Veros Real Estate Solutions said it's connected a “large lender” to its custom interface with the Uniform Collateral Data Portal.
Santa Ana, Calif.-based Veros, the vendor selected by the government-sponsored enterprises to build and maintain the UCDP, offers an integration to the portal through its Valuation Risk Management technology. It's a Web-based platform for lenders to manage valuation vendors and review process, as well as upload appraisals to the UCDP.
Veros declined to name the lender using the platform, citing confidentiality terms in its vendor contract with the lender.
The UCDP is one initiative in the GSEs' Uniform Mortgage Data Program, a sweeping overhaul of policies and procedures that will require lenders to submit full electronic appraisal reports and a new electronic loan data file for all mortgages sold to Fannie Mae and Freddie Mac.
Lenders or their appraisal management companies will use the UCDP to upload appraisals to the GSEs. The portal soft-launched in June for trial use and will become mandatory on all loans with an application date on or after Dec. 1, 2011 that are sold to Fannie and Freddie on or after March 19, 2012.
To enable the GSEs to database and analyze the valuation data, appraisers will have to create a new type of electronic appraisal report that utilizes the GSEs' Uniform Appraisal Dataset, which is a both a file format for the report and a standard methodology for acceptable responses to questions on the forms. Lenders must begin collecting UAD-compliant appraisals on Sept. 1, 2011.
The Veros-built UCDP is a browser-based platform where users can manually upload individual files. In addition, 23 vendors have told the GSEs they have or will build intermediary systems to integrate with the portal, like Veros' VRM, to facilitate batch uploads and other advanced features.
