FNC: Clients ready for new online appraisal reports
OXFORD — When the GSE’s Uniform Collateral Data Portal (UCDP) goes live in June, FNC Inc. clients will be ready, the mortgage technology company announced.
As of June 27, Fannie Mae and Freddie Mac will begin accepting appraisal reports via an Internet portal specifically designed to receive the property information and valuations as electronic data. However, lenders will not be required to submit electronic appraisal data until March 2012.
“All FNC Collateral Management System (CMS) and Collateral Headquarters (CHQ) platform clients, regardless of size, will be able to automatically submit appraisals as XML data directly to the UCDP via FNC’s direct integration. FNC will provide this service at no additional cost to its CMS and CHQ clients,” said David Work, FNC’s executive vice president of sales.
Telford said these mortgage lenders already have appraisals as data and the technology needed to comply with the UCDP initiative. FNC pioneered now-proven collateral management platforms that lead the industry in supporting retail, wholesale, correspondent, servicing, capital markets, and appraisal management companies.
Additionally, FNC’s GAAR (Generally Accepted Appraisal Rules) service will be ready by June to process UAD-formatted appraisals. GAAR automates appraisal review by flagging compliance issues and possible indicators of risk.
Appraisal reports submitted to the UCDP must be formatted according to standards mandated by the GSEs. One approved formatting option is the AI Ready XML data standard. This open data standard was developed by FNC in conjunction with the Appraisal Institute in 1998 and is universally available in appraisal creation software packages.
Source: FNC Inc.
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