Coming Soon: New Collateral Scoring and Feedback Messaging
August 24, 2018
We heard you, and based on your feedback we’re improving the collateral experience with updates to Loan Collateral Advisor®. Soon, when you submit an appraisal to the Uniform Collateral Data Portal® (UCDP®), our new collateral risk scoring and feedback messaging will help simplify your processes to create efficiency and provide greater opportunity for collateral representation and warranty relief:
It’s easier to get collateral rep and warranty relief.
- Extending relief to condominium units.
- Improvements to overall relief eligibility rates.
Simpler risk scoring system.
- Changing from two scores to one.
- Scores range from 1-5 in half point increments.
Appraisals with scores of 2.5 or less get collateral rep and warranty relief.
- Clearer feedback messaging.
- Redefined message structure that logically groups messages into categories.
- Fewer messages on appraisals that are eligible for collateral rep and warranty relief.
These changes will be here soon, but we wanted to let you know now that new Loan Collateral Advisor and Freddie Mac proprietary UCDP feedback messages are coming. We’ll send an email in the coming weeks that will provide all the new messages, so you can build them into your workflow.