Market Analysis: Are You Confused?

*Are You Confused?*
**By Tony Garritano**

***I have been pleasantly surprised at to how well the industry has responded to the new appraisal rules. I remember the issues with RESPA. And loan officer compensation was tough for most to comply with when it hit earlier this year, too. I think the ease of compliance this time is due in part to how vendors have responded with quality educational pieces. For example, Global DMS did a great white paper. If you’re still confused, here’s how they describe all the changes:

****“UAD stands for Uniform Appraisal Dataset, and is a component of the Uniform Mortgage Data Program (UMDP). UCDP is the Uniform Collateral Data Portal, and is also a component of the UMDP. While these programs will work in conjunction with each other, there are distinct differences in the programs and the requirements.

****“The GSEs define the UAD program as:

****“All fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses for a key subset of fields. The UAD-compliant file can be delivered in either a PDF or an XML file. However the UAD program DOES NOT need to be delivered in an XML format. The MISMO 2.6 XML file is required for the UCDP, although you can submit a PDF file to the portal and the information can be extracted into an XML file for a fee.

****“The GSEs define UCDP as:

****“A single portal for the electronic submission of appraisal data files. Lenders will be required to use the UCDP to submit electronic appraisal data files that conform to all GSE requirements, including the Uniform Appraisal Dataset (UAD) when applicable, before the delivery date of the mortgage to Fannie Mae and Freddie Mac. The general UAD process will be driven by the appraisers. The appraiser will be responsible for delivering the appraisal file in the required UAD format. The delivery to the portal will be driven by the lender. The lender can deliver the file to the GSEs, or have an Appraisal Management Company (Agent) deliver the file on their behalf.”

****It was a great white paper. To read more go to the Global DMS website or the PROGRESS in Lending iPad app. It’s a great read!

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.