Lenders relieved to receive native XML for more than half of the nation’s appraisals as an alternative to expensive and risky PDF extraction schemes
a la mode’s Mercury Network is now listed as an appraisal submission platform for Fannie Mae and Freddie Mac’s (GSE’s) Uniform Collateral Data Portalsm (UCDPsm). The UCDP is the single portal for the electronic submission of appraisal data files to the GSEs.
The GSEs announced that UCDP will be live on June 27, 2011. Appraisal reports for all conventional mortgage loans delivered on or after March 19, 2012, must be submitted to the UCDP before the delivery date of the mortgage if the loan application is dated on or after Dec. 1, 2011 and an appraisal report is required. Mercury Network has been named as a solution to submit electronic appraisal data to UCDP on the GSEs Vendor Web page.
a la mode has been deeply involved in the UCDP initiative since the beginning. They were the first and currently only vendor to release appraisal form-filling software for appraisers’ compliance with the program, and they will also offer a free platform for lenders who are not Mercury Network clients to submit to UCDP. a la mode will also host training conferences in dozens of cities nationwide for its appraiser customers, as well as host online training for lenders throughout the summer.
“Frankly, we’ve heard from many lenders over the past few months who think they’re ready because vendors have told them they’ve got it under control,” said Sean Shiplet, COO of a la mode. “But when they take a closer look, it’s clear they’re not. For example, many lenders are still relying on appraisal data extracted from PDFs to satisfy the GSEs, but it is our understanding that this method will cause delays in their pipelines and they’ll be hit with file conversion fees on top of the delays. The Native XML straight from the appraisers’ desktops is easy to get, yet some lenders don’t know they even need it. Our training will address all of these pitfalls so a majority of the country’s lenders have smooth transitions to UCDP.”
a la mode offers a free readiness checklist at www.MercuryVMP.com/XML.
a la mode's Mercury Network is the nation's premiere online Vendor Management Platform, or VMP, allowing lenders and AMCs to manage their appraisal workflow while being compliant with banking security and GSE regulations. Mercury combines a cloud-based SaaS core with a robust appraiser desktop plugin architecture that automates the appraiser's data flow to and from clients and allows AMCs to “mix and match” the features they need. Mercury is used by a lengthy roster of the nation's largest lenders and AMCs, as well as by numerous community banks, credit unions, wholesale and correspondent lenders, and mortgage brokers. It’s been used by more than 200,000 mortgage professionals since 2002 to completely automate the full “round trip” of tens of millions of appraisals.
For more information on Mercury Network, visit www.MercuryVMP.com.
About a la mode
Founded in 1985, a la mode develops desktop, mobile, and Web tools for the real estate and mortgage industries. a la mode’s mission-critical products are used by hundreds of thousands of appraisers, agents, inspectors, and lending professionals to complete the nation’s real estate transactions. a la mode’s state-of-the-art offices are located in Salt Lake City, Oklahoma City, and Washington, DC. For more information, visit www.alamode.com or call 1-800-ALAMODE.
a la mode
(405) 359-6587 x 339