Is your appraisal management process ready for UMDP?

The first of the GSEs' Uniform Mortgage Data Program, or UMDP, deadlines arrived on September 1st.  Here, you'll find all the resources you need to be ready to comply with their new appraisal requirements.  With our help, you can avoid fees, pipeline delays, closing delays, and all the headaches and hassles that ill-prepared lenders and AMCs will face.  We've organized the information to answer the most common questions we hear regarding UMDP.

What is UMDP?
If you're not sure where to begin, start here.  We've compiled a list of resources to help you get ready for UMDP in no time.

• Call 1-800-434-7260 and one of our experts will be glad to answer your questions.  You can also send an e-mail and we'll get back with you right away.
• New!  Article in Mortgage Banking magazine "Extreme Appraisal Makeover" (PDF)
• Video:  UMDP:  What is it and are you ready?
• UMDP Readiness Checklist  Free .XLS tool you can download now
• Fannie Mae's UMDP website  See if your appraisal vendor is listed as an approved vendor here.
• Freddie Mac's UMDP website  See if your appraisal vendor is listed as an approved vendor here.

My appraisal provider says they've got it covered.  Shouldn't I just roll with it?
With a change of this scope, and with so much at stake, it's wise to cover your bases.  Some appraisal management companies may say they've got it handled, but their solutions could expose you to fees, errors and delays.  We can help.

• Call 1-800-434-7260 for a Vendor Readiness Check.  We'll send you the list of approved vendors and let you know where your appraisal management company stands, if we know.  Many of the largest AMCs already use Mercury Network, so if you rely upon one of them, you will have seamless compliance with UMDP.
• Free checklist tool:  Download the UMDP Readiness Checklist and go through it with your vendor to see where you stand.

My underwriters are worried.  What will appraisals look like after the September 1st UAD deadline?
On or before September 1st, all appraisals are required to comply with the Uniform Appraisal Dataset (UAD).  This means appraisal forms will change to the UAD-compliant versions and appraisers should deliver UAD-compliant data in all appraisal reports destined for the GSEs.  Since over half the nation's appraisers use our appraisal formfilling software, we've been very busy over the past several months preparing our customers.  These changes to the appraisal form and process are the most sweeping in decades, so underwriters need to be prepared for what they'll see.

• Article:  Underwriters:  How To Read UAD-Compliant Appraisals
• New!  Article in Mortgage Banking magazine "Extreme Appraisal Makeover" (PDF)  Our Jennifer Miller, a UMDP expert, gives specific instructions in the July issue of the Mortgage Bankers Association magazine, "Mortgage Banking".
• Live UAD Training for Underwriters:  We're teaming up with state associations to offer the UAD training in a few cities across the country.  You can see the schedule in the right hand column of this page.  If you're interested in bringing UAD training to your underwriters, e-mail our training team.

Are my appraisers ready for this?
Over half the nation's appraisers use our formfilling software and we've been training them for months, so most of your appraisers are probably ready.  If you use appraisers that use a different formfilling software, you'll want to verfiy their readiness.  Here are a few helpful UAD resources you can send to your appraisers:

• Memo regarding urgent issues with appraisers' UAD software packages  We've found that some appraisers are not ready due to their software provider, but we're here to help with free copies of our UAD-ready TOTAL 2011 formfilling software.
• Free UAD Kit for appraisers:  Send them to this page and ask them to download the UAD Resources Kit for appraisers.
• UAD training manual for appraisers:  (PDF)  a la mode has trained thousands of appraisers in live seminars across the country in preparation for UAD.  This link has the manual for those live training classes.

With UMDP, in what format do the GSEs want our appraisal data?
The GSEs will accept appraisal data in two formats; either MISMO 2.6 XML, or a first-generation PDF.  We only recommend MISMO 2.6 XML because PDFs will cost you in extra fees and delays.

• Article:  MISMO 2.6 XML vs. PDFs.  Find out why the GSEs prefer Native XML and why PDFs will cost you money and time.
• Video:  UMDP: What kind of appraisal data do the GSEs want?
• Article in HousingWire:  "The Slow Death Of The Appraisal PDF"
• ^New  Article in Valuation Review:  "XML Explained: The New File Format and UCDP Compliance"  (PDF here)
• Article in DSNews:  "LPS' Appraisal Unit Turns To Mercury Network for UMDP Compliance"
• Article in HousingWire:  "CoreLogic turns to Mercury Network"
• ^New  Article in Valuation Review:  "LPS Turns To Mercury Network" (PDF here)
• Click here to visit the GSEs' UCDP registration page.  You're going to need to register with UCDP, and we recommend starting the process today.  

My appraisal vendor is silent, or not ready.  Can Mercury Network help me for free?
Yes.  We've announced a new service called DataCourier, that gives any lender or appraisal management company a free platform to connect to UCDP.

• DataCourier:  The press announcement
• Video:  DataCourier:  a la mode's free UMDP Solution for any lender or appraisal management company
• Article in Progress in Lending about DataCourier:  "Let's Talk Real Solutions"