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Appraisals will receive a Uniform Appraisal Dataset compliance check after submission. In turn, they will be given a successful or not-successful status. If deemed not successful, a warning will be issued and a revision of errors will be required.
On the Web ______________________
For more detailed and updated information about the Uniform Mortgage Data Program, visit sctsm.in/UMDPinfo.
Fannie and Freddie are urging lenders to begin using the portal system before the mandatory March 19, 2012, deadline.
Finally, the Uniform Loan Delivery Dataset requirement intends to establish a common loan-delivery data system and minimize inconsistencies in definitions and data. It's being created for lenders to submit single-family loan files in MISMO Version 3.0 format.
The number of data elements required at loan delivery will increase by about 50. For loan applications dated on or after this coming Dec. 1, lenders must get the additional data and — where an appraisal is required — provide an appraisal compliant with the Uniform Appraisal Dataset via the new portal.
By March 19, 2012, lenders must be fully compliant with the Uniform Mortgage Data Program for loans dated on or after Dec. 1.
Overall, the appraisal changes represent another major adjustment for the mortgage industry, real estate professionals and consumers. Whether they actually lead to improved data accuracy and transparency — and rebuild confidence in loan quality — remains to be seen. If they do, the housing industry and everyone involved with it will benefit.
Amelia R. Hyden, president and CEO of Appraisal Management Company of Southern Nevada, has worked in real estate for the past seven years.
She has an educational background in real estate appraisal through Lincoln Graduate Appraisal School and the Institute for Real Estate and Appraisal Studies. Hyden founded AMC of Southern Nevada to help lenders and clients with federal compliance by providing honest and ethical appraisal services. Reach her at (888) 867-9763 or email@example.com. Visit amcofsouthernnevada.com.
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