Danny Salas

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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Bankruptcy, Foreclosure, Shortsale Timeline

The Housing Market, The Economy, & Possible Future Solutions…

Home Sales Rise 4.3% in August

Interest Rates are Low helping Mortgages

The housing market started to regain stability in the past two months, after months of sales being in the toilet. Mortgage rates are at extreme lows, which are helping, although unemployment is predicted to remain high in 2011 (above 9% for the third year in a row – the last time this occurred was 1939 to 1941) which will aid in the low demand for houses.

In July, The National Association of Realtors’ index of pending home resale had a 4.5% gain in July and a 4.3% gain in August. However, a year ago these rates were up 18.4%. In the same month (August), three of four regions had gains in contract signings. The South had a 6.7% gain, the West had a 6.4% gain, and the Midwest had a 2.1% gain.

Previously owned homes make up around 90% of the market and in August these sales rose to a rate of 4.13 million.

West Chester Moody’s Analytics Senior economist Aaron Smith described the situation as a stabilizing improvement with “a long way to go”.  He believes the labor market is going to be the most important factor, which is identical to what other experts are forecasting.

Economy

Unemployment impairs home sales as well as aids housing foreclosures. In August foreclosures hit a record high for the third time within five months. Predictions are that if this problem of joblessness is not dealt with, no market can fully flourish.

Because of this, policy makers of the Federal Reserve may try to counteract with more stimulus.

Progression and prevention of deflation in the economy will be a matter of fiscal relief, believes William Dudley, the President of the Fed Bank of New York.

 

Very Low Mortgage Rates

Freddie Mac has announced that ending September, a 30-year fixed mortgage average rate had been recorded at 4.32%, a super low. Freddie’s Chief Economist, Lawrence Yun, stated, “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market”.

Homebuyer tax credit with a maximum of $8,000 were required to be signed on April 30 and closed by September 30 so many closed near the beginning of summer.

Solutions Ahead

This horrible economic year is ending on a steady path. However this path is at a low incline.  A huge aid to help reclaim the housing market’s health will be when unemployment finally decreases. Until then, it will only continue to get better at a slow rate.

Another idea for growth from William Dudley (Fed Bank of New York) is that sustaining home and stock values, generating mortgages for home buying and refinancing to be less expensive, and decreasing the cost of assets for business can ultimately help our economic situation by lowering long-term interest rates.  This can be done by refreshing purchases of Treasuries or mortgage debt.

 

 

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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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