As the June 22 deadline approaches, Veros Real Estate Solutions has updated its proprietary Pathway system to enable users to comply with the new appraisal data reporting rules required by the government-sponsored enterprises.
Going forward all electronic appraisal files submitted to Fannie Mae and Freddie Mac through the Uniform Collateral Data Portal must include specific requirements “for subject property and comparable sales” including the appraisal effective date, price and comparable sale price.
Also starting later in June, lenders and servicers will have to comply with the Uniform Appraisal Dataset requirements that standardize key conventional loan appraisal data reporting.
If until now the platform would automatically send warnings to entities that failed to file fully compliant appraisals after the rules takes effect data , if all required data is not included in the file UCDP will reject the entry.
Pathway includes UAD and non-UAD report submissions, UAD compliance quality checks, PDF conversion and the return of UCDP submission results.
As the GSEs implement new rules and make related adjustments, said SVP of strategic initiatives for Veros, Charles Rumfola, GSE lenders also have to constantly verify the systems they use and keep internal operations up-to-date with GSE changes “to appropriately evidence and manage warnings and fatal stops,” known as 402 hard stops.
Since users need to maintain “a complete workflow between their integrated solution and UCDP,” Rumfola explained, it is critical “to identify, present and manage both types of UAD errors according to the latest GSE rules, and route the appraisal to the next logical step for correction, override or re-submission,” so there is no interruption.
Pathway system enhancements, the Santa Ana, Calif.-based collateral valuation and compliance risk management technology provider said, include validating systems used by banks, appraisal management companies, correspondent lenders and others, and integrating changes that enable them to stay in compliance.
