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New LPS Interface Integrates With the UCDP

NationalMortgageProfessional.com
Nov 16, 2011

Lender Processing Services Inc. (LPS) has announced that, through its Loan Quality Gateway, LPS' RealEC, Empower and LSI divisions are now directly integrated with the Uniform Collateral Data Portal (UCDP). The UCDP was developed by Freddie Mac and Fannie Mae, the government-sponsored enterprises (GSEs), for the electronic collection of appraisal data. LPS' Loan Quality Gateway is an open, Web-based industry utility providing loan origination services and technology solutions leveraged to meet loan quality requirements. LPS' integration with the UCDP will facilitate seamless electronic appraisal report submission for lenders that meet the GSEs' requirements, including compliance checks for the new Uniform Appraisal Dataset (UAD) requirements now in effect. The UCDP and UAD are two of several initiatives within the GSEs' Uniform Mortgage Data Program, an ongoing effort to enhance uniform appraisal and other loan delivery standards for the mortgage industry. RealEC, Empower and LSI customers will benefit from the following capabilities provided by the Loan Quality Gateway's UCDP integration: ►A single solution for managing a wide range of appraisal services reducing implementation time and costs ►Enhanced workflow and data validation services to support and comply with UAD and UCDP requirements ►Support of MISMO standards ►Access to ordering and processing appraisal products through the Loan Quality Gateway, powered by RealEC ►Extended services to non-RealEC service providers by offering UCDP support for appraisals not performed using the Loan Quality Gateway Lenders will be required to electronically submit full appraisal reports to the UCDP. These appraisal reports include all exhibits, addenda and photographs, for all conventional mortgage loans that require an appraisal report and were delivered to the GSEs with an application date on or after Dec. 1, 2011, and that are sold to Fannie Mae or Freddie Mac on or after March 19, 2012. "Implementing uniform appraisal and loan delivery standards to improve data accuracy and transparency is essential to restoring confidence in loan quality," said LPS Chief Operating Officer Dan Scheuble. "By interfacing with the UCDP, we can help our clients simplify the exchange of loan data with the GSEs, improve risk management capabilities and better respond to changing requirements and market conditions."
Published
Nov 16, 2011
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