Veros Real Estate Solutions' proprietary PATHWAY system is now equipped to handle the upcoming changes to the Uniform Collateral Data Portal (UCDP) to be introduced by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
The changes pertain to both the UCDP, which is used for the submission of appraisal data files to the GSEs, and the Uniform Appraisal Dataset (UAD), which standardizes key appraisal data elements.
Starting June 22, appraisal files submitted to the UCDP will be rejected unless they include the UAD fields for effective date, subject contract price and comparable sale price, above grade gross living area (for subject property and comparable sales) and sale type (for subject property and comparable sales). Currently, the portal sends an alert when this data is missing.
‘It's important that lenders delivering to the GSEs stay abreast of these changes and work with their technology providers and internal operations to verify systems are in place to appropriately evidence and manage warnings and fatal stops as the GSEs make their adjustments,’ said Charles Rumfola, senior vice president of strategic initiatives for Veros, in a release. ‘At Veros, we've taken appropriate measures to validate all client integrated solutions are prepared to accommodate the announced changes.’
With Veros' PATHWAY, appraisal management companies, loan origination system providers, lenders, correspondent lenders and other technology vendors can get their appraisal docs to the GSEs safely via a direct, system-to-system link between their appraisal solutions and the UCDP.
The company positions PATHWAY as ‘an ideal solution for entities with volumes too large for manual upload to UCDP's Web interface but too small for an enterprise platform solution.’