Oklahoma City, OK — a la mode announced today that Mercury Network, used by some of the largest lenders and appraisal management companies in the nation, is submitting live appraisals to Uniform Collateral Data Portal® (UCDP®) well ahead of the December 1st GSE deadline.
The announcement follows the elevation last week of a la mode’s Mercury Network UCDP integration from “beta” stage to live production status, after months of extensive internal testing of the interface and APIs. Prior to that, a la mode had already received their notice from Fannie Mae, Freddie Mac, and the UCDP vendor, Veros, on October 19th. The Production Certificate from Veros means that a la mode’s direct connection to the Uniform Collateral Data Portal (UCDP) has been thoroughly tested and ready for full scale production.
The Uniform Mortgage Data Program® (UMDP®) was created jointly by the GSEs at the direction of the Federal Housing Finance Agency, in order to standardize common requirements for appraisal data. As part of the program, appraisals for conventional mortgage loans originated on or after December 1, 2011, and delivered on or after March 19, 2012. must be submitted to the GSEs' via the UCDP platform.
“The GSEs’ UCDP mandate is a huge transition for every lender and appraisal management company,” said Jennifer Miller, EVP of Products for a la mode’s Mortgage Solution Division. “We’re proud to have Mercury’s direct integration completed early in the process because successful submission to the GSEs is a critical lynchpin in any lender or AMC’s workflow. Since our lender and AMC clients are among the largest in the nation, they expect us to be both reliable and timely, and that’s exactly what this means.”
“Veros congratulates a la mode on receiving production certification for direct integration to the UCDP portal for their Mercury Network clients,” said David Rasmussen, SVP of operations at Veros Real Estate Solutions. “UMPD and its related programs have already had a significant and positive impact on the mortgage industry in increasing standardization and transparency. Companies like a la mode, who are actively implementing these types of solutions are solidifying UMDP’s objectives and moving the industry forward.”
Lenders and appraisal management companies using Mercury Network’s direct integration have several enhanced benefits over other submission methods, including full management and audit trail of the entire appraisal file with integrated UCDP status, automatic revision requests sent to their appraisers when needed, and built-in error-checking before submission to the GSEs.
In addition to Mercury Network’s comprehensive web-based management platform, tens of thousands of lenders, AMCs, and appraisers are already using a la mode’s recently-released UAD Reader tool to assist in UCDP compliance and submission. UAD Reader is a streamlined free desktop application (www.alamode.com/UADReader) that properly reads and displays cryptic UAD XML files, and compliance-checks the XML appraisals against an extensive rules database. Anyone using UAD Reader can simply click a button to submit any appraisal from any forms vendor directly to UCDP, which uses a behind-the-scenes connection to Mercury Network’s certified UCDP integration.
About Mercury Network
a la mode's Mercury Network is the nation's premiere online Vendor Management Platform, or VMP, allowing lenders and AMCs to manage their appraisal workflow while being compliant with banking security and GSE regulations. Mercury is used by a lengthy roster of the nation's largest lenders and AMCs, as well as by numerous community banks, credit unions, wholesale and correspondent lenders, and mortgage brokers. It’s been used by more than 200,000 mortgage professionals since 2002 to completely automate the full “round trip” of tens of millions of appraisals. For more information on Mercury Network, visit www.MercuryVMP.com.
About a la mode
Celebrating 26 years as a technology leader, a la mode develops desktop, mobile, and Web tools for the real estate and mortgage industries. a la mode’s mission-critical products are used by hundreds of thousands of appraisers, agents, inspectors, and lending professionals to complete the nation’s real estate transactions. a la mode’s state-of-the-art offices are located in Salt Lake City, Oklahoma City, and Washington, DC. For more information, visit www.alamode.com.
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Mortgage Solutions Division
a la mode, inc.
(405) 359-6587 x 339
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