An update to the Uniform Collateral Data Port will enable appraisals to be shared among correspondent lenders and aggregators.
During the first quarter of next year, an appraisal-sharing solution is expected to be implemented within the UCDP.
The
appraisal-sharing feature will enable correspondent lenders to share appraisal information with their aggregators within the UCDP.
Both Fannie Mae and Freddie Mac will implement the solution, according to a bulletin Tuesday from Fannie.
“Aggregators will have access to real-time results for their correspondents’ appraisals, providing the confidence that they always have the most up-to-date appraisal information when selling a loan to the GSEs,” the notice stated.
Fannie explained that correspondent lenders will be able to
share individual appraisals with specific aggregators.
At the same time, aggregators will be able
to retrieve a list of correspondent-shared appraisals. They also can regularly retrieve the status, findings and submission summary report as well as the embedded PDF file.
Lenders with a Direct Integration solution will benefit from
support for appraisal-sharing capabilities. Vendors were provided with an updated version of the Technical Integration Guide for the UCDP in July.
