Tampa, FL – January 2015- The New Year has arrived, and with it, Fannie Mae will soon be turning their new Collateral Underwriter™ (CU™) application live.
For those who may have missed the recent reports; on January 26, Fannie Mae will introduce an appraisal risk score, flags, and new message features in UCDP® from Collateral Underwriter™ (CU™), a proprietary appraisal risk assessment application developed by Fannie Mae to support proactive management of appraisal quality.
CU™ is intended to improve overall quality by making use of a larger database and weighing major metrics within the industry. Additionally, numerous other Fannie Mae proprietary appraisal messages have been scheduled to retire in order to focus lenders’ attention on eligibility and compliance messages to better align with new appraisal policies2.
NAN is Ready for the Change- The release of CU™ is a major change for the appraisal industry. Nationwide Appraisal Network has been proactively working on preparing for this release since it was first reported, and we are proud to announce the following changes for appraisers within our network:
Our software will now provide new virtual buckets that will be used to gather relevant information including new risk scoring, findings from Fannie Mae and other content that needs to be made more available. It has also been enhanced with a warning and hard stop feature. When relevant parts of the software columns are clicked, they will open a pop-up window and allow for correction requests to be sent in as needed.
“We are ready to release an improved UCDP®1 section in our portal, said Cari Burris, Co-Founder and Director of Operations at NAN. After discussing our options, we decided that it would be best to place emphasis on the new CU™ risk score, allowing our appraisers to see it more easily when the data is pulled into the system.”
“Our enhanced QC policy will streamline the appraisal process and assist in the identification of any discrepancies within a report, added Joni Pilgrim, Co-Founder and Director of Sales & Business Development. A risk score will now appear on the main screen in addition to other areas and plans are for it to be displayed next to the Successful Submission Report function.”
“In addition to the improved CU™, the severity level for 21 Fannie Mae proprietary appraisal messages that relate to eligibility violations will also be modified, Ms. Pilgrim concluded.”
As expected with revised software applications, adjustments may be needed once the CU™ scores are actually being sent out. Key personnel at NAN will participate in all UCDP® and CU™ webinar training sessions specific to AMC’s and take every reasonable measure to keep our partners informed of any implementation considerations and updates while systems are being switched over.
Only lenders and approved sellers will have access to the full suite of information, while correspondents will be given some access later in the year. Much of this will be going through the Uniform Collateral Data Portal. However, users who don’t meet the admittance criteria will not have access to the web-based application that CU™ is being run on. Some companies may therefore find that people who formerly had access to certain types of information are no longer eligible to access that data.