November 2013 Uniform Collateral Data Portal Release Notification and Uniform Appraisal Dataset Update
November 5, 2013
Freddie Mac and Fannie Mae (the GSEs) are providing you with the November 2013 Uniform Collateral Data Portal® (UCDP®) Release Notification and Uniform Appraisal Dataset (UAD) Update to announce:
- UCDP January 26, 2014, Release – Includes the second phase of the conversion of current UAD compliance warning edits to fatal UAD edits in the UCDP, and a change to Hard Stop 401 (UAD Compliance Check Failure) processing.
- UCDP July 2014 Release – Includes the retirement of ACI XML and AIReady file formats, and the PDF extraction services in the UCDP. In July 2014, the GSEs will accept only the MISMO file format in the UCDP. Also implements the third phase of the conversion of UAD compliance warning edits to fatal UAD edits.
- Enhancements to the UAD Technical Specifications – Updates to UAD Appendices A, B, D, and E.
Disclosure of Freddie Mac HVE Valuation from the UCDP
Freddie Mac published the October 8, 2013, Single-Family Seller/Servicer Guide (Guide) Bulletin 2013-20, to help you prepare for enhancements to our tools and systems that provide property valuation data related to a Consumer Financial Protection Bureau (CFPB) ruling.
In January 2013, the CFPB issued a final rule on the Equal Credit Opportunity Act (ECOA) amendment under Regulation B. The final rule, which is effective on January 18, 2014, requires creditors to provide applicants with free copies of all appraisals and other written property valuations developed in connection with an application for credit.
On January 26, 2014, Freddie Mac will be modifying a UCDP feedback message to clarify that the provider of the property value estimate is Freddie Mac. The message will indicate the data was generated through the use of Home Value Explorer® (HVE®), Freddie Mac’s proprietary automated property valuation system, and does not indicate Freddie Mac’s acceptance or rejection of the property or appraisal report submitted to the UCDP. The supporting text will also include a reference to our new consumer Web page where borrowers will be able to find information about Freddie Mac property valuation data.
For system-to-system interface users that choose to extract data for customized disclosure purposes please refer to our Using Freddie Mac Property Valuation Data Web page that contains the supporting text and data field definitions that should be provided to borrowers.
For additional details on these changes, and UAD and UCDP:
- Read the November 2013 UCDP Release Notification and UAD Update.
- Refer to the Guide Bulletin 2013-20.
- ReviewUsing Freddie Mac Property Valuation Data Web page.
- Review the enhancements to the UAD Technical Specifications on the UAD Web page
- Visit the UCDP Web page
- Visit the Freddie Mac Learning Center