Category: UCDP

Appraisal news for real estate appraisers and real estate professionals regarding the Uniform Collateral Data Portal (UCDP). News relating to the Appraisal Industry.

Racial Bias Complaint Filed Against Me 47

Seller Filed a Racial Bias Complaint Against Me

So what’s caused the sudden loss of income? Could it be because of the racial bias complaint filed against me by an unhappy Seller…  Fannie Mae accomplished what they set out to do in July 2011, when they initiated their Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal. The goal was to collect enough property data to effectively remove appraisers from the home buying and refinancing process. It all started with Dodd-Frank Act, a several hundred pages Act signed into law by then President Obama, sold to unsuspecting Americans as a protection from the corrupt business practices of...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Those Pesky Words... Words Considered Biased 24

‘Pesky’ Words. Keeping Appraisers out of Language Purgatory

Appraisers, on July 17, 2023, a document from Freddie Mac was circulated to numerous appraisers around the US which identified certain words and other info that can be considered to be ‘BIASED’ in appraisal reports. Here is the Link to the Bulletin. We need to step back for a moment and carefully analyze and consider why that was done, and what it means to appraisers. In many ways, appraisers forget the purpose of the appraisal assignment – which is to value real estate. In other words, the physical structures tied to the land. But too often, elements of personal or...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA

Appraisal Forms Redesign - What's Coming Down the Track? 3

Appraisal Forms Redesign

In 2018, the GSEs began working on ‘mortgage lending appraisal forms redesign’, a process they said would take approximately 3 years to accomplish. The effort is currently underway, however they have not announced exactly when the process will be completed, or when the new forms will take effect. Attached is a PDF of their FAQs through June 2020 which you may want to peruse, just so you become more aware of “what’s coming down the track” not too long from now. From my quick read of this FAQ document, key items include: GSE forms are not to be used for...

1004MC / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD

Special Report on Appraisal Technology Rebuttal - Hey! BIG Data, Leverage This! 13

Hey BIG Data, Leverage This!

The image above is not a part of the Appraisal Technology Special Report “Across the street from a house are two vacant lots. Zillow thinks one of them is worth $16K and the other one’s worth $169K. You can see them on the aerial view here.” I was recently asked by professional peers if I would read and comment on a Special Report published by ValuationReview, with the introduction penned by Mike Holzheimer, Editor. This Special Report may be downloaded here. Let’s be clear up front. I was not asked because of my proficiency with grammar, punctuation or even my...

ACI / AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News

Public Records Are Dead Wrong - How Big, Really... Size Matters... Suggestions 20

How Big, Really… Size Matters… Suggestions

Very often the public records are dead wrong… Appraisers, We all know Fannie Mae (FNMA) has their Collateral Underwriting (CU) report scoring system after the .xml file of the report is submitted through the Uniform Collateral Data Portal (UCDP) portal used by both GSE’s. This system of theirs is used to ‘score’ an appraisal for a loan quality rating, and it’s also used to provide a lender with a guarantee of relief from a FNMA loan buy-back demand, if the report ‘scores’ a number of 2.5 or lower. We’ve previously discussed how that can be manipulated by a lender or an...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Collateral Underwriter

Enhancements to Collateral Underwriter (CU) Are Coming - Imagecredit Flickr - Alan Levine 4

CU “Enhancements” Are Coming

CU risk score, flags and messages Appraisers, In about 6 weeks, Fannie Mae will make available to LENDERS only, and probably by default indirectly, to their AMC agents, enhancements or improvements (in their opinion) to the Collateral Underwriter electronic review process. None of the Collateral Underwriter background info,  especially about Fannie Mae’s ‘additional comps’ selection process, is shared directly with appraisers.  But when these are returned to appraisers in the form of a Quality Assurance request from the lender or AMC, appraisers are expected to drop everything and immediately review those for applicability in the appraisal report. Pay attention to the...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

Freddie Mac Proprietary Messages in the UCDP Scheduled for June - Imagecredit Flickr - Patrick McFall 2

Freddie Mac Takes a Bite of the Apple

Freddie Mac Proprietary Messages in the UCDP Not wanting to be left home from the party, Freddie Mac has announced that on June 30, 2015 it will begin providing new feedback on appraisals submitted to it via the Uniform Collateral Data Portal (UCDP). Like Fannie Mae’s system, the messages will be delivered to those lenders seeking to sell residential loans to Freddie Mac. Most of the feedback will be in the form of warnings which essentially alert a lender there are some inconsistencies between the submitted appraisal report and data that Freddie Mac already possesses (like public records). For example,...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

Appraiser GLA vs Assessor GLA 8

Appraisers’ GLA vs Assessors’ GLA

GLA in your appraisal reports being questioned Appraisers, today (4/30/15), Freddie Mac released a document showing Warning and Fatal codes that will trigger if certain items are found in your reports sent to Freddie Mac through the Uniform Collateral Data Portal (UCDP), as of June 30, 2015. In 25 pages of codes, only 4 are ‘fatal’ and those are for items you should not be overlooking. See the PDF below and take a moment to look over the document. The very first ‘warning’ code is this one, which has two variations: FRE1001 The gross living area for the subject property ([GLA] sf)...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

7

It’s Not a Comp, It’s a Sale; Stop Fannie Mae Lies!

It is merely a SALE… Appraisers, Something’s been gnawing at my craw ever since January when FNMA’s wonderful Collateral Underwriter (CU) was unleashed to the world. And before that, when FNMA’s Appraiser Quality Monitoring (AQM) process was introduced to judge the work of appraisers. No one else has written about this. No one has even mentioned it. So I will:  It has to do with the word “Comp” which is used liberally by Fannie Mae (FNMA). What exactly is a “Comp?” In FNMA’s world, it’s any property that they obtain, either by their vast AVM process which examines millions of...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring

5

Fannie Mae ‘Lender Letter’ About the CU process

Lender Letter explains CU process Appraisers, The latest FNMA Lender Letter was released on February 2, 2015 (see PDF below). You really should print and read this new Lender Letter. It attempts to smooth over lots of ruffled feathers among appraisers, AMC’s, Lenders, Underwriters, etc. To be honest, I find a bunch of ‘pipe dream’ info in this document. Items such as: CU is a Fannie Mae–only risk management tool. ==> Freddie Mac is said to be working to implement this or a similar process very soon CU does not accept or reject appraisal reports or characterize an appraisal as “good” or “bad.”...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

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