GSEs pick another provider for Uniform Collateral Data Portal
[Update 1: clarifies a la mode role] Technology firm a la mode is now a direct provider of the government-sponsored enterprise Uniform Collateral Data Portal. The Oklahoma City-based firm's Mercury Network was recently listed as an appraisal submission platform for Fannie Mae and Freddie Mac. There is only one technology provider Veros Real Estate Solutions, however there are many firms who are integrating to the platform, including a la mode according to a Fannie spokesperson. The UCDP is the single portal for electronic submission of appraisal data files to Fannie and Freddie designed to transmit and receive accurate, consistent data. The GSEs announced in early April that the system will be in place and ready to use by June. Appraisal reports for all conventional mortgages delivered to Fannie Mae on or after March 19, 2012, must be submitted via this portal if the loan was originated after Dec. 1, 2011. A la mode teamed up with Veros in September of last year to release one cohesive appraisal management platform compliant with GSE standards. A la mode is hosting several training conferences nationwide to teach its clients how to use UCDP. The company's Chief Operating Officer Sean Shiplet believes it's vital for lenders to know how to use this technology when it goes into effect. He said he wants the transition to the new appraisal system be smooth. "Many lenders are still relying on appraisal data extracted from PDFs to satisfy the GSEs, but it is our understanding that this method will cause delays in their pipelines, and they’ll be hit with file conversion fees on top of the delays," Shiplet said. "Our training will address all of these pitfalls so a majority of the country’s lenders have smooth transitions to UCDP." Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.