Veros Real Estate Solutions has launched an appraisal sharing capability through its PATHWAY system-to-system connection to the Uniform Collateral Data Portal (UCDP). The PATHWAY system’s “Simply Smarter Appraisal Sharing” is now available to all customers who use PATHWAY to deliver their appraisal data to Fannie Mae and Freddie Mac (GSEs), and allows for fully-integrated system calls making the process to share and retrieve appraisal data between third-party mortgage originators (or correspondent lenders) and loan aggregators easier and more secure.
“The ‘Simply Smarter Appraisal Sharing’ functionality provides a fully automated, reliable, and secure way for correspondents and aggregators with high-volume submissions to share appraisal information as it flows through the portals,” said David Rasmussen, senior vice president of operations for Veros. “The enhancement consolidates appraisal sharing into one seamless process and provides both parties greater access to real-time UCDP appraisal status on a loan-by-loan basis.”
The new capability allows third-party mortgage originators to share files with designated aggregators by making one small enhancement to their PATHWAY submission process. Loan aggregators, meanwhile, can utilize PATHWAY to receive an automated list of correspondent-shared appraisals and are able to check the status, retrieve findings, and view Submission Summary Reports (SSRs) with the most up-to-date data. This automation eliminates the existing process of sharing appraisal files via unsecured email, or generally outside of UCDP, and improves system efficiency as compared to the manual retrieval of SSR data in the UCDP Web interface. This feature also allows third-party originators to initiate the UCDP submission process without complicating the ownership of the appraisal document when it is time to securitize the loan.
“As many correspondents and aggregators may be aware, Veros is the official technology provider to Fannie Mae and Freddie Mac for the UCDP,” said Rasmussen. “As the technology provider for this important initiative, Veros was contracted to build this Correspondent functionality into the GSEs’ portal, we have now made similar functionality available in our proprietary system which is directly integrated to UCDP to provide a more automated approach to sharing.”
PATHWAY is a system-to-system connection that allows for the seamless delivery of appraisal submissions to the Uniform Collateral Data Portal (UCDP) and the Electronic Appraisal Delivery (EAD) portal. Requiring minimal technology integration, the system allows lenders to submit UAD and non-UAD reports and includes both a UAD compliance quality check and a Preview function that allows for the advanced view and resolution of expected pre-submission errors for both UCDP and EAD. PATHWAY offers an automated submission solution to entities with volumes too large for manual submission to the portals, and it provides a single entry point for all appraisals headed to the secondary market. The platform also provides fully automated appraisal score reports for enhanced quality control and processes first-generation PDF extractions for UCDP delivery.
