From December 1st on, the majority of your clients will begin submitting your appraisal reports to the GSEs' new portal - the Uniform Collateral Data Portal (UCDP). If you're already using our UAD tools in WinTOTAL or TOTAL 2011, you're probably already delivering a "portal-ready" report. But, as with UAD, there may be questions come up during the transition, so we've gathered the most important info for you here, all in one place.
MOST IMPORTANT: Run your E&O and correct all "UAD" errors BEFORE you deliver the report to your client. This step will save you valuable time later on. When your client attempts to deliver the report to the portal, UCDP will automatically run a UAD error-check. All UAD (and other) errors will be noted in what's called a Submission Status Report (SSR). Some of those are "hard stops" that require a revision before your client can resubmit the appraisal. Some aren't hard stops yet, but will become so later. Save yourself some hassles and clear all UAD errors BEFORE you deliver the report. You'll avoid the revision requests and your clients will be happier, too.
Now for the rest...
UAD: Everything you need to know
As you know, all GSE-destined appraisals with an effective date on or after September 1st, MUST be completed in UAD format, even if they are delivered solely as PDFs. You've probably already found that your clients now require UAD compliance on all appraisals to ensure that they can sell the loan anywhere on the secondary market.
NEW! Click here to watch a video tutorial of all of the UAD fields.
You can jump within the video to specific fields and get the snippet of information you need. Here are six fields we get questions about:
More UAD resources:
Click here for instructions on delivering UAD-compliant XML files to clients who don't use an XSite plugin. (We've already updated the XSite plugins to handle compliance automatically.)
Click here to see guidance for individual UAD fields as a PDF.
Confused about fields like "Date of Sale"? This document explains each and every field per the GSEs. Feel free to print it as a desk reference. Also find this guidance inside WinTOTAL Aurora or TOTAL 2011. Just look for the question mark icon in the lower left corner of your screen while in a UAD field.
In TOTAL 2011:
Click here to read our UAD Questions and Answers document.
More than likely, your answers are here whether you have questions about individual fields, need to know if you have the right updates, or anything else.
Helpful UAD interview with
|Workflow: Did your software vendor get it right?|
|The GSEs agree, XML is the preferred solution||UMDP: The broader initiative|
|Revamped rules save time||View & Condition fields|
|Getting you ready for UMDP|
Top UAD Issues
Our field data gatherer apps were the industry's first to be UAD compliant. It's critical to use UAD-compliant solutions from end to end, not just inside the "typewriter" portion of your tasks.
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