New PATHWAY Technology From Veros to Provide Fannie Mae Appraisal Messages
Veros Real Estate Solutions has announced its PATHWAY solution is ready to deliver Fannie Mae’s proprietary appraisal messages when the GSE activates them on Jan. 28th. The messages are part of Fannie Mae’s program to provide specific feedback on appraisals submitted to the Uniform Collateral Data Portal (UCDP), a GSE requirement prior to loan submission that allows data checking on valuations before full loan files are received. Messages are sent from Fannie Mae on data inconsistencies and other appraisal quality issues on the system, intended to improve overall valuation reasonableness and quality of data for Fannie Mae loans.
Fannie Mae has encouraged lenders to begin preparing for the new messages by reviewing the Appraisal Findings Reports and ensuring their technology vendor has plans to support the new messaging. Veros’ PATHWAY technology is ready now and available to industry users in plenty of time to meet the Jan. 28, 2013 activation date.
Veros designed PATHWAY as an ideal solution for entities with volumes too large for manual upload to UCDP’s web interface, but too small to require an enterprise platform solution. PATHWAY assists correspondent lenders, AMCs and other technology providers in connecting to the portal with minimal technology integration. The solution allows for seamless submission to UCDP, PDF conversion to the required XML format, submission of Uniform Appraisal Dataset (UAD) and non-UAD reports, a UAD compliance quality check, and the ability to preview and resolve potential errors prior to submission.
“Fannie Mae is to be commended for taking yet another step toward data transparency throughout the mortgage transaction,” said David Rasmussen, senior vice president of operations for Veros. “Providing the lender with the information necessary to identify significant data, policy or property issues truly helps get down to the core concerns around data quality. We are pleased to announce PATHWAY is fully equipped to allow the transmission of this information.”
To stay in step with GSE portal-related data developments, Veros has updated its PATHWAY technology to allow users to process manual overrides on known UCDP hard stops, to request Fannie Mae-specific appraisal report findings, as well as provide users with detailed error notifications when there are inherent issues with the submitted file format.
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