Danny Salas

When May You Buy Again? Bankruptcy, Foreclosure, Shortsale Timeline

Desktop Underwriter® (DU®) Enhancements

National Association of Home Builders/First American Improving Markets Index reports that the number of improving housing markets rose from 30 to 41 this past December, making it the 4thmonth in a row of expansion. 

In other recent real estate news, on January 3, 2012, Fannie Mae will be releasing updated Version 8.3 of Desktop Underwriter® (DU®) to implement enhancements to DU Refi Plus during the weekend of March 17, 2012.

Fannie Mae Desktop Originator/Underwriter Release Notes Update 

PDF Used from Fannie Mae

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Online Appraisal Portal

Beginning June 27, 2011 a new resource will be available for lenders and their agents! Fannie Mae and Freddie Mac are opening an online portal that will be for electronically submitting appraisal data files, called Uniform Collateral Data Portal.

The portal is still being constructed but to help in the transition, lenders should begin using the UCDP starting June 27. This process will be mandatory starting March 19, 2012 with conventional loan appraisal report forms to be sent to Fannie Mae having to be sent through the portal before the delivery date if:

1. The loan application is dated on or after Dec 1, 2011 &
2. An appraisal report is required

Uniform Residential Appraisal Report (Fannie Mae 1004)*

Manufactured Home Appraisal Report (Fannie Mae 1004C)

Small Residential Income Property Appraisal Report (Fannie Mae 1025)

Individual Condominium Unit Appraisal Report (Fannie Mae 1073)*

Exterior-Only Inspection Individual Condominium Unit Appraisal Report (Fannie Mae 1075)*

Exterior-Only Inspection Residential Appraisal Report (Fannie Mae 2055)*

Individual Cooperative Interest Appraisal Report (Fannie Mae Form 2090)

Exterior-Only Inspection Individual Cooperative Interest Appraisal Report (Fannie Mae Form 2095)

Lenders and Agents will be able to enter the portal one of two ways:

• An Web-based interface : Easy-to-use! This will let users upload XML or PDF files into the portal. Lenders may prefer appraisal forms from appraisers to be in XML format.
• Vendor-provided solutions that offer an integrated system interface. Fannie Mae and Freddie Mac already have a list of technology vendors that will be providing a vendor solution with an integrated system interface for UCDP.  This list will be updated regularly and is available Here.

Preparation:

To integrate this new web based procedure into your routine, an overview and all details of how to use it as well as Q’s & A’s is available on UCDP by Fannie Mae. This resource page is located Here as well as a PDf version of its overview. This online information center also has resources on job training and aid and a joint GSE call center will soon be available as well.  In the meantime lenders should begin to figure out:

• How they will access and submit files to the portal
• Who in the office will be responsible for registering for this program
• Who is the office will be the administrator who is in charge of creating user access and company profile
• Giving needed information about UCDP to everyone in the appraisal process. Lenders will be able to give permission to an Agent to submit a file for them.

* Keep in mind: The Lender Administrator has to be the same person if your business sends your loans to both Fannie Mae and Freddie Mac. Fannie and Freddie will have individual registrations and so this person will need to enroll with both.

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Introducing CreditCOMPARE

Freddie Mac and Fannie Mae requiring credit to be pulled prior to closing loans…

Instantly Detect Changes Between Borrower’s Origination and Pre-Closing Credit Reports By Utilizing CreditCOMPARE.

Credit bureaus are now offering CreditCompare. Compare two reports to comply with FannieMae’s LQI requirement to identify undisclosed liabilities. Identifies the variances, so you don’t have to!

CreditCOMPARE  Identifies Changes In: 

• Borrowers Identification Information

•  Credit Scores (if ordered on the Pre-closing Report)

•  Balances, Tradelines, Payments and Public Records

•  NEW Tradelines and Inquiries

•  Credit Utilization

 

      

 

 

 

 

 

 

 

 

  

 

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