Veros Real Estate Solutions has confirmed that its proprietary PATHWAY system is equipped to handle the upcoming Uniform Collateral Data Portal (UCDP) changes announced by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The requirements involve both the UCDP, the single joint portal for the electronic submission of appraisal data files to the GSEs, as well as the Uniform Appraisal Dataset (UAD), which standardizes key appraisal data elements and is intended to enhance appraisal data quality on conventional loans.
Beginning June 22nd, electronic appraisal files submitted to the UCDP will be rejected unless they include the UAD fields for appraisal effective date, subject contract price and comparable sale price, above grade gross living area (for subject property and comparable sales) and sale type (for subject property and comparable sales). To date, UCDP has returned warnings when this data is not present in an effort to allow lenders to acclimate to the technology and operational processes. The enhancements to the PATHWAY system ensure that Veros’ clients will continue to have a smooth user experience and will be up-to-date on all the latest GSE changes.
“It’s important that lenders delivering to the GSEs stay abreast of these changes and work with their technology providers and internal operations to verify systems are in place to appropriately evidence and manage warnings and fatal stops as the GSEs make their adjustments,” said Charles Rumfola, senior vice president of strategic initiatives for Veros. “At Veros, we’ve taken appropriate measures to validate all client integrated solutions are prepared to accommodate the announced changes.”
PATHWAY ensures the safe delivery of appraisal reports to the GSEs by providing appraisal management companies (AMCs), loan origination system (LOS) providers, lenders, correspondent lenders and other technology vendors with a direct, system-to-system link between their solutions and the UCDP. The Veros solution includes UAD and non-UAD report submission, UAD compliance quality checks, PDF conversion and the return of UCDP submission results.
Veros advises lenders to confirm their integrated solution is equipped to return and manage current UAD warnings, known as “402 hard stops.” Doing so ensures that end users are aware of UAD compliance issues and can take corrective action to improve submission quality.
“Lenders, AMCs and others who submit electronic appraisal reports to the GSEs need to maintain a complete workflow between their integrated solution and UCDP,” Rumfola said. “Therefore, it’s critical that the solution they use is prepared to identify, present and manage both types of UAD errors according to the latest GSE rules, and route the appraisal to the next logical step for correction, override or re-submission. This way, they can ensure there is no interruption to their pipelines."