP Plug-In ensures that MORvision lenders have the complete capability for ordering, managing and delivering their appraisals in compliance with the GSEs UAD and UCDP requirements,” said Jason Cohen, senior director of product operations at ISGN. “ISGN is one of only 25 technology vendors that have indicated they plan to provide a vendor solution that offers an integrated system interface to the UCDP for delivering UAD compliant appraisals.”
ISGN also has enhanced the MORvision Secondary Tracking and Delivery Module to meet the new ULDD MISMO 3.0 loan delivery file format of Fannie Mae and Freddie Mac, which takes effect on March 19, 2012, when all loans must be delivered to the GSEs in the new file format. MORvision lenders who have the tracking module today can deliver loans to the GSEs in the current ASCII file format or the new MISMO XML file format, giving them time to become familiar with the new format prior to its required use.
“The updated Secondary Tracking Module will enable lenders to fully comply with the new GSE loan delivery data requirements and reduce the cost and time required for preparing and submitting loan delivery data to the GSEs,” said Kris Jaussi, MORvision product manager.