Lender Processing Services (LPS) said that, through its Loan Quality Gateway platform, its RealEC, Empower and LSI divisions are now directly integrated with the GSEs' Uniform Collateral Data Portal (UCDP).
The UCDP was developed by Fannie Mae and Freddie Mac for the electronic collection of appraisal data.
LPS' Loan Quality Gateway is an open, Web-based platform that offers loan origination services and technology solutions leveraged to meet loan quality requirements.
The firm's integration with the UCDP will help the seamless electronic appraisal report submission for lenders that meet the GSEs' requirements, such as the compliance checks for the new Uniform Appraisal Dataset (UAD) requirements currently in effect.
The UCDP and UAD are two of several initiatives within the GSEs' Uniform Mortgage Data Program, an ongoing effort to enhance uniform appraisal and other loan delivery standards for the mortgage industry.
Lenders will have to electronically submit full appraisal reports to the UCDP. These appraisal reports comprise all exhibits, addenda and photographs for all conventional mortgages that need an appraisal report and were delivered to the GSEs with an application date on or after Dec. 1 and that are sold to both agencies on or after March 19, 2012.
"Implementing uniform appraisal and loan delivery standards to improve data accuracy and transparency is essential to restoring confidence in loan quality," LPS Chief Operating Officer Dan Scheuble said. "By interfacing with the UCDP, we can help our clients simplify the exchange of loan data with the GSEs, improve risk management capabilities and better respond to changing requirements and market conditions."
