15-16: Reminder for UCDP/SSR and Requirement for Collateral Underwriter Findings

15-16: Reminder for UCDP/SSR and Requirement for Collateral Underwriter Findings

April 02, 2015

Reminder for UCDP and SSR:

 

As a reminder, PennyMac requires all pages of a successful Uniform Collateral Data Portal (UCDP) Submission Summary Report (SSR), from both Fannie Mae and Freddie Mac. Data integrity between the SSR and the final appraisal is critical as both GSEs require corrections to the SSR when the appraisal delivered does not match. Please see the following additional reminders regarding UCDP and SSRs:

 

  • The lender should designate the required appraisal (i.e., required by the loan product) in the Appraisal 1 Section in the UCDP.
    • PennyMac, at a minimum, validates the property address, signature date of the report, the value utilized in Appraisal 1 position, the Collateral Underwriter (CU) Score and CU Findings.
  • If there are subsequent revisions to the appraisal report, the final version of the report that was utilized in making the underwriting decision must be submitted through the UCDP and receive a “Successful” status from the UCDP prior to the delivery of the loan.
    • If corrections are made to the required appraisal that was submitted, the revised required appraisal must be uploaded in the Appraisal 1 position.
    • PennyMac is continuing to see elevated levels of date discrepancies between the appraisal and SSR.  Lenders must ensure that the final appraisal has been submitted to the UCDP, and the final SSR is provided in the file.

 

Fannie Mae’s UCDP User Guide can be found at:  https://www.fanniemae.com/content/user_guide/ucdp-user-guide.pdf

 

Collateral Underwriter:

 

Fannie Mae implemented Collateral Underwriter (CU) on January 26th. CU is a proprietary appraisal risk assessment application developed by Fannie Mae to support proactive management of appraisal quality. The CU Score, which ranges from 1.0 to 5.0, with 5.0 indicating the highest potential collateral risk, is included on the SSR for any appraisal that was uploaded to the UCDP on or after January 26, 2015 (for the first time or any subsequent upload).

 

PennyMac will utilize the CU Findings and perform enhanced due diligence based upon the CU score and warning messages. PennyMac encourages lenders to do the same.

 

The Fannie Mae announcement dated February 17, 2015 included information on how the Collateral Underwriter results will be available in DU Version 9.2, scheduled for release the weekend of April 18, 2015.  The announcement provided details on what fields would need to be completed in DU (see below) in order for the CU risk score, Collateral Underwriter Messages, flags, and UCDP messages to be included in the DU Underwriting Findings report. As a best practice, PennyMac highly recommends that lenders include the CU Findings with the DU approval. 

 

In order to obtain the CU Findings, the following fields will need to be completed in DU:

 

  • The Actual vs. Estimated Appraised Value Indicator, on the Additional Data screen in the Appraisal Information Section, must be set as Actual.
  • The Document File Identifier (Doc File ID), as assigned by the UCDP, must be entered in the Additional Data screen in the Appraisal Information section.  This field will be added to DU the weekend of April 18, 2015.
  • The Property Appraised Value and Property Zip Code must match the information that was submitted through UCDP when the Doc File ID was obtained.

 

The DU 9.2 April Release Notes can be found at:  https://www.fanniemae.com/content/release_notes/du-do-release-notes-04182015.pdf

 

Please contact your Sales Representative with any questions.