Reminder: UCDP January 26 Release
January 13, 2014
On January 26, 2014, Freddie Mac and Fannie Mae (the GSEs) will be implementing the second phase of the conversion of current Uniform Appraisal Dataset (UAD) compliance warning edits to fatal UAD edits in the Uniform Collateral Data Portal® (UCDP®), as outlined in the November 2013 UCDP Release Notification and UAD Update.
The second phase includes the following data fields (subject and comparables):
- Quality of Construction Rating
- Location Rating
- View Rating
- Condition Rating
If an appraisal submitted to the UCDP receives one or more fatal UAD edits, Hard Stop 401 (UAD Compliance Check Failure) and a "Not Successful" status will be issued. If the appraisal does not receive a "Successful" status in UCDP, the loan will not be eligible for delivery to either GSE.
In addition, on January 26, 2014, the GSEs will change Hard Stop 401 processing in an effort to provide more comprehensive feedback to lenders. When Hard Stop 401 is triggered, the UCDP will return all messages related to that appraisal submission, which will allow lenders or their authorized agents to address all issues or questions with the appraiser in a timely manner. Today, if Hard Stop 401 is triggered, other joint GSE UCDP hard stops are not returned until Hard Stop 401 is cleared. (Note: If an appraisal generates both fatal and warning UAD Compliance errors, UCDP will continue to only return Hard Stop 401. Both the warning and fatal errors will be displayed in the UAD Compliance Findings section.)
For additional details on the UCDP January 26 release, refer to the November 2013 UCDP Release Notification and UAD Update or visit the UCDP web page.