Fannie Mae and Freddie Mac have again delayed implementation of new mortgage and appraisal delivery requirements in the Uniform Mortgage Data Program (UMDP), according to lender updates released Thursday.
In addition to delaying the full, mandatory implementation of UMDP requirements for all conventional loan deliveries by more than six months, the GSEs' revised timeline includes new deadlines for tiered steps of implementation — the result of delays in the creation of a technology platform to accept appraisal data and industry backlash over the previous Sept. 2011 deadline.
The UMDP is a Federal Housing Finance Agency-mandated initiative to standardize and automate mortgage data for loans and related documents delivered to Fannie and Freddie. The program includes the creation of new technology for electronic appraisal data delivery, called the Uniform Collateral Data Portal, and electronic delivery of a set standard for mortgage and appraisal data points, called the Uniform Loan Delivery Dataset and the Uniform Appraisal Dataset, respectively.
All technology in the UMDP conforms to the extensible markup language, or XML-based data standards of the Mortgage Industry Standards Maintenance Organization (MISMO) architecture.
The first step of the phase-in was originally slated for a Jan. 1, 2010 implementation—Fannie requiring appraisers to collect UAD-mandated appraisal forms and data in the UCDP's predecessor, the Collateral Data Delivery platform. That deadline was later postponed when FHFA mandated Fannie and Freddie work together to develop a standard platform.
The GSEs awarded the contract to build, maintain and support the UCDP to appraisal technology vendor Veros in June 2010. Veros had originally won the contract to develop the CDD for Fannie Mae in September 2009.
The GSEs said industry feedback critical of the previously postponed timelines and delays in the development and availability of the UCDP caused this latest round of delays.
The UCDP was scheduled to launch in October so appraisers could begin using the portal before it became mandatory on Jan. 1, 2011. Now, the UCDP won't come online until at least June 2011. Appraisers have until Sept. 1, 2011 to begin collecting appraisal forms and data in compliance with the UAD standards.
Once the UCDP comes online, appraisers can begin using the system. Barring further delays, mandatory electronic appraisal delivery to the UCDP will be required for all mortgages with application dates on or after Dec. 1, 2011 and delivery dates on or after March 19, 2012.