Appraisal Data Accuracy and Enhancements
April 10, 2013
As part of our continuing efforts to enhance data quality, Freddie Mac compares a select set of appraisal data fields delivered through the Uniform Collateral Data Portal® (UCDP®) with loan delivery data entered into the selling system. Starting April 22, 2013, we will expand the set of data fields, and the selling system will compare a loan's property address delivered through the UCDP against the property address entered into the selling system.
Please remember that our data comparisons rely upon the Appraisal Identifier that you enter in the selling system. The Appraisal Identifier is the Document File Identifier (Doc File ID) that you receive from the UCDP. You'll need to ensure that the Appraisal Identifier in the selling system matches the Doc File ID in the UCDP, and that the UCDP submission receives a "successful" status.
The following is a list of the changes you'll see beginning April 22:
Address scrubbing: The selling system will "scrub" the property address and convert it to the official U.S. Postal Service listing for the property. For example, if you enter Oak Rd., the system will change the address to Oak Road. If you enter a rural route, the selling system will change the address to a physical location whenever possible.
Property address comparison: The property address entered in the selling system will be compared with the address submitted through the UCDP to ensure data accuracy and consistency. If the addresses are not identical, you will receive an edit message within the selling system's Loan Evaluation screen, and you will be able to view the addresses in the UCDP Appraisal Data Details section at the bottom of the screen.
If the data entered in the selling system does not match the data in the UCDP, you will need to either update the data in the selling system or resubmit the correct appraisal data to the UCDP. Please remember that all appraisals must be uploaded to the UCDP at least one day before delivering the loan to Freddie Mac. You must wait until the UCDP data is updated before you reevaluate the loan, so ensure you have processes in place to correct the data for smooth delivery. You can access a job aid that will describe the process that Sellers must follow to successfully compare the appraisal data delivered in the selling system with the appraisal data in the UCDP.
Message delivered if system is unavailable: If Freddie Mac's internal system is temporarily unable to validate or match selling system data with the UCDP data, you will receive the following message:
UCDP appraisal data details cannot be validated at this time. No action is currently required. However Freddie Mac will perform this validation post settlement and notify you if further action is required.
If you receive the message above, you will still be able to deliver your loan for funding and Freddie Mac will validate the appraisal data later. If there are any data inconsistency issues, we will follow up with you to resolve the issues. Please keep in mind that you are still required to deliver loan data according to the Freddie Mac Single-Family Seller/Servicer Guide requirements.
For more information on exporting data, be sure to review the Export Your Loan Data job aid.
- Appraisal Data Integration from the UCDP to the Selling System job aid, which will be updated to reflect the new fields beginning April 22, 2013.
- Export Your Loan Data job aid (available April 22, 2013).
- Implementation Guide for Selling System Export – Sellers: Updated to incorporate selling system appraisal validation data.
- ULDD resources Web page.
This communication relates to the Uniform Mortgage Data Program, an effort undertaken jointly by Fannie Mae and Freddie Mac at the direction of their regulator, the Federal Housing Finance Agency.