Fannie Mae has issued the following Lender Letter:
Mae and Freddie Mac today announced updates to the implementation dates
and requirements for loan delivery and appraisal data under the Uniform
Mortgage Data Program (UMDP).
Fannie Mae also issued Lender Letter LL-2010-15, Uniform Appraisal Dataset and Uniform Collateral Data Portal,
to provide formal notice of our appraisal data requirements under the
UMDP and advance notice of related policy updates in connection with
appraisal data standardization.
UMDP is a joint effort by Fannie Mae and Freddie Mac (the GSEs) at the
direction of Federal Housing Finance Agency (FHFA) to standardize and
drive data quality that benefits the entire mortgage industry. Fannie
Mae and Freddie Mac understand the magnitude of the change required to
achieve this important goal and its impact on a number of industry
players. To facilitate its successful adoption, the GSEs have collected
extensive feedback from a wide array of customers, lenders, appraisers,
and other industry participants.
on this input, and to position all industry stakeholders for success in
implementing the UMDP, today the GSEs announced revisions to the
effective dates and requirements. The GSEs are also providing new and
updated resources to assist lenders and their appraisers in preparing
for implementation. These updates provide additional time for the
industry to meet the full UMDP requirements. Furthermore, the GSEs will
be able to support early adoption of appraisal data standardization,
which will benefit all industry stakeholders.
Details and ResourcesFor
details on these updates, including revised and new Uniform Loan
Delivery Dataset (ULDD) and Uniform Appraisal Dataset (UAD) resources,
refer to the UMDP Update (December 16, 2010) and other information on the UMDP page on eFannieMae.com.
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