Collateral Underwriter is a week away from being utilized on all appraisals delivered to Fannie Mae through the UCDP portal.
Fannie Mae has provided a number of tools to help lenders, appraisers and appraisal management companies to be prepared for the January 26, 2015 release. Go to the Fannie Mae CU Page for more information and resources.
Valuation Management Group will be conducting webinars to discuss the changes with our appraiser partners. Go to Collateral Underwriter webinar, to sign-up now.
We will continue to submit appraisals to the UCDP as part of our review process for our lender clients. The CU risk scores, flags and messages will be incorporated into our review and revision requests to the appraiser. When VMG delivers the completed report to the lender, the messages and flags will have been addressed by the appraiser. The lender may access the web based application which may disclose additional sales not utilized in the appraisal report. The lender may opt to request commentary by the appraiser as to why these sales were not utilized and not considered comparable to the subject.
Not all AMCs will be assisting their clients in addressing the CU flags and messages in the initial review. VMG considers it an opportunity to bring value to our clients and to assist our appraiser partners.
Valuation Management Group is consulting with many of our clients on appraisal review due diligence for appraisals with high CU risk scores and/or risk flags. Should you know of any lenders needing assistance in their appraisal review process, please refer them to us.
Valuation Management Group is a national, full service appraisal management company that manages the appraisal process for community banks, mortgage bankers and credit unions. We take the process from ordinary to extraordinary.